SECTION 15

The competent court shall deliver its ruling in camara. (1) Where the court finds that payments have been suspended, it shall as a matter of routine and at any time, order receivership or liquidation proceedings, without prejudice to the provisions of Article 29 below. (2) Where the situation of the debtor so requires, the court shall render a decision on the preventive settlement and approve the preventive composition agreement recording the time limits and remissions granted by the creditors and duly note the measures proposed by the debtor for the recovery of the business. The time limits and remissions granted by the creditors may be different. The competent court may give approval to the preventive composition agreement where: - the conditions for the validity of the arrangement have been satisfied; - no reason arising from the common interest or public policy is likely to stop the arrangement; - the arrangement offers genuine possibilities of recovery of the company, discharge of its liabilities and provides sufficient guarantees for execution; - the time limits granted shall not exceed three years for all the creditors and one year for those creditors due wages. Where the preventive composition agreement includes a request for a time limit not exceeding two years, the competent court may make the said time limit binding on the creditors who refused any time limit and any remission unless such time limit threatens the business of the said creditors. Creditors due wages shall neither be subjected to any time limits nor remissions without their consent. (3) Where the competent court finds that the debtor’s situation does not qualify for any collective proceedings or where it rejects the preventive composition agreement proposed by the debtor, it shall annul the decision provided for under Article 8 above. Such annulment shall put the parties in the situation in which they were before the decision. (4) The competent court shall deliver its ruling within the month from the date the matter is referred to it.