LAW No. 85 of 5 April 2006

7/21/2019 LAW No. 85 of 5 April 2006

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LAW No. 85 of 5 April 2006on the insolvency proceedings

EMITTER: THE PARLIAMENTPUBLISHED IN: THE !!I"IAL #A$ETTE ! RMANIA No% &'( o) *+ April *,,-

Te.t in )orce /eginning 0ith ** Nove1/er *,,- Te.t tr2nsl2ted /y "MPANIA DE IN!RMATI"3 NEAM4 )or the legisl2tiveso)t02re LE5 E5PERT

It 16st /e speci)ied th2t the only te.t 0hich sh2ll prod6ce leg2l e))ects is the te.t inthe Ro12ni2n l2ng62ge%

The te.t 6pd2ted /y the legisl2tive so)t02re LE5 E5PERT on the /2sis o) the1odi)ying st2t6tory instr61ents7 p6/lished in the ))ici2l #28ette o) Ro12ni27 P2rt I76ntil ** Nove1/er *,,-:

9#M1: the #overn1ent E1ergency rdin2nce No% -;*,,-%

CHAPTER IGenerl pro!i"ion"

ART% + <+= This l20 sh2ll 2pply to the )ollo0ing c2tegories o) de/tors in st2te o) insolvencyor i11inent insolvency7 e.cept )or those provided in p2r2gr2ph <*= c= 2nd d=: +% tr2ding co1p2nies> *% co9oper2tive societies> &% co9oper2tive org2nis2tions> ?% 2gric6lt6r2l co1p2nies> '% econo1ic interest gro6ps> -% 2ny other leg2l person o) priv2te l20 2lso c2rrying o6t econo1ic 2ctivities% <*= The si1pli)ied proceeding provided /y this l20 sh2ll 2pply to the de/tors inst2te o) insolvency7 )2lling in one o) the )ollo0ing c2tegories: 2= tr2ders7 n2t6r2l persons7 2cting individ62lly> /= )21ily 2ssoci2tions> c= tr2ders th2t /elong to the c2tegories provided in p2r2gr2ph <+= 2nd 1eet one o) the )ollo0ing conditions:

+% they do not h2ve 2ny 2ssets in their p2tri1ony> *% the constit6tive 2cts or the 2cco6nting doc61ents 12y not /e )o6nd> &% the 2d1inistr2tor 12y not /e )o6nd> ?% the he2d o))ice no longer e.ists or does not 12tch the 2ddress )ro1 the tr2deregister> d= de/tors th2t /elong to the c2tegories provided in p2r2gr2ph <+=7 th2t )2iled tos6/1it the doc61ents provided in Article * <+= /=7 c=7 e= 2nd h= 0ithin the ti1e li1itprovided /y the l20> e= the tr2ding co1p2nies dissolved prior to the )iling 2 petition o) /2n@r6ptcy> )= the de/tors th2t decl2red in the petition )or /2n@r6ptcy the intention to go/2n@r6pt or th2t 2re not entitled to /ene)it /y the 6dici2l reorg2nis2tion proceedings

provided /y this l20% ART% *

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The p6rpose o) this l20 sh2ll /e to instit6te 2 collective proceedings )or coveringthe li2/ilities o) the de/tor in 2 st2te o) insolvency% ART% & !or the p6rpose o) this l207 the ter1s 2nd phr2ses /elo0 sh2ll h2ve the )ollo0ing1e2nings:

+% insolvency sh2ll 1e2n the st2te o) the de/tors p2tri1ony ch2r2cterised /y thede)iciency o) 2v2il2/le 1onet2ry )6nds )or the p2y1ent o) the e.igi/le de/ts: 2= the insolvency is pres61ed 2s /eing o/vio6s 0hen the de/tor7 2)ter &, d2ys 2so) 12t6rity7 h2s )2iled to p2y his de/ts to one or sever2l creditors> /= the insolvency is i11inent 0hen its is proved th2t the de/tor is not 2/le to p2y/y the d6e d2te the e.igi/le de/ts e1ployed7 0ith 1onet2ry )6nds 2v2il2/le on the12t6rity d2te> *% de/tors property sh2ll 1e2n 2ll 2ssets 2nd p2tri1oni2l rights o) the de/tor 9incl6ding those 2cC6ired d6ring the insolvency proceedings 9 0hich c2n /e the o/ecto) en)orce1ent7 6nder the ter1s governed /y the "ode o) civil proced6re> &% the collective proceedings sh2ll 1e2n the proceedings in 0hich the recognised

creditors p2rticip2te ointly to the )ollo0ing 6p 2nd recovery o) their cl2i1s7 /y 2ny1e2ns provided /y this l20> ?% d2te o) opening o) proceedings sh2ll 1e2n: 2= in c2se o) 2 reC6est o) the de/tor )or opening the proceedings7 the d2te o) delivery o) the interloc6tory 6dg1ent provided in Article &* <+=> /= in c2se o) 2 reC6est o) the creditor )or opening the proceedings7 d2te o) ther6ling o) the syndic96dge7 provided in Article && <?= or <-=> '% the de/tor sh2ll 1e2n the n2t6r2l person or the leg2l person o) priv2te l20 th2tis p2rt o) one o) the c2tegories provided in Article +7 0hose p2tri1ony is in 2 st2te o) insolvency> -% creditor entitled to reC6est )or opening o) insolvency proceedings sh2ll 1e2n thecreditor 0ho h2s 2n o6tst2nding7 liC6id 2nd e.igi/le cl2i1 over the de/tors p2tri1ony)or 1ore th2n &, d2ys> % creditor sh2ll 1e2n the n2t6r2l or leg2l person th2t h2s 2 cl2i1 right over thede/tors property 2nd th2t reC6ested e.pressly to the co6rt to h2ve his cl2i1 enteredin the )in2l record o) cl2i1s or in the )in2l consolid2ted record 2nd th2t c2n 12@eproo) o) its cl2i1 over the de/tors p2tri1ony7 6nder the ter1s o) this l20% Thee1ployees o) the de/tor sh2ll h2ve the c2p2city o) creditors 0itho6t person2llys6/1itting the cl2i1 st2te1ents> % creditor entitled to p2rticip2te to the insolvency proceedings sh2ll 1e2n thecreditor th2t )or16l2ted 2nd )or 0ho1 it 02s 2d1itted7 )6lly or p2rtly7 2 reC6est )or

entry o) his cl2i1 in the )in2l record o) cl2i1s 2g2inst the de/tor 2nd 0ho is entitled top2rticip2te 2nd to vote in the 2sse1/ly o) creditors7 incl6ding on 2 6dici2lreorg2nis2tion pl2n 2d1itted /y the syndic96dge7 to /e 2ppointed 2s 1e1/er in theco11ittee o) creditors7 to p2rticip2te in the distri/6tion o) )6nds res6lted )ro1 the 6dici2l reorg2nis2tion o) the de/tor or )ro1 the liC6id2tion o) the de/tors property7 to/e in)or1ed or noti)ied 0ith reg2rd to the progress o) proceedings 2nd to p2rticip2tein 2ny other proceedings governed /y this l20> (% sec6red cl2i1s sh2ll 1e2n the cl2i1s o) the persons th2t h2s 2 t2ngi/le sec6rityover the 2ssets in the de/tors p2tri1ony7 irrespective o) 0hether he is 2 12in de/tor or 2 sec6red third p2rty 2s opposed to the /ene)ici2ries o) the t2ngi/le sec6rities> +,% 02ge cl2i1s sh2ll 1e2n the cl2i1s th2t 2rise )ro1 l2/o6r rel2tions /et0een the

de/tor 2nd his e1ployees% These cl2i1s sh2ll /e entered e. o))icio in the record o) cl2i1s /y the 6dici2l 2d1inistr2tor;liC6id2tor>

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++% /6dget2ry cl2i1s sh2ll 1e2n the cl2i1s consisting in t2.es7 d6ties7contri/6tions7 )ines 2nd other /6dget2ry inco1es7 2s 0ell 2s their 2ccessories> +*% threshold9v2l6e sh2ll 1e2n the 1ini161 21o6nt o) the cl2i17 in order tointrod6ce the creditors reC6est% This v2l6e sh2ll 21o6nt to RN +, ,,,7 2nd )or thee1ployees it represents - 2ver2ge 02ges on the econo1y>

+&% the 6nsec6red creditors sh2ll /e the de/tors creditors th2t do not h2vesec6rities est2/lished 2g2inst the de/tors p2tri1ony 2nd th2t do not h2ve privileges2nd liens7 0hose cl2i1s 2re c6rrent on the d2te o) opening the proceedings7 2s 0ell2s ne0 cl2i1s7 rel2ted to the c6rrent 2ctivities d6ring the o/serv2tion period> +?% c6rrent 2ctivities sh2ll /e the tr2de oper2tions 2nd the )in2nci2l oper2tionsproposed to /e c2rried o6t /y the de/tor d6ring the o/serv2tion period7 d6ring thenor12l co6rse o) its tr2de7 s6ch 2s: 2= contin62nce o) the contr2cted 2ctivities7 2ccording to the o/ect o) 2ctivity> /= the c2rrying o6t o) the receipts 2nd p2y1ent oper2tions rel2ted to these> c= ens6ring the )in2ncing o) the 0or@ing c2pit2l 0ithin the c6rrent li1its> +'% o/serv2tion period sh2ll 1e2n the period /et0een the d2te o) opening o)

proceedings 2nd the d2te o) con)ir12tion o) his pl2n or7 2s 2pplic2/le7 o) going into/2n@r6ptcy> +-% preli1in2ry record o) cl2i1s sh2ll incl6de the cl2i1s 2risen /e)ore the d2te o) opening the c6rrent proceedings th2t 2re o6tst2nding7 6nder condition or in litig2tion72ccepted /y the 6dici2l 2d1inistr2tor 2s 2 res6lt o) /eing chec@ed% In the recordthere sh2ll /e 1entioned /oth the 21o6nt reC6ested /y the creditor7 2nd the 21o6nt2ccepted 2nd the pre)erence r2n@% In c2se o) 2 si1pli)ied proceedings7 in this recordthey sh2ll 2lso enter the cl2i1s 2risen 2)ter the opening o) proceedings 2nd /y theti1e o) going into /2n@r6ptcy> +% )in2l record o) cl2i1s sh2ll 1e2n the record th2t co1prises 2ll cl2i1s over thede/tors property 2s o) the d2te o) opening the proceedings7 2ccepted in thepreli1in2ry record 2nd 2g2inst 0ho1 no contest2tions 0ere s6/1itted in co1pli2nce0ith the provisions o) Article &7 2s 0ell 2s the cl2i1s 2d1itted 2s 2 res6lt o) solvingthe contest2tions% In this record the 21o6nt reC6ested7 the 21o6nt 2d1itted 2nd thepriority r2n@ o) the cl2i1 sh2ll /e sho0n% +% the 2ddition2l record sh2ll incl6de 2ll cl2i1s 2risen 2)ter the d2te o) opening o) the gener2l proceedings 2nd /y the d2te o) co11ence1ent o) /2n@r6ptcy7 2ccepted/y the liC6id2tor 2s 2 res6lt o) veri)ying the1% The record sh2ll 1ention /oth the21o6nt reC6ested /y the creditor 2nd the 21o6nt 2ccepted 2nd the pre)erence r2n@> +(% the consolid2ted 2ddition2l record sh2ll incl6de 2ll cl2i1s th2t 2re registered 2s2d1itted in the )in2l record o) cl2i1s 2nd those in the 2ddition2l record th2t h2ve not

/een contested7 2s 0ell 2s those res6lted 2)ter the settle1ent o) contest2tions2g2inst the 2ddition2l record% In c2se it 02s ordered the /2n@r6ptcy 2)ter thecon)ir12tion o) 2 reorg2nis2tion pl2n7 2n 6pd2ted version o) the consolid2ted )in2lrecord is going to /e dr20n 6p7 in co1pli2nce 0ith the sched6le )or the p2y1ent o) cl2i1s7 incl6ded in the reorg2nis2tion pl2n7 2nd 0ith the ded6ction o) the 21o6ntsp2id thro6gho6t its c2rrying on> *,% 6dici2l reorg2nis2tion sh2ll 1e2n the proceedings 2pplied to the de/tor7 2 leg2lperson7 in vie0 o) p2ying o)) his de/ts7 2ccording to sched6le )or the p2y1ent o) cl2i1s% The reorg2nis2tion proceedings involves the dr20ing 6p7 2pprov2l7i1ple1ent2tion 2nd o/serv2nce o) 2 pl2n7 c2lled reorg2nis2tion pl2n7 th2t 12yprovide7 ointly or sep2r2tely:

2= the oper2tion2l 2nd;or )in2nci2l restr6ct6ring o) the de/tor> /= corpor2te restr6ct6ring /y ch2nging the registered c2pit2l str6ct6re>

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c= li1it2tion o) 2ctivity /y the liC6id2tion o) cert2in 2ssets in the de/tors property> *+% the c2tegory o) dis2dv2nt2ged cl2i1s sh2ll /e pres61ed to /e the c2tegory o) cl2i1s )or the reorg2nis2tion pl2n sh2ll provide 2t le2st one o) the )ollo0ing ch2nges)or 2ny o) the cl2i1s o) s6ch c2tegories: 2= 2 red6ction in the 21o6nt o) cl2i1>

/= 2 red6ction o) sec6rities or o) other 2ccessories7 s6ch 2s re9sched6ling o) p2y1ents to the creditors dis2dv2nt2ge> c= the 6pd2ted v2l6e 0ith 2 re)erence interest o) the N2tion2l B2n@ o) Ro12ni276nless other0ise stip6l2ted in the contr2ct rel2ting to s6ch cl2i1 or /y speci2l l20s7sh2ll /e less th2n the v2l6e to 0hich it 02s entered in the )in2l record o) cl2i1s> **% sched6le )or p2y1ent o) cl2i1s sh2ll 1e2n the record o) cl2i1s 1entioned inthe reorg2nis2tion pl2n th2t incl6des the C62nt61 o) the 21o6nts 0hich the de/tor 6ndert2@es to p2y to the creditors7 /y re)erring to the )in2l record o) cl2i1s 2nd thec2sh )lo0s rel2ted to the reorg2nis2tion pl2n7 2nd th2t incl6des: 2= the C62nt61 o) 21o6nts p2y2/le to the creditors 2ccording to the )in2l record o) cl2i1s 0hich the de/tor is /o6nd to p2y to the1>

