SECTION 4

The competent court to deal with collective proceedings shall be the court in whose jurisdiction the debtor company has his principal place of business or where it is a company, its registered office; where it has no registered office within the national territory, its principal place of business. Where the head office is located abroad, the competent court shall be the court in whose jurisdiction within the national territory the principal activities of the company are carried out. The court in whose jurisdiction the registered office or the principal place of business of the company is located shall also be competent to make any order as to the composition agreement, receivership or liquidation proceedings against persons jointly and severally liable for the debts of the company. Any dispute over the jurisdiction of the court before which the matter is brought shall be settled by the court itself within a period not exceeding fifteen days and in case of appeal, within a period not exceeding one month by the court of appeal. In case of an objection to the court’s territorial jurisdiction, the said court shall in the decision declaring itself competent, also rule on the merits of the case; its decision in this respect may only be challenged by way of an appeal.