When the debtor dies insolvent, the competent court shall be seized for the purpose of opening a reorganization or assets liquidation proceedings within one (1) year from the date of death, based on either an heir’s statement or a creditor’s petition or a public prosecutor’s petition.
The competent court may take action ex officio within the same time limit, provided that the
known heirs of the debtor have been duly summoned and heard. In this case, or in case of a
public prosecutor’s petition, the procedure stipulated in article 30 above shall be applied.
In case of action by the competent court by the heirs, they shall complete an insolvency statement under the conditions set forth in article 25, 26 and 27 above.
P. 41 of 139
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 40
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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