/= the ti1e li1its to 0hich the de/tor is going to p2y these 21o6nts> *&% the /2n@r6ptcy proceedings sh2ll 1e2n the collective insolvency proceedingsth2t is de)ined /y eC62lity o) r2n@ 2nd rights /et0een creditors 2nd th2t 2pplies to thede/tor in vie0 o) liC6id2tion o) its property to cover the li2/ilities7 /eing )ollo0ed /ythe de/tors stri@ing o)) )ro1 the register he 02s entered> *?% gener2l proceedings sh2ll 1e2n the proceedings provided /y this l207 0here/y2 de/tor th2t 1eets the conditions provided in Article + <+=7 0itho6t 1eeting 2t thes21e ti1e those in Article + <*=7 sh2ll enter7 2)ter 2 o/serv2tion period7 s6ccessively7in the 6dici2l reorg2nis2tion proceedings 2nd /2n@r6ptcy proceedings or7 sep2r2tely7only in 6dici2l reorg2nis2tion or only in /2n@r6ptcy proceedings> *'% the si1pli)ied proceedings sh2ll 1e2n the proceedings provided /y this l2070here/y the de/tor 1eets the conditions provided in Article + <*= sh2ll go directly into/2n@r6ptcy proceedings7 either 2t the s21e ti1e 0ith opening the insolvencyproceedings7 or 2)ter 2n o/serv2tion period o) 12.i161 -, d2ys7 period 0hen theresh2ll /e revie0ed the ele1ents sho0n in Article + <*= c= 2nd d=> *-% the speci2l 2d1inistr2tor sh2ll /e the represent2tive 2ppointed /y the gener2l2sse1/ly o) sh2reholders;2ssoci2tes o) the de/tors7 leg2l person7 to c2rry o6t on his/eh2l) 2nd to his 2cco6nt the 2d1inistr2tion 2cts necess2ry d6ring the periods o) proceedings 0hen the de/tor 02s 2llo0ed to 2d1inister his o0n 2ctivity 2nd torepresent their interests in the proceedings d6ring the period 0hen the de/tors righto) 2d1inistr2tion 02s 0ithdr20n% The gener2l 2sse1/ly o) sh2reholders7 2ssoci2tes

or 1e1/ers o) the leg2l person sh2ll /e convened /y the 6dici2l 2d1inistr2tor or /ythe liC6id2tor7 to 2ppoint the speci2l 2d1inistr2tor7 0ithin 12.i161 *, d2ys 2s o) theopening o) proceedings or7 2s 2pplic2/le7 2s o) the ti1e the de/tors right to2d1inister his o0n property 02s r2ised% The gener2l 2sse1/ly sh2ll /e presided /ythe 6dici2l 2d1inistr2tor or /y the liC6id2tor7 2s 2pplic2/le> *% the 6dici2l 2d1inistr2tor sh2ll /e the n2t6r2l or leg2l person7 2n insolvencypr2ctitioner7 26thorised 6nder the l207 2ppointed to e.ercise the 2ttri/6tions providedin Article *, d6ring the o/serv2tion period 2nd d6ring the reorg2nis2tion proceedings> *% the liC6id2tor sh2ll /e the n2t6r2l or leg2l person7 2n insolvency pr2ctitioner726thorised 6nder the ter1s o) l207 2ppointed to 12n2ge the de/tors 2ctivity 2nd toe.ercise the 2ttri/6tions provided in Article *' 0ithin the /2n@r6ptcy proceedings7

/oth in the gener2l proceedings 2nd the si1pli)ied one>

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*(% the B6lletin o) insolvency proceedings sh2ll 1e2n the p6/lic2tion edited /y theN2tion2l Tr2de Register ))ice7 th2t h2s 2s p6rpose the p6/lic2tion o) s611ons7convenings7 noti)ic2tions 2nd co116nic2tions o) the proced6r2l 2cts c2rried o6t /yco6rts o) l207 the 6dici2l 2d1inistr2tor;liC6id2tor 2)ter the opening o) proceedingsprovided /y this l20>

&,% 0ithdr202l o) the right o) 2d1inistr2tion sh2ll /ring 2/o6t the s6spension o) the12nd2te o) the speci2l 2d1inistr2tor or o) the /o2rd o) directors o) the de/tor% In c2seo) 0ithdr202l o) the right o) 2d1inistr2tion o) the de/tor7 the 12n2ge1ent o) thede/tor sh2ll /e t2@en over /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor7 2s2pplic2/le> &+% C62li)ied )in2nci2l certi)ic2te 1e2ns 2ny contr2ct h2ving 2s o/ect oper2tions0ith deriv2tive )in2nci2l instr61ents c2rried o6t on reg6l2ted 12r@ets7 2ssi1il2ted12r@ets or over9the9co6nter 12r@ets7 2s reg6l2ted> &*% c2ptive cons61er sh2ll 1e2n the cons61er th2t7 )or technic2l7 econo1ic or reg6l2tory re2sons7 c2n not choose the s6pplier> &&% the /il2ter2l o))set oper2tion <netting= involves the c2rrying o6t7 in rel2tion to

one or 1ore C62li)ied )in2nci2l contr2cts7 to one or 1ore o) the )ollo0ing oper2tions: 2= cess2tion o) 2 C62li)ied )in2nci2l contr2ct 2nd;or the 2cceler2tion o) 2ny p2y1entor the )6l)il1ent o) 2n o/lig2tion or the c2rrying o6t o) 2 right /2sed one or sever2lC62li)ied )in2nci2l contr2cts h2ving 2s gro6nds 2 /il2ter2l o))set 2gree1ent <netting=> /= the c2lc6l2tion or esti12tion o) 2n o))set v2l6e7 2 12r@et v2l6e7 2 liC6id2tionv2l6e or 2 repl2ce1ent v2l6e o) 2ny o) the o/lig2tions or rights re)erred to in letter 2=> c= the conversion in 2 single c6rrency o) 2ny v2l6e7 c2lc6l2ted 2ccording to letter /=> d= o))set7 6ntil 2 net 21o6nt is o/t2ined <o))9set=7 o) 2ny v2l6e c2lc6l2ted 2ccordingto letter /= 2nd converted 2ccording to the provisions o) letter c=> &?% /il2ter2l o))set 2gree1ent <netting 2gree1ent= sh2ll 1e2n: 2= 2ny 2gree1ent or cl26se 0ithin 2 C62li)ied )in2nci2l contr2ct /et0een t0op2rties7 0here/y it is provided 2 netting o) cert2in p2y1ents or the c2rrying o6t o) cert2in o/lig2tions or cert2in rights in the present or in the )6t6re res6lting )ro1 or /eing connected to one or 1ore C62li)ied )in2nci2l contr2cts <netting 12ster 2gree1ent=> /= 2ny netting 12ster 2gree1ent /et0een t0o p2rties7 0here/y the netting/et0een t0o or 1ore netting 12ster 2gree1ents <netting 12ster912ster 2gree1ent=> c= 2ny s6/seC6ent sec6rity 2gree1ent or rel2ted to one or 1ore netting 12ster 2gree1ent>

&'% sec6rity 2gree1ent sh2ll 1e2n 2ny contr2ct;instr61ent )or g62r2ntee o) 2netting 2gree1ent or o) cert2in C62li)ied )in2nci2l contr2cts7 th2t incl6de 0itho6trestrictions: pledges7 letters o) g62r2ntee7 person2l sec6rities 2nd other si1il2r% ART% ? <+= All e.penses rel2ted to the proceedings est2/lished /y this l207 incl6ding thosereg2rding the noti)ic2tion7 convening 2nd co116nic2tion o) the proceedings 2ctsc2rried o6t /y the 6dici2l 2d1inistr2tor 2nd;or liC6id2tor7 sh2ll /e covered )ro1 thede/tors property% <*= The p2y1ents sh2ll /e c2rried o6t )ro1 2n 2cco6nt opened 0ith 2n 6nit o) 2/2n@7 /2sed on cert2in provisions iss6ed /y the de/tor or7 2s 2pplic2/le7 /y 2 6dici2l2d1inistr2tor7 2nd d6ring /2n@r6ptcy /y the liC6id2tor%

<&= The 1onet2ry 2v2il2/ilities 12y /e preserved in 2 speci2l deposit 2cco6nt%

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<?= In the 2/sence o) 2v2il2/ilities in the de/tors 2cco6nt7 the liC6id2tion )6nd sh2ll/e 6sed7 2nd the p2y1ents sh2ll /e 12de /2sed on 2 /6dget )orec2st )or 2 period o) 2t le2st & 1onths7 2pproved /y the syndic96dge% <'= B2sed on the doc61ents in proo) 2tt2ched to the 1onthly report o) the 6dici2l2d1inistr2tor;liC6id2tor7 el2/or2ted 2ccording to Article *+ <+=7 the syndic96dge sh2ll

/e 2/le to 26thorise the p2y1ent )ro1 the liC6id2tion )6nd o) the e.penses th2te.ceeded the )orec2st /6dget% <-= The )6nd provided in p2r2gr2ph <?= sh2ll /e est2/lished 2s )ollo0s: 2= /y 2n incre2se /y *,F o) the d6ties ch2rged /y the tr2de register o))ices ne.t tothe tri/6n2ls )or the registr2tion oper2tions> /= /y 2n incre2se /y *,F o) the d6ties ch2rged )or the oper2tion o) registr2tion inthe register o) 2gric6lt6r2l co1p2nies 2nd7 in c2se o) 2ssoci2tions 2nd )o6nd2tionsth2t c2rry on econo1ic 2ctivities7 in the register o) 2ssoci2tions 2nd )o6nd2tions% <= The 21o6nts provided in p2r2gr2ph <+= sh2ll /e tr2ns)erred /y the tr2deregister o))ices7 /y the N2tion2l Tr2de Register ))ice7 in the 2cco6nt o) the N2tion2lUnion o) the Insolvency Pr2ctitioners )ro1 Ro12ni27 herein2)ter c2lled N%U%I%P%R7 2nd

the d6ties provided in p2r2gr2ph <-= /= sh2ll /e p2id 2t 2ny /2n@ 6nit in the1entioned 2cco6nt% <= The N%U%I%P%R sh2ll co116nic2te to the N2tion2l Tr2de Register ))ice 2nd tothe 6dici2l co6rt ne.t to 0hich the register o) 2gric6lt6r2l co1p2nies7 or the register o) 2ssoci2tions 2nd )o6nd2tions7 respectively7 the 2cco6nt n61/er 2nd 2nys6/seC6ent 21end1ents o) these% <(= The 21o6nts 1entioned in p2r2gr2ph <+= sh2ll /e considered liC6id2tione.penses in co1pli2nce 0ith Article +*+ 2nd +*& point + 2nd sh2ll /e 0ritten in thedistri/6tion pl2n provided in Article +** <+=%

CHAPTER IIPri$ipn" in %e in"ol!en$& pro$ee'in("

ART% ' <+= The /odies 2pplying the proceedings sh2ll /e: the co6rts o) l207 the syndic9 6dge7 the 6dici2l 2d1inistr2tor 2nd the liC6id2tor% <*= The /odies provided in p2r2gr2ph <+= 16st ens6re the c2rrying o6t 0ith celerityo) the 2cts 2nd oper2tions provided /y this l207 2s 0ell 2s the c2rrying o6t 6nder theter1s o) the l20 o) the rights 2nd o/lig2tions o) the other p2rticip2nts in these 2cts2nd oper2tions%

Section + G6dici2l co6rts

ART% - All the proceedings provided /y this l207 e.cept )or the 2ppe2l provided in Article 7sh2ll /e the e.cl6sive co1petence o) the co6rt h2ving 6risdiction over the de/torsregistered o))ice7 2s it 2ppe2rs in the tr2de register7 or in the register o) 2gric6lt6r2lco1p2nies or in the register o) 2ssoci2tions 2nd )o6nd2tions7 respectively7 2nd theysh2ll /e e.ercised /y 2 syndic96dge% ART%

<+= The s611oning o) the p2rties7 2s 0ell 2s the co116nic2tion o) 2ny other proced6r2l 2ct sh2ll /e c2rried o6t /y the B6lletin o) insolvency proceedings% The

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co116nic2tion o) the s611ons7 convenings 2nd noti)ic2tions to the p2rties to 2n2ction7 0hose registered o))ice7 do1icile or residence is 2/ro2d7 sh2ll /e s6/ect tothe provisions o) the "ode o) civil proced6re7 0ith s6/seC6ent 21end1ents 2nd2dditions% The B6lletin o) insolvency proceedings sh2ll 2lso /e provided in electronic)or12t%

<*= In the 2d1inistr2tive disp6tes proceedings governed /y this l20 only thepersons 0hose rights or interests 2re s6/ect )or settle1ent /y the syndic96dge76nder contr2diction conditions7 sh2ll /e s611oned 2s p2rties% In 2ll the other c2sesthe provisions o) the "ode o) civil proced6re re)erring to the o6t9o)9co6rt proced6re72s )2r 2s they 2re not contr2ry to cert2in e.press provisions o) this l20% <&= By 02y o) e.ception )ro1 the provisions o) p2r2gr2ph <+=7 the co116nic2tion o) the proced6r2l 2cts prior to the opening o) proceedings 2nd the noti)ic2tion o) opening the proceedings sh2ll /e c2rried o6t7 2ccording to the "ode o) civilproced6re% !or the creditors th2t co6ld not /e identi)ied in the list provided in Article* <+= c=7 the noti)ic2tion proced6re provided in Article -+ sh2ll /e reg2rded 2sco1pleted i) it 02s c2rried o6t /y the B6lletin o) insolvency proceedings%

<?= In c2se the de/tor is 2 co1p2ny tr2ded on 2 reg6l2ted 12r@et7 the syndic96dgesh2ll co116nic2te to the N2tion2l "o11ission o) Sec6rities the 6dg1ent to openthe proceedings% <'= The )or12t 2nd )r21e0or@9contents o) the 2cts th2t 2re p6/lished in the B6lletino) insolvency proceedings 2nd o) the proo) reg2rding the c2rrying o6t the proced6reo) s611oning7 convening 2nd co116nic2tion sh2ll /e est2/lished /y order o) the1inister o) 6stice 2nd sh2ll /e 12nd2torily 6sed /y 2ll p2rticip2nts in theproceedings% <-= The noti)ic2tions7 e.cept )or the c2se 0hen the /6rden o) noti)ic2tion /elongs toother /odies th2t 2pply the proceedings7 2nd the convenings provided /y this l20sh2ll /e the d6ty o) the 6dici2l 2d1inistr2tor or liC6id2tor7 2s 2pplic2/le% <= The creditors th2t registered reC6ests )or 2d1ission o) cl2i1s sh2ll /epres61ed to @no0 the ti1e li1its provided in Article -* or in Article +,7 +, or +,(72s 2pplic2/le7 2nd sh2ll no longer /e s611oned% <= In vie0 o) p6/lishing the s611ons7 convenings 2nd noti)ic2tions o) proced6r2l2cts c2rried o6t /y 6dici2l co6rts7 2)ter the opening o) proceedings provided /y thisl207 the B6lletin o) insolvency proceedings sh2ll /e edited7 2 p6/lic2tion edited /y theN2tion2l Tr2de Register ))ice% <(= The p6/lic2tion o) the proced6r2l 2cts or7 2s 2pplic2/le7 o) the 6dg1ents in theB6lletin o) insolvency proceedings sh2ll repl2ce7 2s o) the d2te o) their p6/lic2tion7the s611oning7 convening 2nd noti)ic2tion o) the proced6r2l 2cts c2rried o6t

individ62lly )or the p2rties to the 2ction7 2s they 2re pres61ed to /e c2rried o6t 6ntilthe d2te o) p6/lic2tion% ART% <+= The co6rt o) 2ppe2l sh2ll /e the 2ppe2ls tri/6n2l )or the 6dg1ents delivered /ythe syndic96dge7 p6rs62nt to Article ++% <*= The ti1e li1it )or the 2ppe2l sh2ll /e o) +, d2ys )ro1 the co116nic2tion o) the 6dg1ent7 6nless other0ise provided /y the l20% <&= The 2ppe2l sh2ll /e 6dged /y speci2lised p2nels7 0ithin &, d2ys )ro1 theregistr2tion o) the )ile to the co6rt o) 2ppe2l% The s611oning o) the p2rties sh2ll /e12de in the B6lletin o) the insolvency proceedings% ith 2 vie0 to settling the 2ppe2l7only the 2cts th2t 2re o) interest to the settle1ent o) the re1edy7 chosen /y the

syndic96dge sh2ll /e sent to the co6rt o) 2ppe2l in 2 copy certi)ied /y the chie)9registr2r o) the tri/6n2l% In c2se the 2ppe2ls tri/6n2l dee1s necess2ry to e.21ine

