SECTION 31

The opening of a reorganization or assets liquidation proceedings may be petitioned within one (1) year from the removal of the debtor from the Registry of Commerce and Securities, or from the time he becomes insolvent. The insolvency must occur prior to either said removal or the insolvency of activities, or result in whole or in part from the activities carried out heretofore. The opening of a reorganization or assets liquidation proceedings may also be petitioned against a partner of a legal entity governed by private law who is indefinitely, jointly and severally liable for claims thereof within one (1) year from the removal from the Registry of Commerce and Securities when insolvency occurred prior to the removal or the insolvency of activities, or result in whole or in part from the activities carried out heretofore. In these two (2) cases, the competent court shall be petitioned by a creditor’s summons at the request of a public prosecutor or shall take action at its own initiative under the conditions set forth in article 28 and 29 above.