SECTION 48

Throughout the reorganization or assets liquidation proceedings, one (0l) to five (05) controllers may be appointed by the receiver among non-salaried creditors. Within a period of one (01) month from the pronouncement of the decision to open the proceedings and, at the request of creditors representing at least one third of the total of the same claims even unverified, the appointment of creditor controllers shall be mandatory. At the expiry of this period, any creditor may apply to be appointed controller, while the total number of controllers cannot exceed five (05). In case of plurality of applications, the receiver shall ensure that at least a creditor controller is selected among secured creditors and another one among unsecured creditors. When the number of salaried staff exceeds ten (10) during the six (06) months preceding the petition to the competent court, the trustee shall convene the company committee, or otherwise, staff delegates, in order to appoint one employee as controller within twenty (20) days from the day the decision to open the proceedings was taken. Within the same period, absent a company committee and staff delegates, the trustee shall invite the employees to elect one individual among them. The person so designated or elected shall be appointed by the receiver as a controller representing the staff. For companies that do not reach the above threshold, the receiver shall designate one employee as controller representing the staff. No parent or relations of the debtor or top executives of the legal entity, to the fourth degree inclusive, or nobody owning directly or indirectly all or part of the share capital or the voting rights of that individual shall be appointed controller or representative of a legal entity. Controllers appointed by the receiver may be removed by the competent court at the request thereof or of the public prosecutor. After removal, alternates shall be appointed as set forth in paragraphs 1 to 3 of this Article. When the debtor exercises a regulated liberal profession, the professional order or the supervisory body shall automatically become controller, without prejudice to the appointment of five (05) controller creditors and a staff representative controller.