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other 2ct in the )ile on the s6/st2nce 2s 0ell7 it sh2ll in)or1 the p2rties concerned tos6/1it the1 in certi)ied copy% <?= Not0ithst2nding the provisions o) Article &,, <*= 2nd <&= o) the "ode o) civilproced6re7 0ith s6/seC6ent 21end1ents 2nd 2dditions7 the 6dg1ents o) the syndic9 6dge c2n not /e s6spended /y the 2ppe2ls co6rt%

<'= The provisions o) p2r2gr2ph <?= sh2ll not 2pply in c2se o) 2 consider2tion o) the2ppe2l 2g2inst the )ollo0ing 6dg1ents o) the syndic96dge: 2= the r6ling reecting the contest2tion o) the de/tor7 /ro6ght p6rs62nt to Article &&<?=> /= the r6ling /y 0hich it is decided to go into the si1pli)ied proceedings> c= the r6ling 0here/y it is decided to go into /2n@r6ptcy7 given 6nder the ter1s o) Article +,> d= the r6ling )or the settle1ent o) the contest2tion 2g2inst the pl2n )or thedistri/6tion o) the )6nds o/t2ined )ro1 liC6id2tion 2nd )ro1 cl2i1s collection7 12dep6rs62nt to Article +** <&=% <-= !or 2ll the 2ppe2l reC6ests )or16l2ted 2g2inst the 6dg1ents delivered /y the

syndic96dge 0ithin the proceedings only one )ile sh2ll /e constit6ted% <= By derog2tion )ro1 Article *( <'= o) the L20 No% ?;+((* on the org2nis2tion2nd )6nctioning o) the "onstit6tion2l "o6rt7 rep6/lished7 it sh2ll /e possi/le )or thesyndic96dge not to order the s6spension o) the c2se7 in c2se the provisions 0hosenon9constit6tion2lity is invo@ed h2ve /een s6/ect o) 2t le2st one 6dg1ent r6led /ythe "onstit6tion2l "o6rt%

)e$ion 2)&n'i$*+,'(e

ART% ( The distri/6tion o) c2ses h2ving 2s o/ect the proceedings provided /y this l20 tothe 6dges 2ppointed 2s syndic96dges sh2ll /e done r2ndo1ly7 on 2 co1p6terisedsyste17 2ccording to Article '& o) the L20 No% &,?;*,,? on the 6dici2l org2nis2tion7rep6/lished% ART% +, In the e.recise o) his d6ties7 the syndic96dge 12y 2ppoint7 /y 2n interloc6tory 6dg1ent7 the speci2lised personnel7 2lso est2/lishing their retri/6tion% Theretri/6tions sh2ll /e p2id )ro1 the 2cco6nt provided in Article ? <*=7 in co1pli2nce 0iththe criteri2 est2/lished /y #overn1ent decision%

ART% ++ <+= The 12in 2ttri/6tions o) the syndic96dge7 0ithin this l207 sh2ll /e the )ollo0ing: 2= to deliver7 0ith re2sons7 the 6dg1ent to open the proceedings 2nd7 2s2pplic2/le7 to initi2te /2n@r6ptcy /oth /y the gener2l proceedings 2nd /y thesi1pli)ied proceedings> /= to e.21ine the contest2tion o) the de/tor 2g2inst the petition )or /2n@r6ptcy o) the creditors )or the onset o) proceedings> e.21in2tion o) the opposition o) thecreditors 6pon the opening o) proceedings> c= to 2ppoint7 /y giving the re2sons7 in the r6ling o) opening o) proceedings7 )ro121ong the insolvency pr2ctitioners th2t s6/1itted 2 service tender )or this p6rpose tothe )ile o) the c2se7 o) the te1por2ry 6dici2l 2d1inistr2tor or7 2s 2pplic2/le7 o) the

liC6id2tor th2t 0ill /e in ch2rge 0ith the 2d1inistr2tion o) the proceedings 6ntil it iscon)ir1ed or7 2s 2pplic2/le7 6ntil his repl2ce1ent /y the 2sse1/ly o) creditors7 to

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est2/lish the re16ner2tion in co1pli2nce 0ith the criteri2 est2/lished /y the l20 onthe org2nis2tion o) the pro)ession o) insolvency pr2ctitioner7 2s 0ell 2s o) its2ttri/6tions )or s6ch period% In vie0 o) 2 te1por2ry 2ppoint1ent o) the 6dici2l2d1inistr2tor7 the syndic 6dge sh2ll consider 2ll service tenders s6/1itted /y thepr2ctitioners7 /y the reC6ests )or this p6rpose s6/1itted /y the creditors 2nd7 2s

2pplic2/le7 /y the 6dici2l 2d1inistr2tor7 i) the petition )or /2n@r6ptcy /elongs to hi1> d= to con)ir17 /y interloc6tory 6dg1ent7 the 6dici2l 2d1inistr2tor or the liC6id2tor 2ppointed /y the 2sse1/ly o) creditors7 to con)ir1 the negoti2ted )ee 0ith the2sse1/ly o) creditors> e= to repl2ce7 )or 0ell9gro6nded re2sons7 /y interloc6tory 6dg1ent7 the 6dici2l2d1inistr2tor or liC6id2tor> )= to e.21ine the reC6ests )or 0ithdr202l o) the de/tors right to 12n2ge his o0n2ctivity> g= to e.21ine the reC6ests )or /ringing 2/o6t the li2/ility o) the 1e1/ers o) the12n2ge1ent /odies th2t h2ve contri/6ted to the st2te o) insolvency o) the de/tor72ccording to Article +&7 to noti)y the cri1in2l prosec6tion /odies in connection to

co11itting the in)ringe1ents provided in Article +?& 9+?> h= to 6dge the 2ctions instit6ted /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor )or the c2ncell2tion o) cert2in )r26d6lent 2cts 2nd o) cert2in p2tri1ony setting96ps or tr2ns)ers7 prior to the opening o) proceedings> i= to e.21ine the contest2tions o) the de/tors7 o) the 2sse1/ly o) creditors or o) 2ny other p2rty concerned 2g2inst the 1e2s6res t2@en /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor> = to 2d1it 2nd con)ir1 the reorg2nis2tion pl2n or7 2s the c2se 12y /e7 theliC6id2tion pl2n7 2)ter it h2s /een voted /y the creditors> @= to settle the reC6est o) the 6dici2l 2d1inistr2tor or o) the co11ittee o) creditorsto interr6pt the 6dici2l reorg2nis2tion proceedings 2nd o) /2n@r6ptcy proceedings> l= to settle the o/ections 2g2inst the reports o) the 6dici2l 2d1inistr2tor or o) theliC6id2tor> 1= to e.21ine the 2ction )or c2ncell2tion o) the decision o) the 2sse1/ly o) creditors> n= to deliver the 6dg1ent )or closing the proceedings% <*= The po0ers o) the syndic96dge sh2ll /e restricted to the 6dici2l control o) the2ctivity o) the 6dici2l 2d1inistr2tor 2nd;or o) the liC6id2tor 2nd o) the l20s6its 2nd the 6dici2l reC6ests rel2ted to the insolvency proceedings% The 12n2ge1ent po0erssh2ll devolve on the 6dici2l 2d1inistr2tor or liC6id2tor or7 e.ception2lly7 on the de/tor76nless his right to 12n2ge his o0n property 02s c2ncelled% The 12n2ge1ent

decisions 12y /e e.21ined in respect o) opport6nity /y the creditors7 thro6gh their /odies% ART% +* <+= The 6dg1ents o) the syndic96dge sh2ll /e )in2l 2nd e.ec6tory% They 12y /es6ed sep2r2tely /y 2n 2ppe2l% <*= The provisions o) Article *? <+= o) the "ode o) civil proced6re on inco1p2ti/ilitysh2ll not /e 2pplic2/le to the syndic96dge th2t s6ccessively r6les on the s21e )ile7e.cept )or re9e.21in2tion7 2)ter the 6dg1ent 02s C62shed in 2ppe2l%

)e$ion -

A""e/l& of $re'ior". Coiee of $re'ior"

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ART% +& <+= The 2sse1/ly o) creditors sh2ll /e convened 2nd presided /y the 6dici2l2d1inistr2tor or7 2s the c2se 12y /e7 /y the liC6id2tor7 6nless other0ise prescri/ed/y the l20 or /y the syndic96dge> the secret2ri2t o) the sittings o) the 2sse1/ly o) creditors sh2ll /e the d6ty o) the 2d1inistr2tor or7 2s the c2se 12y /e7 o) the

liC6id2tor% <*= The @no0n creditors sh2ll /e convened /y the 2d1inistr2tor or /y the liC6id2tor in the c2ses provided /y the l20 2nd 0henever necess2ry% <&= The 2sse1/ly o) creditors sh2ll 2lso /e convened /y the co11ittee o) creditorsor 2t the reC6est o) the creditors 0ith cl2i1s 21o6nting to 2t le2st &,F o) their tot2lv2l6e% ART% +? <+= The convening o) the creditors sh2ll h2ve to incl6de the 2gend2 o) the sitting% <*= Any deli/er2tion on 2 12tter 0hich 02s not incl6ded in the convening sh2ll /en6ll7 e.cept )or the c2se 0hen the holders o) 2ll the cl2i1s 2ttend to the sitting% <&= The creditors 12y /e represented in the 2sse1/ly /y represent2tives 0ith

speci2l 2nd 26thentic2ted pro.y or7 in c2se o) /6dget2ry creditors 2nd o) the other leg2l persons7 0ith deleg2tion signed /y the 6nit 12n2ger% <?= Unless e.pressly prohi/ited /y l207 the creditor 12y 2lso vote /ycorrespondence% The letter e.pressing the vote7 signed /y the creditor7 0ith sign2t6re26thentic2ted /y the not2ry p6/lic or certi)ied 2nd 2ttested /y 2n 2ttorney7 or theelectronic doc61ent th2t h2s incorpor2ted7 2tt2ched or 2ssoci2ted 2n e.tendedelectronic sign2t6re th2t relies on 2 v2lid C62li)ied certi)ic2te7 12y /e co116nic2ted/y 0h2tever 1e2ns 2nd registered 0ith the 6dici2l 2d1inistr2tor;liC6id2tor7 2t le2st 'd2ys /e)ore the d2te set )or e.pressing the vote% <'= At the sittings o) the 2sse1/ly o) creditors there sh2ll p2rticip2te * deleg2tes o) the e1ployees o) the de/tor7 voting )or cl2i1s 0hich represent the 02ges 2nd other )in2nci2l rights% <-= The deli/er2tions 2nd decisions o) the 2sse1/ly o) creditors sh2ll /e incl6dedin 2 1in6tes7 signed /y the president o) the sitting7 the 1e1/ers o) the co11ittee o) creditors7 2s 0ell 2s /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor7 2s 2pplic2/le%The 1in6tes sh2ll /e s6/1itted7 thro6gh the c2re o) the 6dici2l2d1inistr2tor;liC6id2tor7 to the c2se )ile7 0ithin t0o 0or@ing d2ys 2s o) the d2te o) 2sse1/ly o) creditors% <= The decision o) the 2sse1/ly o) creditors 12y /e 2nn6lled /y the syndic96dge)or 6nl20)6lness7 2t the reC6est o) the creditors 0ho voted 2g2inst 2doption o) s6chdecision 2nd 0ho 12de )or it to /e 0ritten do0n in the 1in6tes o) the 2sse1/ly7 2s

0ell 2s 2t the reC6est o) the creditors entitled to p2rticip2te in the insolvencyproceedings7 th2t too@ 2 le2ve o) 2/sence )ro1 the sitting o) the 2sse1/ly o) creditors% ART% +' <+= E.cept )or the c2ses 0hen the l20 reC6ires 2 speci2l 12ority7 the sittings o) the2sse1/ly o) creditors sh2ll t2@e pl2ce in the presence o) the holders o) cl2i1ss611ing 6p 2t le2st &,F o) the tot2l v2l6e o) the cl2i1s over the de/tors property2nd 2 n61/er o) 1e1/ers o) the co11ittee o) creditors th2t st2nds )or their si1ple12ority7 2nd the decisions o) the 2sse1/ly o) creditors sh2ll /e 2dopted /y the voteo) the holders o) 2 12ority7 /y v2l6e7 o) the present cl2i1s% <*= The c2lc6l2tion o) the tot2l v2l6e o) the cl2i1s provided in p2r2gr2ph <+= over

the property o) the de/tor sh2ll /e deter1ined /y re)erring to the )ollo0ing criteri2:

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2= s6/seC6ently to the posting 6p o) the )in2l record 2nd 6ntil the posting 6p o) theconsolid2ted )in2l record7 the v2l6e o) the cl2i1s chec@ed 2nd 2ccepted /y the 6dici2l 2d1inistr2tor7 2s it is re)lected /y the contents o) the preli1in2ry record> /= s6/seC6ently to the posting 6p o) the )in2l record 2nd 6ntil the con)ir12tion o) 2reorg2nis2tion pl2n7 2s it is re)lected /y the contents o) the )in2l record>

c= s6/seC6ently to the con)ir12tion o) 2 reorg2nis2tion pl2n 2nd 6ntil the posting6p o) the consolid2ted )in2l record7 2s it is re)lected /y the con)ir1ed reorg2nis2tionpl2n> d= s6/seC6ently to the posting 6p o) the consolid2ted )in2l record7 2s it is re)lected/y its contents% <&= The reorg2nis2tion pl2n sh2ll /e s6/ect to the vote o) the 2sse1/ly o) creditors7 6nder the ter1s est2/lished in Article +,+% ART% +- <+= The syndic96dge sh2ll 2ppoint7 depending on the proportions o) the c2se7 2co11ittee o) & 9 creditors chosen )ro1 21ong the highly sec6red7 /6dget2ry or 6nsec6red creditors7 /y v2l6e%

