At least fifteen (15) days before the competent court rules on the confirmation of the proposed composition, the trustee shall send the proposed to creditors by hand-delivered letter against a receipt or by registered mail with request for acknowledgement of receipt or by any means leaving a written record.
If the proposed composition provides for debt reductions, the agreement of each creditor concerned is required. The same shall apply if it provides for payment deadline extensions for a period exceeding two (02) years.
Failure to reply within fifteen (15) days from the receipt of the trustee’s letter shall entail rejection.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 91
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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