Where a creditor has been paid a dividend in the assets of one or more joint debtors in a situation of reorganization or assets liquidation, the latter shall not be entitled to any recourse against one another, except where the dividends generated by the said proceedings exceed the total amount of the principal and surcharges of the claim; in this case, the excess shall be attributed, according to the order of commitments to those joint debtors who have other joint debtors as guarantors and,
where there is no order, the assets shall be distributed on a pro rata basis amongst them.
Section4: Super priority of wage-earners
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 67
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
How Lex Cameroon marks its texts →