SECTION 23

Decisions rejecting the petition to open a preventive settlement or closing a preventive settlement pursuant to Article 9-1 above, or rejecting the confirmation of the arrangement may likely be appealed by the debtor before the Court of Appeal within fifteen (15) days from the date of the judgment. The decision to open a preventive settlement may likely be appealed by the creditors and the public prosecutor before the Court of Appeal within fifteen (15) days from the first publicity pursuant to Article 37 hereinafter if they believe that the company is insolvent. The decision confirming the arrangement may be appealed by the public prosecutor and creditors before the Court of Appeal, within (15) days from the judgment for the former and from the date of the first publicity pursuant to Article 37 hereinafter for the latter. The Court of Appeal shall open proceedings and render decision within a period of thirty (30) days from the filing of the petition. If the Court of Appeal takes notice of the insolvency, it fixes a provisional date of the insolvency and order the reorganization or assets liquidation proceedings and is obligated to refer the matter to the competent court for the ruling, inter alia, on the appointment of a receiver. Within three (03) days of the decision of the Court of Appeal, the registrar of this court shall send an excerpt to the registrar of the court of first instance which shall proceed with publicity formalities pursuant to Article 17 above.