(1) In case of cancellation or annulment of the preventive composition agreement, the competent
court shall order receivership or liquidation proceedings where it finds payments have
suspended.
(2) In case of cancellation or annulment of the recovery composition agreement, the competent
court shall convert the receivership into liquidation proceedings and shall appoint a
Bankruptcy Trustee. Only one body of creditors shall be constituted before and after the
composition agreement.
The Bankruptcy Trustee shall proceed, without delay, on the basis of the former inventory and
with the assistance of the Judge Administrator, where seals had been affixed in accordance with
Official translation
Spot-checked
In force from 10 April 1998
Source page 49