The approval of the judicial composition shall become compulsory to all creditors with claims
incurred prior to the opening decision of proceedings, regardless of their nature, unless otherwise
provided for in a statutory provision prohibiting the administration to grant time extensions and
debt reduction.
However, creditors with real special secured debts shall only be obligated to extensions and
reductions they consented; if the composition includes extensions not exceeding two (02) years,
creditors may file an opposition against them where their extensions are less.
Workers cannot be imposed extensions and reductions exceeding two (02) years without
prejudice to the provisions of Article 96 above.
Secured creditors shall not lose their collateralsecurities but they shall realize them only in the
event of annulment or cancellation of the composition to which they have agreed or that was
imposed on them, without prejudice to their right to act against a third party in order to preserve
their rights.
The judicial composition granted to the principal debtor or his joint debtor shall not benefit the
other joint debtors or individuals who consented to a suretyship, granted or assigned an asset as
collateral.
Unofficial translation
Spot-checked
In force from 10 September 2015
Source page 85