The competent court shall set the provisional date for the insolvency, otherwise, such insolvency shall be deemed to have occured on the date on which the decision was recorded.
The date on which payments ceased shall not be eighteen (18) months prior to the pronounced opening decision. Except in cases of fraud, it shall not be extended to a date prior to the final decision which has confirmed the arrangement.
The competent court which modifies, in the limits set out in the paragraph above, the date of the insolvency by a subsequent decision to the opening decision, shall rule by a specially reasoned decision.
Any request to set the date for insolvency to any other date other than the one set by the opening decision or a subsequent decision shall not be admissible after the convening of the bankruptcy meeting stipulated in article 122 hereinafter or after the expiry of a period of one year from the decision on assets liquidation.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 43
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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