The decision to open reorganization or assets liquidation proceedings shall institutecreditors into a body represented by the trustee who, alone, shall act in its name and in the public interest and may commit it.
However, in case of the trustee’s shortcoming, a creditor controller may act in the public interest, after a formal notice to the trustee has remained unsuccessful for twenty-one (21) days. The controller shall bear the costs of the action, but if the latter result in gains for the union, his expense shall be reimbursed from the sums obtained. The civil liability suit against a top executive may be brought by two (02) creditor controllers at least.
The body shall be constituted by all creditors whose claim was incurred prior to the decision to open the reorganization, even where the due date of the claim was fixed at a date subsequent to such decisions, provided that such claim is not enforceable pursuant to articles 68 and 69 above.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 60
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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