SECTION 9-1

P. 28 of 139 The expert in preventive settlement shall report regularly to the president of the competent court on the progress of his assignment and shall formulate all constructive observations. If he is made aware of the occurrence of insolvency, he shall immediately inform the president of the competent court. In the event of occurrence of insolvency, the debtor shall immediately inform the president of the competent court. Any interested party who has knowledge of the insolvency of the debtor may notify the president of the competent court. At any time, if he is informed of the occurrence of insolvency under the conditions provided for in the previous three paragraphs or by any other means, the president of the competent court shall forthwith close the preventive settlement and terminate the conciliator’s mandate after having heard or duly called upon the latter and anybody whose statement he finds material. Where he believes that it is impossible to adopt an arrangement, the expert in preventive settlement shall inform the president of the competent court. After hearing the expert and the debtor and, if he deems necessary, the creditors or some of them, the president of the competent court shall decide to continue or terminate the proceedings.