<*= The 2ppoint1ent sh2ll /e c2rried o6t7 y interloc6tory 6dg1ent7 2)ter thedr20ing 6p o) the preli1in2ry cl2i1 record% <&= !or the needs o) the proceedings7 the syndic96dge sh2ll 2ppoint7 /2sed on thecreditors propos2l7 2 president o) the creditors co11ittee% The co11ittee o) creditorssh2ll /e s611oned7 n21ely the president th6s 2ppointed7 2nd in his 2/sence7 2ny o) the 1e1/ers o) the co11ittee o) creditors% <?= D6ring the )irst sitting o) the 2sse1/ly o) creditors they 12y elect 2 co11ittee)or1ed o) & or ' creditors 21ong the sec6red creditors 2nd 6nsec6red creditors7 )ro121ong the )irst *, creditors in the order o) v2l6e7 on 2 vol6nt2ry /2sis> the co11itteeth6s 2ppointed sh2ll repl2ce the co11ittee previo6sly 2ppointed /y the syndic96dge% <'= I) the reC6ired 12ority is not o/t2ined7 the co11ittee previo6sly 2ppointed 12y/e 12int2ined% At the propos2l o) the 6dici2l 2d1inistr2tor or o) the other 1e1/ers o) the co11ittee o) creditors7 the syndic96dge sh2ll 0rite do0n7 /y concl6sion7 thech2nges in its str6ct6re7 so 2s the criteri2 provided in p2r2gr2ph <?= /e co1plied in 2llph2ses o) the proceedings% <-= D6ring the proceedings7 the syndic96dge 12y reC6est the 2ssist2nce o) theco11ittee o) creditors or o) one o) its deleg2tes% ART% + <+= The co11ittee o) creditors sh2ll h2ve the )ollo0ing po0ers: 2= to 2n2lyse the de/tors sit62tion 2nd to 12@e reco11end2tions to the 2sse1/lyo) creditors 0ith reg2rd to the contin62tion o) the de/tors 2ctivity 2nd to the proposed

reorg2nis2tion pl2ns> /= to negoti2te the 2ppoint1ent ter1s 0ith the 6dici2l 2d1inistr2tor or 0ith theliC6id2tor th2t desires to /e 2ppointed to the )ile /y the creditors 2nd to reco11ends6ch 2ppoint1ents to the 2sse1/ly o) creditors> c= to t2@e note 2/o6t the reports dr20n 6p /y the 6dici2l 2d1inistr2tor or /y theliC6id2tor7 to 2n2lyse 2nd7 i) necess2ry7 to contest the1> d= to dr20 6p reports7 0hich it 16st present to the 2sse1/ly o) creditors7 on the1e2s6res 2dopted /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor 2nd their e))ects2nd to propose other 1e2s6res 2s 0ell /y giving their re2sons> e= to reC6est7 p6rs62nt to Article ? <'=7 th2t the de/tors 2d1inistr2tion right /e0ithdr20n>

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)= to /ring 2ctions )or the c2ncell2tion o) cert2in p2tri1ony tr2ns)ers7 12de /y thede/tor to the creditors pre6dice7 0hen s6ch 2ctions 0ere not introd6ced /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor% <*= The co11ittee o) creditors sh2ll 1eet on 2 1onthly /2sis 2nd7 2t the reC6est o) the 6dici2l 2d1inistr2tor or o) the liC6id2tor7 2s 2pplic2/le7 or o) 2t le2st * o) its

1e1/ers7 0henever necess2ry% <&= The deli/er2tions o) the co11ittee o) creditors sh2ll t2@e pl2ce in the presenceo) the 6dici2l 2d1inistr2tor;liC6id2tor 2nd sh2ll /e 0ritten do0n in 2 1in6tes7 th2tsh2ll s6112rise /rie)ly the deli/er2tions7 2s 0ell 2s the decisions 12de% <?= The decisions o) the co11ittee o) creditors sh2ll /e 12de /y 2 si1ple 12orityo) the tot2l n61/er o) its 1e1/ers% <'= I) 2 1e1/er o) the co11ittee o) creditors )inds hi1sel)7 d6e to his o0n interest7in 2 con)lict o) interests 0ith the collective interest o) the creditors th2t p2rticip2te inthe proceedings7 he sh2ll 2/st2in )ro1 vote% <-= Ag2inst the 2ctions7 1e2s6res 2nd decisions 12de /y the co11ittee o) creditors 2ny creditor 12y )ile 2 contest2tion in the 2sse1/ly o) creditors7 2)ter he

h2s previo6sly noti)ied the co11ittee o) creditors 0ith reg2rd to the 1e2s6rescontested7 2nd the sol6tion 2dopted /y this co11ittee does not s2tis)y the creditorsinterest%

)e$ion )pe$il 'ini"ror

ART% + <+= A)ter the opening o) proceedings7 the gener2l 2sse1/ly o) sh2reholders;2ssoci2tes7 2 leg2l person7 sh2ll 2ppoint7 2t their e.penses7 2represent2tive7 n2t6r2l or leg2l person7 2 speci2l 2d1inistr2tor to represent theco1p2nys interests 2nd their interests 2nd to p2rticip2te in the proceedings7 on/eh2l) o) the de/tor% A)ter the 0ithdr202l o) the 2d1inistr2tion right7 the de/tor sh2ll/e represented /y the 6dici2l 2d1inistr2tor;liC6id2tor th2t 12n2ges his co11erci2l2ctivity 2s 0ell7 2nd the speci2l 2d1inistr2tor 12nd2te sh2ll /e red6ced to 2represent2tion o) the sh2reholders;2ssoci2tes interests% <*= The speci2l 2d1inistr2tor sh2ll h2ve the )ollo0ing po0ers: 2= to e.press the intention o) the de/tor to propose 2 pl2n7 2ccording to Article *<+= h=7 in con6nction 0ith Article && <*=> /= to p2rticip2te7 2s represent2tive o) the de/tor7 in the e.21in2tion o) 2ctions

provided in Article ( 2nd ,> c= to )ile contest2tions 0ithin the proceedings governed /y this l20> d= to propose 2 reorg2nis2tion pl2n> e= to 12n2ge the de/tors 2ctivity7 6nder the s6pervision o) the 6dici2l2d1inistr2tor7 2)ter the con)ir12tion o) the pl2n> )= 2)ter going into /2n@r6ptcy7 to t2@e p2rt in the inventory7 signing the 2ct7 toreceive the )in2l report 2nd the closing /2l2nce sheet 2nd to p2rticip2te in the1eeting convened )or the settle1ent o) o/ections 2nd 2pprov2l o) the report> g= to receive the noti)ic2tion on closing the proceedings%

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)e$ion 5,'i$il 'ini"ror

ART% +( <+= The insolvency pr2ctitioners sh2ll enclose to the )ile 2n o))er to t2@e over the

6dici2l 2d1inistr2tor in s6ch )ile7 0here there sh2ll /e enclosed the proo) o) insolvency pr2ctitioner c2p2city 2nd 2 copy o) the o) pro)ession2l ins6r2nce policy% Inthe o))er7 the insolvency pr2ctitioner concerned sh2ll /e 2/le to sho0 the ti1e 2ndh612n reso6rces 2v2il2/ility 2s 0ell7 2nd the gener2l or speci)ic e.pertise necess2ryto t2@e over the )ile 2nd to provide 2 proper 2d1inistr2tion o) the c2se% In c2se thereis no s6ch o))er7 the syndic96dge sh2ll 2ppoint te1por2rily7 6ntil the )irst 1eeting o) creditors7 2n insolvency pr2ctitioner chosen on 2 r2ndo1 /2sis )ro1 the N%U%I%P%RT2/le% <*= At the reco11end2tion o) the co11ittee o) creditors7 0ithin the )irst sitting o) the 2sse1/ly o) creditors or 2)ter02rds7 the creditors th2t hold 2t le2st ',F o) thetot2l v2l6e o) cl2i1s 12y decide to 2ppoint 2 6dici2l 2d1inistr2tor;liC6id2tor7 2lso

est2/lishing his re16ner2tion% In c2se the re16ner2tion is p2id )ro1 the )6ndest2/lished 2ccording to Article ?7 it sh2ll /e est2/lished /y the syndic96dge7 /2sedon the criteri2 est2/lished /y the l20 on the pro)ession o) insolvency pr2ctitioner% Thecreditors 12y decide to con)ir1 the 6dici2l 2d1inistr2tor or liC6id2tor te1por2rily2ppointed /y the syndic96dge% <&= The creditors 12y 2ppe2l 2g2inst the decision provided in p2r2gr2ph <*=7 ongro6nds o) 6nl20)6lness7 0ithin & d2ys7 to the syndic 6dge th2t sh2ll settle7 6rgently2nd 2t once 72ll 2ppe2ls /y 2n interloc6tory 6dg1ent 0here/y he 0ill 2ppoint the 6dici2l 2d1inistr2tor;liC6id2tor proposed /y the creditors or7 2s 2pplic2/le7 he sh2llreC6est to the 2sse1/ly o) creditors to 2ppoint 2nother 6dici2l2d1inistr2tor;liC6id2tor% <?= I) the decision o) the 2sse1/ly o) creditors is not contested 0ithin the ti1e li1itest2/lished in p2r2gr2ph <&=7 the syndic96dge7 /y 2n interloc6tory 6dg1ent7 sh2ll2ppoint the 6dici2l 2d1inistr2tor proposed /y the creditors7 2lso ordering theter1in2tion o) the 2ttri/6tions o) the te1por2ry 6dici2l 2d1inistr2tors 0hich he2ppointed /y the r6ling on opening o) proceedings% <'= The 6dici2l 2d1inistr2tor7 2 n2t6r2l person or leg2l person7 incl6ding hisrepresent2tive7 16st h2ve the c2p2city o) insolvency pr2ctitioner7 6nder the l20% <-= Repe2led <= Repe2led <= Be)ore his 2ppoint1ent7 the 6dici2l 2d1inistr2tor 16st 12@e the proo) o) his

pro)ession2l li2/ility ins6r2nce7 /y 6nder0riting 2 v2lid ins6r2nce policy to cover thepossi/le pre6dices c26sed 2s 2 res6lt o) c2rrying o6t his 2ttri/6tions% The ins6redris@ 16st represent the conseC6ence o) the 2ctivity o) the 6dici2l 2d1inistr2tor 0hilee.ercising his c2p2city% <(= The 6dici2l 2d1inistr2tor sh2ll /e )or/idden7 6nder the s2nction o) dis1iss2l)ro1 o))ice 2nd o) 2 re1edy o) the possi/le d212ges c26sed7 to di1inish7 either directly or indirectly7 the v2l6e o) the 21o6nt ins6red in the ins6r2nce contr2ct% ART% *, <+= The 12in 2ttri/6tions o) the 6dici2l 2d1inistr2tor sh2ll /e7 )or the p6rpose o) this l207 the )ollo0ing: 2= to e.21ine the de/tors econo1ic condition 2nd the doc61ents s6/1itted

2ccording to the provisions o) Article * 2nd &' 2nd to dr20 6p 2 report 0here/y heproposes either the si1pli)ied proceedings or the contin62tion o) the o/serv2tion

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period 0ithin the gener2l proceedings 2nd to s6/ect s6ch report to the syndic96dge70ithin the ti1e li1it est2/lished /y it7 /6t 0hich 0ill not /e 2/le to e.ceed &, d2ys 2so) the 2ssign1ent o) the 6dici2l 2d1inistr2tor> /= to e.21ine the de/tors 2ctivity 2nd to dr20 6p 2 report on the c26ses 2ndcirc61st2nces 0hich led to the insolvency condition7 /y 1entioning the persons to

/l21e7 2nd on the e.istence o) the pre1ises )or eng2ging their li2/ility7 6nder theter1s o) Article +&7 2s 0ell 2s on the re2l possi/ility o) 2ct62l reorg2nis2tion o) thede/tors 2ctivity or o) the re2sons 0hich do not 2llo0 the reorg2nis2tion 2nd to s6/1itth2t report to the syndic96dge 0ithin 2 ti1e li1it est2/lished /y hi17 /6t 0hich c2nnot e.ceed -, d2ys )ro1 the 2ssign1ent o) the 2d1inistr2tor> c= to dr20 6p the doc61ents provided in Article * <+=7 in c2se the de/tor did not)6l)il th2t o/lig2tion 0ithin the leg2l ti1e li1its7 2s 0ell 2s to veri)y7 correct 2ndco1plete the in)or12tion cont2ined /y the those doc61ents7 in c2se they 0eres6/1itted /y the de/tor> d= to el2/or2te the reorg2nis2tion pl2n o) the de/tors 2ctivity7 depending on thecontents o) the report 1entioned in letter 2= 2nd 6nder the ter1s 2nd ti1e li1its

provided in Article (?> e= to s6pervise the oper2tions )or the 2d1inistr2tion o) the de/tors p2tri1ony> )= to 12n2ge7 in )6ll or in p2rt7 respectively7 the de/tors 2ctivity7 in this l2tter c2se0ith the e.press p2rtic6l2rs o) the syndic96dge in respect o) its 2ttri/6tions 2nd o) theconditions in 0hich the p2y1ents )ro1 the de/tors property 12y /e 12de> g= to convene7 preside 2nd serve 2s secret2ry )or the sittings o) the gener2l2sse1/ly o) creditors or o) the sh2reholders7 2ssoci2tes or 1e1/ers o) the de/tor 9leg2l person> h= to /ring to co6rt 2ctions )or the c2ncell2tion o) the )r26d6lent 2cts concl6ded /ythe de/tor to the pre6dice o) the creditors rights7 2s 0ell 2s o) cert2in p2tri1onytr2ns)ers7 o) cert2in tr2ding oper2tions concl6ded /y the de/tor 2nd o) constit6tingcert2in sec6rities gr2nted /y it7 li@ely to pre6dice the creditors rights> i= to inti12te i11edi2tely the syndic96dge in c2se he 2scert2ins th2t there 2re no2ssets in the de/tors property or th2t these 2re ins6))icient to cover the2d1inistr2tive e.penses> = to preserve or deno6nce the contr2cts concl6ded /y the de/tor> @= to veri)y the cl2i1s 2nd7 0henever necess2ry7 to )or16l2te o/ections to the172s 0ell 2s to dr20 6p the cl2i1 records> l= to collect the cl2i1s> to )ollo0 6p the collection o) the cl2i1s re)erring to the2ssets o) the de/tors property or to the 21o6nts tr2ns)erred /y the de/tor /e)ore theopening o) proceedings> to )or16l2te 2nd de)end the 2ctions in de12nds )or the

collection o) the de/tors cl2i1s 9 the de/tor 12y hire l20yers )or this p6rpose> 1= to concl6de tr2ns2ctions7 to disch2rge the de/ts7 to disch2rge the de/ts7 todisch2rge the person2l g62r2ntors7 to give 6p to t2ngi/le sec6rities7 provided th2t thesyndic96dge con)ir1s the1> n= to inti12te the syndic96dge on 2ny 12tter 0hich 1ight reC6ire 2 sol6tion )ro1hi1% <*= The syndic96dge 12y est2/lish the 6dici2l 2d1inistr2tor7 /y 2n interloc6tory 6dg1ent7 2ny other 2ttri/6tions est2/lished in p2r2gr2ph <+=7 e.cept )or thoseprovided /y the l20 2s its e.cl6sive co1petence% ART% *+ <+= n e2ch ti1e li1it o) contin62tion o) the proceedings7 the 6dici2l 2d1inistr2tor

sh2ll s6/1it to the syndic96dge 2 1onthly report co1prising the description o) the02y in 0hich he c2rried o6t his d6ties7 2s 0ell 2s the 6sti)ic2tion o) the e.penses

