SECTION 119

The debtor shall propose a composition agreement with creditors under the conditions laid down in Articles 27, 28 and 29 above. Where no composition agreement is proposed or in case of a withdrawal of the said agreement, the competent court shall order the opening of liquidation proceedings or shall convert receivership into liquidation proceedings. As soon as the debtor deposits the composition proposal, the court registrar shall forward it to the Bankruptcy Trustee who shall seek the opinion of the Controller where one has been appointed. The court registrar shall give notice of the said proposal to the creditors by publishing same in a newspaper empowered to publish legal notices and of the deposit of the list of claims under the conditions laid down in Article 87 above. Furthermore, the court registrar shall warn any creditor with a special secured debt to declare before the expiration of the time limit provided for in Article 88 above, whether or not he accepts the said composition proposals or intends to grant time limits and remissions different from those contained in the composition proposals. The notice of such proposal shall be given to the creditor personally by registered mail with acknowledgement of receipt or by any other means in writing containing a copy of the composition proposals. The time limit provided for in Article 88 above shall start running from the reception of the said notice. The Bankruptcy Trustee shall take advantage of the time limits granted for the production and verification of claims to compare the proposals of the debtor and those of the creditors on the drawing up of the composition agreement.