SECTION 2

Conciliation is a preventive, consensual and confidential procedure intended to shun the debtor company’s payment failure in order to restructure, in whole or in part, its finances or operations so as to save it. Such restructuring is carried out through private negotiations and the conclusion of a conciliation agreement negotiated between the debtor and its creditors, or at least its major creditors with the support of a neutral, independent and impartial third party called conciliator. Preventive settlement is a bankruptcy preventive procedure designed to avoid insolvency by the debtor company and to allow the discharge of its debts through a arrangement. Reorganization is a bankruptcy procedure for the rescue of the debtor company in insolvency, but which situation is not irremediably compromised, and whose debts settlement is performed through a composition. The assets liquidation is a bankruptcy procedure for the realization of the assets of the insolvent debtor company whose situation is irremediably compromised and impossible to wipe off its debts.