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12de 0ith the 2d1inistr2tion o) the proceedings or o) other e.penses 12de o6t o) the e.isting )6nds in the de/tors property% The re)erence period o) the report sh2ll /e2 0hole 1onth7 2nd the report 12y co1prise sever2l 1onths% <*= The de/tor7 0hich is 2 n2t6r2l person7 the speci2l 2d1inistr2tor o) the de/tor70hich is 2 leg2l person7 2ny o) the creditors7 2s 0ell 2s 2ny other person concerned

12y 2ppe2l 2g2inst the 1e2s6res t2@en /y the 2d1inistr2tor% <&= The contest2tion 16st /e registered 0ithin ' d2ys )ro1 the s6/1ission o) thereport provided in p2r2gr2ph <+=% <?= The syndic96dge sh2ll settle the contest2tion7 0ithin +, d2ys )ro1 itsregistr2tion7 in the "o6ncil H2ll7 /y s611oning the 2ppell2nt7 the 6dici2l2d1inistr2tor 2nd the co11ittee o) creditors7 2nd he c2n s6spend7 2t the reC6est o) the 2ppell2nt7 the en)orce1ent o) the disp6ted 1e2s6re% ART% ** <+= In c2se th2t 2n insolvency pr2ctitioner 2ssigned re)6ses the 2ssign1ent7 hesh2ll /e o/liged to noti)y the co6rt7 0ithin ' d2ys 2s o) the co116nic2tion o) ther6ling on the 2ssign1ent% The syndic96dge sh2ll s2nction the )2il6re to co116nic2te

on ti1e the re)6s2l7 0itho6t solid re2sons7 /y 2 6dici2l )ine )ro1 RN ',, to RN +,,,% In this c2se the provisions o) Article +( sh2ll /e 2pplic2/le% The provisions o) this2rticle sh2ll /e 2pplic2/le 2lso in the sit62tion provided in Article &?% <*= In 2ny st2ge o) the proceedings7 the syndic96dge7 e. o))icio or 2t the reC6est o) the co11ittee o) creditors7 12y repl2ce the 6dici2l 2d1inistr2tor7 /y 2 1otiv2tedinterloc6tory 6dg1ent7 )or solid re2sons% The interloc6tory 6dg1ent o) repl2ce1entsh2ll /e delivered in the "o6ncil H2ll7 6rgently7 /y s611oning the 6dici2l2d1inistr2tor 2nd the co11ittee o) creditors% <&= The syndic96dge sh2ll s2nction the 6dici2l 2d1inistr2tor 0ith 2 6dici2l )ine)ro1 RN + ,,, to RN ' ,,, in c2se he does not )6l)il or )6l)ils 0ith del2y7 )ro1 his)26lt or /y ill9intention7 the 2ttri/6tions provided /y the l20 or est2/lished /y thesyndic96dge% <?= I)7 /y the deed provided in p2r2gr2ph <&=7 the 2d1inistr2tor c26sed 2 pre6dice7the syndic96dge 12y7 2t the reC6est o) 2ny p2rty concerned7 o/lige the 6dici2l2d1inistr2tor to cover the pre6dice c26sed% <'= In c2se o) )ines 2nd d212ges provided in p2r2gr2phs <+=7 <&= 2nd <?=7 theprovisions o) Article +,J? 2nd +,J' o) the "ode o) civil proced6re 2re to /e 2pplied2ccordingly% ART% *& ith 2 vie0 to )6l)illing his 2ttri/6tions7 the 6dici2l 2d1inistr2tor 12y 2ppointe.perts% The 2ppoint1ent 2nd the level o) the retri/6tions o) these persons sh2ll /e

s6/ect to the 2pprov2l o) the co11ittee o) creditors7 e.cept )or the c2ses 0hen it isset th2t these sh2ll /e p2id )ro1 the )6nd est2/lished%

)e$ion 6Li,i'or

ART% *? <+= In c2se the syndic96dge orders the going into /2n@r6ptcy7 he sh2ll 2ppoint 2liC6id2tor7 Articles +(7 *+7 **7 *& 2nd Article +,* <'= /eing 2pplied 2ccordingly%

<*= The po0ers o) the 6dici2l 2d1inistr2tor sh2ll ce2se 2t the 1o1ent 0hen thesyndic96dge est2/lishes the liC6id2tors po0ers%

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<&= The 2d1inistr2tor previo6sly 2ppointed 12y /e 2lso 2ppointed 2s liC6id2tor% ART% *' The 12in po0ers o) the liC6id2tor7 0ithin this l207 sh2ll /e the )ollo0ing: 2= to e.21ine the 2ctivity o) the de/tor on 0hich the si1pli)ied proceedings isiniti2ted depending on the 2ct62l sit62tion 2nd to dr20 6p 2 det2iled report on the

c26ses 2nd circ61st2nces 0hich led to the insolvency condition7 /y 1entioning thepersons to /l21e7 2nd on the e.istence o) the pre1ises )or eng2ging their li2/ility76nder the ter1s o) Article +&7 2nd to s6/1it th2t report to the syndic96dge 0ithin 2ti1e li1it est2/lished /y the l2tter7 /6t 0hich c2n not e.ceed -, d2ys )ro1 the2ssign1ent o) the liC6id2tor7 i) 2 report on this s6/ect 02s not dr20n 6p previo6sly/y the 6dici2l 2d1inistr2tor> /= to 12n2ge the de/tors 2ctivity> c= to /ring to co6rt 2ctions )or the c2ncell2tion o) the )r26d6lent 2cts concl6ded /ythe de/tor to the pre6dice o) the creditors rights7 2s 0ell 2s o) cert2in p2tri1onytr2ns)ers7 o) cert2in tr2ding oper2tions concl6ded /y the de/tor 2nd o) constit6tingcert2in sec6rities gr2nted /y it7 li@ely to /e pre6dici2l to the creditors rights>

d= to pl2ce se2ls7 to inventory the 2ssets 2nd to t2@e the 2ppropri2te 1e2s6res )or their preserv2tion> e= to preserve or deno6nce the contr2cts concl6ded /y the de/tor> )= to veri)y the cl2i1s 2nd7 0henever necess2ry7 to )or16l2te o/ections to the17 2s0ell 2s to dr20 6p the cl2i1s records> g= to )ollo0 6p the collection o) the cl2i1s )ro1 the de/tors property7 res6lted )ro1the tr2ns)er o) 2ssets or 21o6nts o) 1oney 12de /y the de/tor /e)ore the opening o) proceedings7 to collect the cl2i1s> to )or16l2te 2nd de)end the 2ctions in de12nds)or the collection o) the de/tors cl2i1s 9 the de/tor 12y hire l20yers )or this p6rpose> h= to c2sh the p2y1ents e))ected on /eh2l) o) the de/tor 2nd to register the1 in the2cco6nt o) the de/tors property> i= to sell the 2ssets in the de/tors property7 2ccording to the provisions o) this l20> = to concl6de tr2ns2ctions7 to disch2rge the de/ts7 to disch2rge the person2lg62r2ntors7 to give 6p the t2ngi/le sec6rities provided th2t the syndic96dge con)ir1sthe1> @= to inti12te the syndic96dge 0ith reg2rd to 2ny 12tter 0hich 1ight reC6ire 2sol6tion )ro1 hi1> l= 2ny other 2ttri/6tions est2/lished in 2n interloc6tory 6dg1ent /y the syndic9 6dge%

CHAPTER III

Pro$ee'in("

)e$ion 1Peiion" for /n3r,p$&

ART% *- <+= The proceedings sh2ll /e initi2ted on the /2sis o) 2 petition )iled to the co6rt /ythe de/tor or /y the creditors7 2s 0ell 2s /y 2ny other persons or instit6tionse.pressly provided /y l20% <*= The N2tion2l "o11ission o) Sec6rities 12y )ile 2 petition 2g2inst the entities itgoverns 2nd s6pervises7 0hich7 2ccording to the d2t2 2v2il2/le to it7 s2tis)y the

criteri2 provided /y the speci2l leg2l provisions )or the initi2tion o) the proceedingsprovided /y this l20%

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41. e/or" re,e" ART% * <+= The de/tor th2t )inds hi1sel) in insolvency condition sh2ll /e o/liged to 2ddressto the co6rt 2 reC6est in order to /e s6/ect to the provisions o) this l207 0ithin

12.i161 &, d2ys )ro1 the 1o1ent 0hen the insolvency condition occ6rred% <*= The de/tor )or 0hich the insolvency condition is i11inent 12y 2lso 2ddress tothe co6rt 2 reC6est in order to /e s6/ect to the provisions o) this l20% <&= The reC6ests o) the leg2l persons sh2ll /e signed /y the persons 0ho72ccording to constit6tive 2cts or st2t6tes7 2re C62li)ied to represent the1% <?= The pre12t6re 2nd ill9intentioned )iling o) 2 reC6est )or opening o) proceedings/y the de/tor sh2ll /ring 2/o6t the p2tri1ony li2/ility o) the de/tor7 0hich is 2 n2t6r2lor leg2l person7 )or the d212ge c26sed% ART% * <+= The de/tors reC6est sh2ll /e 2cco1p2nied /y the )ollo0ing doc61ents: 2= the /2l2nce sheet certi)ied /y the 2d1inistr2tor 2nd censor;26ditor7 the tri2l

/2l2nce )or the 1onth prior to the d2te o) registr2tion o) the reC6est )or opening o) proceedings> /= 2 co1plete list o) 2ll de/tors 2ssets7 incl6ding 2ll the 2cco6nts 2nd /2n@s 0herethe de/tor t6rns over its )6nds> )or the /6rdened 2ssets the d2t2 incl6ded in re2lest2te p6/licity records sh2ll /e 1entioned> c= 2 list o) n21es 2nd 2ddresses o) the creditors7 reg2rdless o) the type o) their cl2i1s: o6tst2nding or 6nder condition7 liC6id or not7 )2lling d6e or not )2lling d6e7 notcontested or contested7 indic2ting the 21o6nt7 the c26se 2nd the pre)erence rights> d= 2 list cont2ining the p2y1ents 2nd p2tri1ony tr2ns)ers c2rried o6t /y the de/tor d6ring the +*, d2ys prior to )iling the petition o) /2n@r6ptcy> e= 2 list o) the c6rrent 2ctivities it intends to c2rry o6t d6ring the o/serv2tion period> )= the pro)it 2nd loss 2cco6nt )or the ye2r prior to the s6/1ission o) the reC6est> g= 2 list o) 1e1/ers o) the econo1ic interest gro6p or7 2s the c2se 12y /e7 o) the2ssoci2tes 0ith 6nli1ited li2/ility7 )or gener2l p2rtnership co1p2nies 2nd li1itedp2rtnership co1p2nies> h= 2 st2te1ent /y 0hich the de/tor indic2tes his intention to enter the si1pli)iedproceedings or the reorg2nis2tion proceedings7 2ccording to 2 pl2n7 /y restr6ct6ringits 2ctivity or /y the )6ll or p2rti2l liC6id2tion o) its property7 0ith 2 vie0 toe.ting6ishing its de/ts> i) this st2te1ent is not s6/1itted 6ntil the e.piry o) the ti1eli1it est2/lished in p2r2gr2ph <*=7 it sh2ll /e pres61ed th2t the de/tor 2grees toiniti2te the si1pli)ied proceedings>

i= 2 /rie) description o) the 1od2lities he h2s in vie0 )or the 2ctivity reorg2nis2tion> = 2 st2te1ent on his o0n responsi/ility7 26thentic2ted /y 2 not2ry7 or 2 certi)ic2te)ro1 the register o) 2gric6lt6r2l co1p2nies or7 2s the c2se 12y /e7 the tr2de register o))ice in the 6risdiction o) 0hich the pro)ession2l do1icile;registered o))ice is loc2ted70hich sho6ld re)lect 0hether he 02s s6/ect /e)ore to the proceedings provided /ythis l20 0ithin 2 ' ye2r9period prior to the 1o1ent 0hen the petition )or /2n@r6ptcy02s )or16l2ted> @= 2 st2te1ent on his o0n responsi/ility 26thentic2ted /y 2 not2ry or certi)ied /y 2l20yer7 0hich sho6ld re)lect th2t he 02s not irrevoc2/ly convicted )or )orgery or )or in)r2ctions provided /y the L20 on co1petition No% *+ 2nd th2t the 2d1inistr2tors712n2gers 2nd;or 2ssoci2tes 0ere not irrevoc2/ly convicted )or )r26d6lent /2n@r6ptcy7

)r26d6lent 2d1inistr2tion7 /re2ch o) tr6st7 deceit7 e1/e88le1ent7 )2lse 0itness7

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)orgery o))ences or o))ences provided in the L20 No% *+;+((-7 over the l2st ' ye2rsprior to the opening o) proceedings> l= 2 certi)ic2te o) 2d1ission to /eing tr2ded on 2 reg6l2ted 12r@et o) sec6rities or o) other )in2nci2l instr61ents iss6ed% <*= I) the de/tor does not possess7 2t the ti1e o) )iling his reC6est7 2ny o) the

in)or12tion indic2ted in p2r2gr2ph <+= 2= 9 )= 2nd h=7 he sh2ll /e 2/le to register s6chin)or12tion 0ith the co6rt7 0ithin +, d2ys> i) he )2ils to do it7 his reC6est sh2ll /ereg2rded 2s 2 recognition o) the st2te o) insolvency o) its p2tri1ony7 c2se in 0hich hesh2ll r6le on going into 2 si1pli)ied proceedings7 2ccording to Article + <*= c= or d=% ART% *( <+= In c2se o) 2 reC6est )iled /y 2 gener2l p2rtnership co1p2ny or li1itedp2rtnership co1p2ny7 s6ch reC6est sh2ll not /e dee1ed 2s eC62lly )iled /y2ssoci2tes 0ith 6nli1ited li2/ility or7 6nder the ter1s o) Articles &+ 9 &&7 2lso )iled2g2inst the1% <*= A reC6est )iled /y 2n 2ssoci2te 0ith 6nli1ited li2/ility or 2g2inst s6ch 2ssoci2te)or its de/ts sh2ll /e2r no leg2l e))ects 2s to the gener2l or li1ited p2rtnership

co1p2ny in 0hich it is 2n 2ssoci2te% <&= The provisions o) p2r2gr2phs <+= 2nd <*= sh2ll 2pply 2ccordingly to the reC6ests)iled /y the econo1ic interest gro6ps or /y their 1e1/ers% ART% &, The de/tors 9 leg2l persons 9 th2t7 over the l2st ' ye2rs /e)ore 2 6dg1ent onopening o) proceedings7 0ere s6/ect to s6ch proceedings /e)ore 12y not )ile 2 6dici2l reorg2nis2tion reC6est%

