When a legal entity comprising members who are indefinitely and jointly and severally liable for the debts of the company is admitted for reorganization, the creditors may only accept the composition in favor of one or several members.
Where the judgment of assets liquidation of a legal entity is passed, the company assets shall remain under the administration of the union. Personal property of those who have been admitted in the composition shall be excluded therefrom and the composition may prescribe a commitment to pay a dividend only on assets outside the company's assets. A member who has obtained a special composition shall be discharged of all obligations attached to the debts of the company as long as he has paid the promised dividends.
P. 84 of 139 Sub-section 2: Composition with partial or total assignment of assets
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Transcription: Spot-checked
In force from 24-12-2015
Source page 83
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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Section 130 of the Acte uniforme portant organisation des procédures collectives d'apurement du passif/akn/ohada/act/loi/2015-09-10/aupcap-2015
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