SECTION 53

The decision ordering the liquidation proceedings against a company shall entail the dissolution of the company. The decision ordering liquidation proceedings shall as of right entail, with effect from the date the decision is taken and up to the end of the proceedings, the loss of control by the debtor over the administration and liquidation of his existing assets and those he may acquire in whatever capacity; save where it is an act of preservation any act carried out by him shall have no binding effect. The rights, acts and actions of the debtor concerning his estate shall be exercised or carried out during the entire duration of the liquidation proceedings by the Bankruptcy Trustee acting alone as authorized agent of the debtor. Where the Bankruptcy Trustee refuses to perform an act or to exercise a right or take action concerning the debtor’s estate, the debtor or the manager of the company or the Controller, where one has been appointed, may compel him to do so by obtaining an order of the Judge Administrator given under the conditions laid down in Articles 40 and 43 above.