42. Re,e"" of $re'ior"

ART% &+ <+= Any creditor entitled to reC6est the opening o) proceedings provided /y this l202g2inst 2 de/tor 0hich is pres61ed to /e in 2 st2te o) insolvency 12y /ring 2 petition)or /2n@r6ptcy7 0here the )ollo0ing sh2ll /e st2ted: 2= the C62nt61 2nd gro6nds o) cl2i1> /= the e.istence o) 2 re2l sec6rity7 est2/lished /y the de/tor or instit6ted 2ccordingto the l20> c= the e.istence o) cert2in protective 1e2s6res on the de/tors 2ssets> d= the st2te1ent reg2rding the possi/le intention to p2rticip2te in thereorg2nis2tion o) the de/tor7 c2se in 0hich he 0ill h2ve to st2te7 2t le2st in principle7the 12nner in 0hich he 6nderst2nds to p2rticip2te in the reorg2nis2tion%

<*= The creditor sh2ll enclose the doc61ents in proo) o) the cl2i1 2nd o) thedoc61ents )or the est2/lish1ent o) sec6rities% <&= I)7 /et0een the 1o1ent 0hen the reC6est 02s )iled /y 2 creditor 2nd the1o1ent 0hen the reC6est is e.21ined7 other creditors )ile reC6ests 2g2inst the s21ede/tor7 the tri/6n2l sh2ll veri)y e. o))icio the d2te o) registr2tion7 the e.istence o) the)ile on the roll7 sh2ll order th2t they 2re connected 2nd sh2ll est2/lish 0hether theconditions provided in p2r2gr2ph <+= re)erring to the 1ini161 C62nt61 o) the cl2i1sin r2tio 0ith the tot2l v2l6e o) the cl2i1s o) 2ll creditors h2ving )iled reC6ests 2nd inco1pli2nce 0ith the threshold9v2l6e provided /y this l20 2re s2tis)ied% <?= I) there is 2 reC6est )or opening o) insolvency proceedings )iled /y the de/tor 2nd one or 1ore reC6ests )iled /y the creditors7 not yet settled7 2ll the reC6ests )or

opening o) proceedings sh2ll /e connected to the reC6est )iled /y the de/tor%

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<'= I) it h2s /een opened 2 proceedings in 2 )ile7 the other possi/le )iles on the roll70ith the s21e o/ect7 sh2ll /e 2nne.ed to the )irst )ile%

)e$ion 27penin( of pro$ee'in(" n' effe$" of openin( of pro$ee'in("

ART% &* <+= I) the de/tors reC6est co1plies 0ith the conditions est2/lished in Article *7 thesyndic96dge sh2ll deliver 2n interloc6tory 6dg1ent to open the gener2l proceedings2nd i)7 /y the decl2r2tion given in co1pli2nce 0ith Article * <+= h=7 the de/tor sho0shis intention to go into the si1ple proceedings or he )2ils to s6/1it the doc61entsprovided in Article * <+= 2= 9 )= 2nd h= /y the ti1e li1it provided in Article * <*= or he12y /e cl2ssi)ied in one o) the c2tegories provided in Article + <*=7 the syndic96dgesh2ll deliver 2n interloc6tory 6dg1ent to open the si1pli)ied proceedings% <*= By the interloc6tory 6dg1ent )or opening the proceedings the syndic96dgesh2ll order to the 6dici2l 2d1inistr2tor or7 2s 2pplic2/le7 the liC6id2tor to c2rry o6t the

noti)ic2tions provided in Article -+% In c2se the creditors oppose to the opening o) proceedings7 0ithin +' d2ys )ro1 the noti)ic2tion7 the syndic96dge sh2ll hold7 0ithin+, d2ys7 2 sitting )or 0hich he sh2ll s611on the 6dici2l 2d1inistr2tor7 the de/tor 2ndthe creditors 0hich 2re 2g2inst the opening o) proceedings7 )ollo0ing 0hich he sh2llsettle 2ll the o/ections7 2t once7 /y one r6ling% By the 2d1ission o) the o/ection7 thesyndic96dge sh2ll /e 2/le to @eep the insolvency proceedings open7 h2ving 2sconseC6ence the C62li)ic2tion o) the reC6est o) the de/tor to open the proceedings 2s/eing pre12t6re7 or he 12y revo@e the interloc6tory 6dg1ent o) opening o) proceedings% The s6/seC6ent opening o) proceedings7 2t the reC6est o) the de/tor or o) the creditors7 sh2ll not /e 2/le to ch2nge the d2te 0hen the st2te o) insolvencyocc6rred% The 12licio6s intent o) the de/tor 16st /e proven /y the creditor th2topposes to the opening o) the insolvency proceedings% ART% && <+= ithin ? ho6rs )ro1 the registr2tion o) the reC6est o) the creditor entitled toreC6est )or opening o) insolvency proceedings7 the syndic96dge sh2ll co116nic2te 2copy o) the reC6est to the de/tor% <*= ithin +, d2ys )ro1 the receipt o) the copy7 the de/tor 16st either contest or recognise the e.istence o) the st2te o) insolvency% I) the de/tor contests the st2te o) insolvency7 2nd its contest2tion is reected 2)ter02rds7 he sh2ll no longer /e entitledto reC6est the 6dici2l reorg2nis2tion% <&= At the de/tors reC6est7 the syndic96dge 12y o/lige the creditors 0ho )iled the

reC6est to deposit7 0ithin 12.i161 +' d2ys7 0ith 2 /2n@7 2 /2il o) 12.i161 +,F o) the v2l6e o) the cl2i1s% The /2il sh2ll /e ret6rned to creditors i) their reC6est is2d1itted% I) their reC6est is reected7 the /2il 12y /e 6sed to cover the de/torsd212ge% I) the /2il is not deposited in d6e ti1e7 the petition )or /2n@r6ptcyproceedings sh2ll /e reected% <?= I) the syndic96dge est2/lishes th2t the de/tor is in 2 st2te o) insolvency7 hesh2ll reect its contest2tion 2nd sh2ll open7 /y 2 r6ling7 the gener2l proceedings7 c2sein 0hich only the 6dici2l 2d1inistr2tor or the creditors th2t hold together or sep2r2tely 1ini161 *,F o) the v2l6e o) the 21o6nt o) cl2i1s 12y )or16l2te 2reorg2nis2tion pl2n 2nd only i) they e.press their intention to s6/1it 2 pl2n 0ithin theti1e li1it provided in Article '( <+= or Article -, <*=%

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<'= I) the syndic96dge est2/lishes th2t the de/tor is in 2 st2te o) insolvency7 hesh2ll reect the de/tors reC6est th2t sh2ll /e reg2rded 2s /e2ring no e))ect right )ro1the 1o1ent o) registr2tion% <-= I) the de/tor does not )ile 2n 2ppe2l 0ithin the ti1e li1it provided in p2r2gr2ph<*= 0ith reg2rd to his /eing in insolvency condition 2nd he e.presses his intention to

reorg2nise his 2ctivity7 the syndic96dge sh2ll r6le on the opening o) gener2lproceedings% In c2se th2t7 the de/tors decl2r2tion7 given /y the d2te o) r6ling7re)lects th2t he 12y /e cl2ssi)ied in one o) the c2tegories provided in Article + <*= or h2s 2lre2dy 6ndergone reorg2nis2tion 0ithin the l2st ' ye2rs /e)ore the proceedingsthe syndic96dge sh2ll r6le on the opening o) the si1pli)ied proceedings% <= In the r6ling on the opening o) proceedings7 the syndic96dge sh2ll order to the 6dici2l 2d1inistr2tor or to the liC6id2tor7 2s 2pplic2/le7 to c2rry o6t the noti)ic2tionsprovided in Article -+% ART% &? By the r6ling on the opening o) the gener2l proceedings7 the syndic96dge sh2ll2ppoint 2 6dici2l 2d1inistr2tor7 2nd in c2se o) opening the si1pli)ied proceedings he

sh2ll 2ppoint 2n interi1 liC6id2tor% The 2ppoint1ent sh2ll /e c2rried o6t in co1pli2nce0ith the provisions o) Article ++ <+= c=7 in con6nction to those o) Article +( <+=% ART% &' ithin +, d2ys )ro1 opening the proceedings7 2ccording to Article && <?= or <-=7 thede/tor sh2ll /e o/liged to enclose to the c2se )ile the doc61ents 2nd in)or12tionprovided in Article * <+=% ART% &- !ro1 the d2te o) opening the proceedings 2ll the 6dici2l or e.tr296dici2l 2ctions)or the c2rrying o6t o) the cl2i1s over the de/tor 2nd its 2ssets sh2ll /e s6spended% ART% & In vie0 o) 2pplying the provisions o) Article &-7 /y the r6ling o) opening o) proceedings the syndic96dge sh2ll order its co116nic2tion to the 6dici2l co6rts inthe 6risdiction o) 0hich the de/tors he2d o))ice decl2red 2t the tr2de register 2nd to2ll /2n@s 0here the de/tor h2s 2cco6nts opened% ART% & Any s6pplier o) services 9 electricity7 n2t6r2l g2s7 02ter7 telephone services 2ndothers si1il2r 9 sh2ll not /e entitled7 d6ring the o/serv2tion period 2nd d6ring thereorg2nis2tion period7 to e.ch2nge7 re)6se or te1por2rily interr6pt s6ch 2 service tothe de/tor or to the de/tors property7 in c2se he is 2 c2ptive cons61er7 2ccording tothe l20% ART% &(

<+= The creditor holding 2 cl2i1 sec6red 0ith 2 1ortg2ge7 pledge or other sec6rityinterests in person2l property7 or lien o) 2ny @ind 12y reC6est to the syndic96dge to0ithdr20 the s6spension 1entioned in Article &- 0ith reg2rd to its cl2i1 2nd thei11edi2te c2pit2lis2tion7 0ithin the proceedings7 o) the 2sset the sec6rity interest or the lien is est2/lished 6pon7 /y 2n 2ppropri2te 2pplic2tion o) the provisions o) Article++- 9 ++ 2nd provided th2t the costs provided in Article +*+ <+= point + 2re p2id o))7in one o) the )ollo0ing sit62tions: A% 0hen the v2l6e o) the o/ect o) the sec6rity interest7 deter1ined /y 2n 2ssessor 2ccording to the intern2tion2l 2ssess1ent st2nd2rds7 is )6lly covered /y the tot2lv2l6e o) the cl2i1s 2nd o) the p2rts o) the cl2i1s sec6red 0ith th2t o/ect: 2= the o/ect o) the sec6rity interest is not o) vit2l i1port2nce )or the s6ccess o) the

reorg2nis2tion pl2n proposed>

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/= the o/ect o) the sec6rity interest is p2rt o) 2 )6nction2l 2ggreg2te7 2nd /y its6n/6ndling 2nd distinct s2le7 the v2l6e o) 2ssets is not decre2sed> B% 0hen there is no 2ppropri2te protection o) the cl2i1 sec6red in r2tio 0ith theo/ect o) the sec6rity7 d6e to: 2= the decre2se o) the v2l6e o) the o/ect o) the sec6rity or the e.istence o) 2 re2l

d2nger th2t it 1ight s6))er 2n i1port2nt decre2se> /= the decre2se o) the v2l6e o) the p2rt sec6red )ro1 2n in)erior cl2i17 )ollo0ingthe 2ccr62l o) the interests7 incre2ses 2nd pen2lties o) 2ny @ind to 2 s6perior sec6redcl2i1> c= the l2c@ o) 2n ins6r2nce )or the o/ect o) the sec6rity 2g2inst the ris@ o) de2th or deterior2tion% <*= In the c2ses provided in p2r2gr2ph <+= letter B7 the syndic96dge 12y reect thereC6est )or the 0ithdr202l o) the s6spension )or16l2ted /y the creditor7 i) the 6dici2l2d1inistr2tor;de/tor s6ggests7 in ret6rn7 the 2doption o) one or sever2l 1e2s6res1e2nt to provide 2n 2ppropri2te protection o) the sec6red cl2i1 o) the creditor7 s6ch2s:

2= the c2rrying o6t o) periodic2l p2y1ents in )2vo6r o) the creditor7 )or covering thedecre2se o) the v2l6e o) the o/ect o) the sec6rity or o) the v2l6e o) sec6red p2rt o) 2n in)erior cl2i1> /= the c2rrying o6t o) periodic2l p2y1ents in )2vo6r o) the creditor7 in order tos2tis)y the interests7 incre2ses 2nd pen2lties o) 2ny @ind 2nd7 respectively7 to red6cethe c2pit2l o) the cl2i1 6nder the C6ot2 )or the decre2se o) the v2l6e o) the o/ect o) the sec6rity or o) the v2l6e o) the sec6red p2rt o) 2n in)erior cl2i1> c= the nov2tion o) the o/lig2tion to deposit 2 2ddition2l sec6rity interests inperson2l or re2l property7 or /y the repl2ce1ent o) the o/ect o) the sec6rity /y2nother o/ect% <&= The 2pplic2nt in 2 reC6est )or the 0ithdr202l o) the s6spension 16st prove the)2ct provided in p2r2gr2ph <+= A% 2=7 the t2s@ o) prod6cing contr2ry evidence 2nd7respectively7 o) the other ele1ents st2ying the d6ty o) the de/tor;2d1inistr2tor or o) other p2rty concerned% ART% ?, The opening o) proceedings sh2ll s6spend 2ny prescriptive ter1s o) the 2ctionsprovided in Article &-% ART% ?+ <+= No interest7 incre2se or pen2lty o) 2ny @ind or e.pense7 generic2lly c2lled2ccessories7 12y /e 2dded to the cl2i1s 0hich 2rose prior to the opening o) proceedings%

<*= By 02y o) e.ception )ro1 p2r2gr2ph <+=7 the sec6red cl2i1s sh2ll /e entered inthe )in2l record 2nd;or in the consolid2ted )in2l record7 2s 2pplic2/le7 2t the v2l6e o) sec6rities7 ev2l62ted in co1pli2nce 0ith Article &( <+= A7 /6t not 1ore th2n the tot2lv2l6e o) the cl2i1 sec6red /y th2t sec6rity% In the distri/6tion o) the price o) sec6rity7the sec6red creditor sh2ll /e entitled to c2lc6l2te the 2ccessories to the sec6redcl2i1 2t the l2test on the d2te o) s2le o) the 2sset7 provided th2t the price o) the 2ssetis properly higher th2n the initi2lly 2ssessed v2l6e% In c2se the price is lo0er th2n the2ssessed v2l6e7 in the distri/6tion it sh2ll /e 2ssessed 2ccordingly the r2tio 21ongthe sec6red 2nd 6nsec6red p2rt o) the cl2i1% <&= In c2se 2 reorg2nis2tion pl2n is con)ir1ed7 the interests7 incre2ses or 2ny @indo) pen2lty ch2rges or e.penses 2ncill2ries to the o/lig2tions 2risen 2)ter the d2te o)

opening the gener2l proceedings sh2ll /e p2id in co1pli2nce 0ith the 2cts th2tgener2te the1 2nd 0ith the provisions o) the p2y1ent sched6le% In c2se the pl2n

