Lex Cameroon

Acte uniforme portant organisation des procédures collectives d'apurement du passif › Title 0 › Chapter 5 › Section 1

SECTION 134

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

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Texte français

This provision has no official French version. You can read an unofficial machine translation — for understanding only, never to quote.

Refers to

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Section 134 of the Acte uniforme portant organisation des procédures collectives d'apurement du passif /akn/ohada/act/loi/undated/aupcap-2015
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