When the debtor lacks sufficient funds to immediately cover expenses incurred with respect to the decision of reorganization and assets liquidation proceedings, such as, postings and publication of decisions in a newspaper of legal notices, seals, custody and removal of seals or exercise of the right of non-opposability, debts settlement, extension of bankruptcy proceedings and personal bankruptcy of the top executives of legal entities, the Treasury shall give advances following a decision of the receiver. They shall be reimbursed as a priority on the first collections, notwithstanding the provisions of articles 166 and 167 hereinafter.
Such provision shall be applicable to the appeal procedure of the decision pronouncing the reorganization or assets liquidation.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 50
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 50 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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