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7/21/2019 LAW No. 85 of 5 April 2006


)2ils7 the provisions o) p2r2gr2ph <+= 2nd <*= sh2ll 2pply 2ccordingly )or the c2lc6l6so) the 2ccessories incl6ded in the p2y1ent sched6le7 on the d2te o) going into/2n@r6ptcy% <?= No interest7 incre2se or pen2lty o) 2ny @ind or e.pense7 generic2lly c2lled2ccessories7 sh2ll /e 2dded 2ny longer to the cl2i1s 0hich 2rose 2)ter the d2te o)

opening the si1pli)ied proceedings 2nd the gener2l one7 in c2se no reorg2nis2tionpl2n is con)ir1ed% ART% ?* <+= A)ter it 02s ordered the opening o) proceedings 2ccording to Article &&7 it sh2ll/e prohi/ited to the 2d1inistr2tors o) the de/tors7 0hich 2re leg2l persons7 6nder thes2nction o) n6llity7 to 2lien2te7 0itho6t the 2gree1ent o) the syndic96dge7 the stoc@sor their registered sh2res or p2rts o) interest7 held to the de/tor 0hich is s6/ect tothis proceedings% <*= The syndic96dge sh2ll order the 6n2v2il2/ility o) the stoc@s or registeredsh2res or p2rts o) interest7 2ccording to p2r2gr2ph <+=7 in speci2l records or in theelectronic2lly9registered 2cco6nts%

ART% ?& <+= As 2 res6lt o) opening the proceedings 2nd /y the d2te o) con)ir12tion o) thereorg2nis2tion pl2n7 the tr2ns2ction o) sh2res o) the iss6ing co1p2nies7 )or thep6rposes o) the L20 No% *(;*,,? on the c2pit2l 12r@et7 0ith s6/seC6ent21end1ents 2nd 2dditions7 sh2ll /e s6spended )ro1 the d2te o) receipt o) theco116nic2tion /y the N2tion2l "o11ission o) Sec6rities% <*= n the d2te o) receipt /y the N2tion2l "o11ission o) Sec6rities o) theco116nic2tion reg2rding the going into the /2n@r6ptcy proceedings the tr2ns)er2/lesec6rities on the reg6l2ted 12r@et 0here they 2re tr2ded sh2ll /e 0ithdr20n% ART% ?? The de/tor sh2ll /e /o6nd to provide the 6dici2l 2d1inistr2tor or7 2s the c2se 12y/e7 the liC6id2tor 0ith 2ll in)or12tion reC6ested /y hi17 2s 0ell 2s 2ll in)or12tiondee1ed necess2ry 0ith reg2rd to its 2ctivity 2nd property7 2s 0ell 2s 0ith the listcont2ining the p2y1ents 2nd p2tri1oni2l tr2ns)ers 12de /y it d6ring the +*, d2ysprior to the opening o) proceedings% ART% ?' <+= A)ter the 6dg1ent to open the proceedings /eco1es )in2l7 2ll the 2cts 2nd thecorrespondence iss6ed /y the de/tor7 6dici2l 2d1inistr2tor or liC6id2tor7 sh2ll incl6deon 2 12nd2tory /2sis 2nd 0ith visi/le letters7 in Ro12ni2n7 English 2nd !rench7 the1ention Kn insolven7 in st2te o) insolvency7 en proced6re collective% <*= A)ter going into the 6dici2l reorg2nis2tion or /2n@r6ptcy7 the 2cts 2nd the

correspondence sh2ll /e2r7 6nder the ter1s 1entioned in p2r2gr2ph <+=7 the 1ention Kn reorg2ni82re 6dici2r7 in 6dici2l reorg2nis2tion7 en redresse1ent or7 2s 2pplic2/le Kn )2li1ent7 in /2n@r6ptcy7 en )2llite% A)ter entering the si1pli)ied proceedings7 the1ention Kn )2li1ent7 in /2n@r6ptcy7 en )2llite sh2ll 2lso /e 12de% <&= The d212ge s6))ered /y the third p2rties in good )2ith7 )ollo0ing the non9co1pli2nce o) the de/tor 0ith the o/lig2tion 1entioned in p2r2gr2phs <+= 2nd <*=7sh2ll /e rep2ired e.cl6sively /y the persons 0ho concl6ded the 2cts 2s leg2lrepresent2tives o) the de/tor7 0itho6t d212ging the de/tors property% ART% ?- <+= E.cept )or the c2ses provided in Article ?( or )or the c2ses 26thorised /y thesyndic96dge7 2ll 2cts7 oper2tions 2nd p2y1ents 12de /y the de/tor )ollo0ing the

opening o) proceedings sh2ll /e n6ll%

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<*= The de/tor 2nd;or7 2s the c2se 12y /e7 the 2d1inistr2tor sh2ll /e o/liged todr20 6p 2nd @eep 2 list incl6ding 2ll receipts7 p2y1ents 2nd o))set c2rried o6t 2)ter the opening o) proceedings7 st2ting their n2t6re 2nd v2l6e 2nd the d2t2 )or theidenti)ic2tion o) the co9contr2cting p2rties% ART% ?

<+= The opening o) proceedings sh2ll deprive the de/tor o) the 2d1inistr2tion right 90hich consists in the right to c2rry on its 2ctivity7 to 2d1inister its 2ssets 2nd todispose o) the1 9 6nless he decl2red7 6nder the ter1s o) Article * <+= h= or7 2s thec2se 12y /e7 o) Article &&7 its reorg2nis2tion intention% <*= E.cept )or the c2ses e.pressly provided /y the l207 the provisions o) p2r2gr2ph<+= sh2ll /e 2pplic2/le 2lso to the 2ssets the de/tor 0o6ld 2cC6ire 2)ter the openingo) proceedings% <&= The syndic96dge 12y order the co1plete or p2rti2l 0ithdr202l o) the de/torsright to 2d1inistr2tion 2t the s21e ti1e 0ith the 2ppoint1ent o) 2 6dici2l2d1inistr2tor7 2lso indic2ting the conditions )or e.ercising the de/tors 12n2ge1ent/y the 6dici2l 2d1inistr2tor%

<?= The de/tors right to 2d1inistr2tion ce2ses de 6re on the d2te 0hen the/2n@r6ptcy onset is ordered% <'= The creditors7 the co11ittee o) creditors or the 6dici2l 2d1inistr2tor 12y2ddress 2t 2ny ti1e to the syndic96dge 2 reC6est )or the 0ithdr202l o) the de/torsright to 2d1inistr2tion7 6sti)ied /y the contin6o6s losses in the de/tors property or the i1pro/2/ility 0ith reg2rd to the 2chieve1ent o) 2 r2tion2l pl2n )or the 2ctivity% <-= The syndic96dge sh2ll e.21ine 0ithin +' d2ys the reC6est provided inp2r2gr2ph <'=7 in 2 sitting 0here the de/tor7 the creditors 2nd the speci2l2d1inistr2tor sh2ll /e s611oned% <= As o) the d2te o) going into /2n@r6ptcy7 the de/tor 12y only p6rs6e the2ctivities necess2ry )or the c2rrying o6t o) the liC6id2tion oper2tions% ART% ? <+= By the r6ling or7 2s 2pplic2/le7 concl6sion h2ving 2s e))ect the 0ithdr202l o) the2d1inistr2tion right7 the syndic96dge sh2ll order to 2ll /2n@s 0here the de/tor 2v2il2/ilities in 2cco6nts not to dispose o) the1 0itho6t 2n order )ro1 the 6dici2l2d1inistr2tor;liC6id2tor% <*= The viol2tion o) the orders o) the syndic96dge7 1entioned in p2r2gr2ph <+=7sh2ll /ring 2/o6t the li2/ility o) the /2n@s )or the d212ge c26sed7 2s 0ell 2s 2 6dici2l)ine )ro1 RN ? ,,, to RN +, ,,,% ART% ?( <+= D6ring the o/serv2tion period7 the de/tor sh2ll /e 2/le to contin6e to p6rs6e

the c6rrent 2ctivities 2nd c2n 12@e p2y1ents to the @no0n creditors7 th2t )2ll 0ithinthe nor12l conditions o) e.ercising c6rrent 2ctivities7 2s )ollo0s: 2= 6nder the s6pervision o) the 6dici2l 2d1inistr2tor7 i) the de/tor 12de 2 reC6est)or reorg2nis2tion7 )or the p6rpose o) Article * <+= h=7 2nd his right o) 2d1inistr2tion02s not 0ithdr20n> /= 6nder the 12n2ge1ent o) the 6dici2l 2d1inistr2tor7 i) the de/tors right o) 2d1inistr2tion 02s 0ithdr20n% <*= The 2cts7 oper2tions 2nd p2y1ents tr2nsgressing the conditions 1entioned inp2r2gr2ph <+= 12y /e 26thorised )or the e.ercise o) the s6pervision po0ers /y the 6dici2l 2d1inistr2tor> he sh2ll convene 2 1eeting o) the 2sse1/ly o) creditors in vie0o) s6/1itting )or 2pprov2l the reC6est o) the speci2l 2d1inistr2tor7 0ithin 12.i161 '

d2ys )ro1 the d2te 0hen the reC6est 02s received%

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<&= In c2se o) propos2ls )or the 2lien2tion o) the 2ssets in the de/tors property/6rdened /y sec6rities7 the provisions o) Article &( re)erring to the 2ppropri2teprotection o) the sec6red cl2i1 sh2ll /e t2@en into consider2tion% ART% ', I)7 on the d2te o) opening the proceedings7 2 leg2l 2ct h2d not /eco1e oppos2/le

to the third p2rties7 the inscriptions7 tr2nscriptions7 t2/6l2tions 2nd 2ny other speci)ic)or12lities necess2ry )or this p6rpose7 c2rried o6t 2)ter the d2te 0hen theproceedings 02s opened7 sh2ll /e2r no e))ect 2s opposed to the record o) creditors7e.cept )or the c2se 0hen the reC6est or the inti12tion7 l20)6lly dr20n 6p7 02sreceived /y the co1petent co6rt7 26thority or instit6tion on the d2y preceding the 6dg1ent to open the proceedings 2t the l2test% ART% '+ <+= Any tr2ns)er7 c2rrying o6t o) 2n o/lig2tion7 e.ercise o) 2 right7 2ct or )2ct2chieved p6rs62nt to cert2in C62li)ied )in2nci2l contr2ct7 2s 0ell 2s 2ny /il2ter2l o))set2gree1ent sh2ll /e v2lid7 12y /e e.ec6ted 2nd;or opposed to 2n insolvent co9contr2cting p2rty or 2n insolvent g62r2ntor o) 2 co9contr2cting p2rty7 /eing recognised

2s /2sis )or the entry o) the cl2i1 in the proceedings provided /y this l20% <*= The only o/lig2tion7 i) there 2re 2ny incl6ded in the contr2ct7 2s 2 res6lt o) 2netting 6nder the ter1s provided /y 2 C62li)ied )in2nci2l contr2ct7 o) 2 p2rty to thecontr2ct sh2ll /e to provide <the eC6iv2lent= net o/lig2tion <the p2y2/le 21o6nt or o/lig2tion to 12@e= th2t res6lts )ro1 the netting to his co9contr2cting p2rty% <&= The only right7 i) there 2re 2ny incl6ded in the contr2ct7 2s 2 res6lt o) 2 netting6nder the ter1s provided /y 2 C62li)ied )in2nci2l contr2ct7 o) 2 p2rty to the contr2ctsh2ll /e to receive <the eC6iv2lent= net right <the p2y2/le 21o6nt or o/lig2tion to12@e= th2t res6lts )ro1 the netting )ro1 his co9contr2cting p2rty% <?= No 2ttri/6tion con)erred /y this l20 to 2 /ody th2t 2pplies the insolvencyproceedings sh2ll not prevent the ter1in2tion o) the C62li)ied )in2nci2l contr2ct 2nd;or 2cceler2tion o) 1eeting the p2y1ent o/lig2tions or o) 1eeting the o/lig2tions to12@e or to 2chieve 2 right /2sed on one or sever2l C62li)ied )in2nci2l contr2cts7h2ving 2s gro6nds 2 netting 2gree1ent7 these po0ers /eing li1ited to the net 21o6ntres6lted 2)ter the 2pplic2tion o) the netting 2gree1ent% <'= E.cept 0here the )r26d6lent intent o) the de/tor is proven )or the p6rpose o) Article , <+= g=7 no liC6id2tor or7 2s 2pplic2/le7 no 6dici2l co6rt 12y prevent7 reC6est)or c2ncell2tion or decide to c2ncel cert2in oper2tions 0ith deriv2tive )in2nci2linstr61ents7 incl6ding the 2cco1plish1ent o) 2 netting 2gree1ent7 c2rried o6t /2sedon 2 C62li)ied )in2nci2l contr2ct% ART% '*

The opening o) the insolvency proceedings sh2ll not 2))ect the right o) 2 creditor toinvo@e the o))set o) its cl2i1 0ith the one de/tor holds over hi17 0hen the conditionsprovided /y the l20 in 12tters o) leg2l co1pens2tion 2re s2tis)ied on the d2te o) opening the proceedings% ART% '& The 2ssets 2lien2ted /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor7 in thee.ercise o) its 2ttri/6tions provided /y this l207 sh2ll /e 2cC6ired )ree o) 2ny /6rdens7s6ch 2s 1ortg2ges7 t2ngi/le sec6rities or liens7 o) 2ny @ind7 or protective 1e2s6res% ART% '? <+= The 6dici2l 2d1inistr2tor sh2ll dr20 6p 2nd s6/1it to the syndic96dge7 0ithinthe ti1e li1it est2/lished /y the syndic96dge7 /6t not e.ceeding &, d2ys )ro1 the his

2ppoint1ent7 2 report 0here/y he proposed to go into the si1pli)ied proceedings or to contin6e the o/serv2tion period in the gener2l proceedings%

