Where a company comprising members who liable indefinitely, jointly and severally for the
debts of the company has gone into receivership, the creditors may accept the composition only
in favour of one or more members.
Where the liquidation is ordered against the company, the company assets shall remain under
the regime of the union. The personal property of those in favour of whom the composition was
granted shall be excluded from the composition which may contain the commitment to pay a
dividend only on assets outside the company’s assets. A member who has obtained a special
scheme of composition shall be discharged of all obligations resulting from the debts of the
company as long as he has paid the promised dividends.
Sub-section II
Composition Agreement comprising partial transfer of assets
Official translation
Spot-checked
In force from 10 April 1998
Source page 45