Preventive settlement shall be open to the debtor who, without being insolvent, shall confirm financial or serious economic problems.
The debtor shall file a petition alone or a joint petition with one or several of its creditors before the competent court; such petition shall be filed at the court registry against a receipt.
In such petition, the debtor shall explain his financial or economic difficulties and the prospects for the company recovery and settlement of its liabilities.
The debtor shall not file a petition for a preventive settlement where:
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the preventive or judicial composition is being executed;
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prior to the expiry of a period of three (03) years from the confirmation of a previous arrangement;
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Prior to the expiry of a period of eighteen (18) months from the winding-up of a preventive settlement that did not result in a arrangement.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 23
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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