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.
P. 86 of 139 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
Transcription: Spot-checked
In force from 24-12-2015
Source page 85
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
How Lex Cameroon marks its texts →
Section 134 of the Acte uniforme portant organisation des procédures collectives d'apurement du passif/akn/ohada/act/loi/2015-09-10/aupcap-2015
Report an error in this text
AI features are in beta
Where an official English or French text exists, we show it; where none does, we give
a translation, clearly marked as one and never presented as the official text. We make
every AI feature as accurate as we can, but it can be wrong and is not legal advice —
always check the cited official text.