SECTION 29

(1) The competent court may of its own motion initiate proceedings, particularly on the basis of information provided by the representative of the Legal Department, the auditor(s) of the private company where such company has auditor(s), partners or members of the said company or on the basis of information provided by an institution representing the staff. Such information shall provide the court with the facts which are of a nature to justify such initiative. The President of the competent court shall cause the registrar to summon the debtor by means of any extrajudicial act to appear before the court sitting in camera. The extrajudicial act shall contain a full reproduction of the present article. (2) Where the debtor appears before the court, the President shall inform him of the facts that led to the decision to commence proceedings and shall record a statement of his views. Where the debtor acknowledges his insolvency or his difficulties or where the President is convinced of the debtor’s insolvency or difficulties, he shall grant him a time limit of thirty days within which to file the declaration and proposal for receivership provided for in Articles 25, 26 and 27 above. The same time limit shall be granted members of a company whose liability for its debts is joint, several and indefinite. After this time limit, the competent court shall render its decision in open court. (3) Where the debtor fails to appear, the court shall so record and adjourn to render its decision in the very next session in open court.