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<*= The report sh2ll indic2te 0hether the de/tor )2lls 0ithin the criteri2 provided in Article + <*= 2nd7 conseC6ently7 he 16st /e s6/ected to the si1pli)ied proceedingsprovided /y this l207 c2se in 0hich it sh2ll incl6de the doc61ents in proo) 2nd thepropos2l to go /2n@r6pt in the si1pli)ied proceedings% The 6dici2l 2d1inistr2tor sh2llnoti)y the propos2l o) going into /2n@r6ptcy /y 1e2ns o) the si1pli)ied proceedings to

the creditors th2t )iled 2 petition )or /2n@r6ptcy 2nd to the de/tor7 thro6gh the speci2l2d1inistr2tor7 )iling 0ith the co6rt7 2t the s21e ti1e 0ith the reC6est7 the proo) o) co1pleting the noti)ic2tion proced6re% <&= The syndic96dge sh2ll s6/ect the propos2l provided in p2r2gr2ph <*= inrespect o) the de/tors going into /2n@r6ptcy7 in si1pli)ied proceedings7 )or de/2te o) the p2rties in 2 p6/lic session th2t sh2ll /e held 0ithin 12.i161 *, d2ys 2s o) thereceipt o) the report o) the 6dici2l 2d1inistr2tor% <?= ithin the session provided in p2r2gr2ph <&=7 the syndic96dge7 2)ter he2ringthe p2rties concerned7 sh2ll give 2 r6ling 0here/y he sh2ll 2pprove or reect7 2s2pplic2/le7 the concl6sions o) the report s6/ect )or de/2te% <'= In c2se the report provided in p2r2gr2ph <?= is 2pproved7 the syndic96dge sh2ll

decide7 /y the s21e r6ling7 the de/tors going into /2n@r6ptcy7 6nder the ter1s o) Article +, <+= D% ART% '' A)ter going into the si1pli)ied proceedings7 in c2se the doc61ents provided in Article * <+= /= 9 e= 2nd i= 2re not s6/1itted /y the de/tor7 the 2ppointed liC6id2tor sh2ll reconstit6te7 2s )2r 2s possi/le7 those doc61ents7 the e.penses th6s e))ected)ollo0ing to /e covered )ro1 the de/tors property% ART% '- !or the celerity o) the insolvency proceedings7 6nder the ter1s o) Article + <*= c= or d= the co6rt 12y est2/lish7 )or the creditor 0ho reC6ested the opening o) theinsolvency proceedings or the 2ppointed 6dici2l 2d1inistr2tor7 d6ties 2s reg2rds the2d1inistr2tion o) evidence 0ith doc61ents7 0ritten in)or12tion7 12y 2s@ 2t thee.21in2tion to @no0 0ho the persons identi)ied 2s p2rt o) the co1p2nys2d1inistr2tion 2re7 12y 2s@ )or the 2ssist2nce 2nd co9oper2tion o) s6ch persons toc2rry o6t the proced6r2l 2cts7 2s 0ell 2s 2ny other necess2ry steps to settle the c2se% ART% ' hen the de/tor does no longer c2rry on his /6siness 2t the he2d o))ice entered inthe tr2de register7 2nd the creditor th2t )iled the reC6est )or opening o) proceedingsdoes not @no0 2nother he2d o))ice7 0or@ st2tion )or /6siness7 2nd 2)ter he2ring thereport o) the 6dici2l 2d1inistr2tor7 provided in Article '?7 0here/y it is est2/lishedth2t the de/tor is cl2ssi)ied in one o) the c2tegories provided in Article + <*= c= or d=7

the co116nic2tion7 noti)ic2tion o) 2ny proced6r2l 2ct to02rds the de/tor7 incl6ding o) those concerning the opening o) proceedings7 sh2ll only /e 12de thro6gh the B6lletino) insolvency proceedings% ART% ' !or the p6rpose o) 2pplying the provisions o) Article '? 9 '7 the 6dici2l2d1inistr2tor sh2ll reC6est in)or12tion in respect o) the registered o))ice o) theco1p2ny 2nd d2t2 on the co1p2nys 2d1inistr2tion7 the in)or12tion on p2tri1ony2ssets 2nd doc61ents reg2rding the co1p2nys /6siness )ro1 the 26thorities th2thold or 1ight hold the in)or12tion reC6ested% ART% '( <+= In c2se o) 2 si1pli)ied proceedings7 the 6dici2l 2d1inistr2tor or7 2s 2pplic2/le7

the liC6id2tor sh2ll dr20 6p 2nd s6/1it to the syndic96dge7 0ithin the ti1e li1itest2/lished /y the syndic96dge7 /6t not e.ceeding -, d2ys )ro1 his 2ppoint1ent7 2

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7/21/2019 LAW No. 85 of 5 April 2006


7/21/2019 LAW No. 85 of 5 April 2006


)e$ion -ir" e",re"

ART% -+ <+= As 2 conseC6ence o) opening o) proceedings7 the 6dici2l 2d1inistr2tor sh2ll

sent 2 noti)ic2tion to 2ll the creditors 1entioned in the list s6/1itted /y the de/tor in2ccord2nce 0ith Article * <+= c= or7 2s the c2se 12y /e7 6nder the ter1s o) Article &*<*=7 to the de/tor 2nd the tr2de register o))ice or7 2s the c2se 12y /e7 the register o) 2gric6lt6r2l co1p2nies 0here the de/tor is registered7 in order to 12@e the 1ention% <*= I) the creditors 0ith the registered o))ice or 0ith the do1icile 2/ro2d h2verepresent2tives in the co6ntry7 the noti)ic2tion sh2ll /e sent to the l2tter% <&= The noti)ic2tion provided in p2r2gr2ph <+= sh2ll /e 12de 2ccording to theprovisions o) the "ode o) civil proced6re 2nd sh2ll /e 2lso p6/lished7 on the de/torse.pense7 in 2 0ide9spre2d ne0sp2per 2nd in the B6lletin o) insolvency proceedings% ART% -* <+= The noti)ic2tion sh2ll incl6de:

2= the ti1e li1it )or the s6/1ission7 /y the creditors7 o) the o/ections to the 6dg1ent to open the proceedings7 delivered 2s 2 res6lt o) the reC6est )or16l2ted /ythe de/tor7 6nder the ter1s o) Article &* <+=7 2s 0ell 2s the ti1e li1it )or thesettle1ent o) the o/ections7 0hich sh2ll not e.ceed +, d2ys )ro1 the d2te 0hen theti1e li1it )or the s6/1ission e.pires> /= the ti1e li1it )or the registr2tion o) the reC6est on the 2d1ission o) the cl2i1sover the de/tors property7 0hich sh2ll /e o) 12.i161 -, d2ys )ro1 the opening o) proceedings7 2s 0ell 2s the reC6ire1ents th2t 2 registered cl2i1 /e considered v2lid> c= the ti1e li1its )or the veri)ic2tion o) the cl2i1s7 )or the dr20ing 6p7 posting 6p2nd co116nic2tion o) the preli1in2ry record o) cl2i1s7 0hich sh2ll not e.ceed &,d2ys )or the gener2l proceedings or +' d2ys )or the si1pli)ied proceedings7 2s )ro1the e.piry o) the ti1e li1it provided in letter /=> d= the ti1e li1it )or )in2lising the record o) cl2i1s7 0hich sh2ll not e.ceed &, d2ys)or the gener2l proceedings or +' d2ys )or the si1pli)ied proceedings7 2s )ro1 thee.piry o) the ti1e li1it corresponding to e2ch proceedings7 provided in letter c=> e= the pl2ce7 d2te 2nd ho6r o) the )irst sitting o) the gener2l 2sse1/ly o) creditors7th2t sh2ll /e held 0ithin 12.i161 ' d2ys 2s o) the e.piry o) the ti1e li1it provided inletter c=% <*= Depending on the circ61st2nces o) the c2se 2nd )or solid re2sons7 the syndic9 6dge 12y decide 2n e.tension o) the ti1e li1its provided in p2r2gr2ph <+= /=7 c=7 2ndd= /y 12.i161 &,7 +'7 2nd +' d2ys7 respectively%

ART% -& I) the de/tor h2s 2ssets s6/ect to tr2nscription7 inscription or registr2tion in thep6/licity records7 the 6dici2l 2d1inistr2tor;liC6id2tor sh2ll send 2 copy o) the r6ling toopen the proceedings to the co6rts7 26thorities or instit6tions @eeping these records7in order to 12@e 2 1ention% ART% -? <+= E.cept )or the e1ployees 0hose cl2i1s sh2ll /e recorded /y the 6dici2l2d1inistr2tor 2ccording to the 2cco6nting records7 2ll the other creditors7 0hosecl2i1s precede the d2te 0hen the proceedings 02s opened7 sh2ll s6/1it the reC6est)or 2d1ission o) cl2i1s 0ithin the ti1e li1it )i.ed in the 6dg1ent to open theproceedings> the st2te1ents o) cl2i1s sh2ll /e registered in 2 record @ept 2t the

registry o) the co6rt%

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<*= The provisions o) p2r2gr2ph <+= sh2ll 2pply 2ccordingly to the holders o) /e2rer sh2res% <&= The reC6est )or 2d1ission o) cl2i1s 16st /e 12de even i) they 2re notest2/lished /y 2 title% <?= The cl2i1s 0hich 2re not )2lling d6e or 0hich 2re 6nder condition on the d2te

0hen the proceedings is opened sh2ll not /e 2d1itted te1por2rily 2t the 21o6nt o) cl2i1s 2nd they sh2ll /e entitled to p2rticip2te in the distri/6tion o) 21o6nts to thee.tent per1itted /y this l20% <'= The cl2i1s 0hich c2n /e t6rned to 2cco6nt 2g2inst the de/tor only 2)ter theen)orce1ent o) 2 12in co9de/tor sh2ll 2lso /e considered 6nder condition% ART% -' <+= The reC6est sh2ll incl6de: the n21e;deno1in2tion o) the creditor7 thedo1icile;registered o))ice7 the 21o6nt o0ed7 the gro6nds o) the cl2i17 2s 0ell 2s1entions 0ith reg2rd to the possi/le pre)erence rights or sec6rities% <*= The doc61ents in proo) o) the cl2i1 2nd o) the 2cts o) constit6ting sec6ritiessh2ll /e enclosed to the reC6est%

<&= The holders o) pro1issory sec6rities or /e2rer sec6rities 12y reC6est to the2d1inistr2tor to ret6rn the origin2l sec6rities 2nd to @eep in the )ile cert2in copies26thentic2ted /y hi1% The 6dici2l 2d1inistr2tor sh2ll 12@e the 1ention 2/o6t their s6/1ission on the origin2l% The origin2ls sh2ll /e s6/1itted 2g2in 2t 2ny distri/6tiono) 21o6nts 21ong creditors7 2s 0ell 2s 2t the e.ercise o) the vote in the gener2l2sse1/ly o) creditors% ART% -- <+= All the cl2i1s sh2ll /e s6/ect to the veri)ic2tion proceedings provided /y thisl207 e.cept )or the cl2i1s )o6nd thro6gh 0rits o) e.ec6tion% <*= The /6dget2ry de/ts res6lted )ro1 2 0rit o) e.ec6tion 0hich 02s not contested0ithin the ti1e li1its provided /y speci2l l20s sh2ll not /e s6/ect to thisproceedings% <&= All the cl2i1s presented in order to /e 2d1itted 2nd registered to the registry o) the co6rt sh2ll /e pres61ed v2lid 2nd correct 6nless they 2re disp6ted /y the de/tor7the 6dici2l 2d1inistr2tor or /y the creditors% ART% - <+= The 6dici2l 2d1inistr2tor sh2ll proceed 2t once to the veri)ic2tion o) e2chreC6est 2nd o) the doc61ents s6/1itted 2nd he 12y cond6ct 2 det2iled inC6iry toest2/lish the l20)6lness7 the e.2ct v2l6e 2nd the priority o) e2ch cl2i1% <*= ith 2 vie0 to )6l)illing the 2ttri/6tion provided in p2r2gr2ph <+=7 the 6dici2l2d1inistr2tor 12y reC6est e.pl2n2tions )ro1 the de/tor7 12y disc6ss 0ith e2ch

creditor7 reC6esting7 i) necess2ry7 2ddition2l in)or12tion 2nd doc61ents% ART% - The 6nsec6red cl2i1s 2nd the 6nsec6red p2rts o) the sec6red cl2i1s7 0hich 2renot )2lling d6e on the d2te o) the registr2tion o) the reC6est )or 2d1ission7 sh2ll /eentered in the record o) cl2i1s 2t their entire v2l6e7 /6t7 d6ring /2n@r6ptcy7 2nydistri/6tion o) 21o6nt )or s6ch cl2i1s sh2ll /e c2rried o6t in co1pli2nce 0ith theprovisions o) Article +*'% ART% -( <+= The cl2i1s consisting in o/lig2tions7 0hich h2ve not /een c2lc6l2ted in1onet2ry v2l6e or 0hose v2l6e is s6/ect to 1odi)ic2tion7 sh2ll /e c2lc6l2ted /y the 6dici2l 2d1inistr2tor;liC6id2tor 2nd entered in the record o) cl2i1s 0ith the no1in2l

v2l6e they h2d on the d2te 0hen the proceedings 02s opened% The syndic96dge

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sh2ll decide on 2ny contest2tion )iled 2g2inst the c2lc6l2tion o) the 2d1inistr2tor )or s6ch cl2i1s% <*= The cl2i1s e.pressed in )oreign c6rrency sh2ll /e registered 2t their v2l6e inRL7 2t the e.ch2nge r2te o) the N2tion2l B2n@ o) Ro12ni2 e.isting 2t the d2te o) opening the proceedings%

ART% , A cl2i1 o) 2 creditor h2ving sever2l ointly li2/le de/tors sh2ll /e entered in 2ll therecords o) de/ts o) the de/tors 0ith the no1in2l v2l6e7 6ntil it sh2ll /e )6lly covered%There sh2ll /e no red6ction o) the 21o6nt o) the cl2i1 provided in the record o) cl2i1s in 2ny o) the de/tors records o) cl2i1s7 6ntil the creditor is co1pletelys2tis)ied7 in c2sh or in @ind% I) the tot2l 21o6nts distri/6ted to the creditor7 in 2ll the2ctions 0ith the de/tors7 e.ceeds the tot2l 21o6nt d6e to hi17 this one sh2ll h2ve toret6rn the s6rpl6s 21o6nts received7 0hich sh2ll /e re9entered 2s )6nds in thede/tors property7 proportion2lly to the 21o6nts p2id /y every de/tor over 0h2t 02so0ed% ART% +

<+= A creditor 0hich7 /e)ore the registr2tion o) 2 reC6est )or 2d1ission7 received 2p2rti2l p2y1ent )or its cl2i1 )ro1 2 co9de/tor or )ro1 2 person2l g62r2ntor o) thede/tor7 12y h2ve his cl2i1 entered in the record o) cl2i1s only )or the p2rt not yetc2shed% <*= A co9de/tor or 2 person2l g62r2ntor7 entitled to 2 re)6nd or to 2 co1pens2tion)ro1 the de/tor )or the 21o6nt p2id7 sh2ll /e 0ritten do0n in the record o) cl2i1s 0iththe 21o6nt p2id to the creditor% In this c2se7 the co11on creditor h2s the right to 2s@the p2y1ent o) the C6ot2 d6e to the co9de/tor or to the person2l g62r2ntor 6ntil the)6ll covering o) its cl2i17 still /eing creditor o) the l2tter /6t only )or the 6np2id21o6nt% <&= The co9de/tor or person2l g62r2ntor o) the de/tor7 0hich h2s 2 sec6rity rightover the 2ssets o) the l2tter )or the ins6r2nce o) its regress7 sh2ll co1pete in the21o6nt o) the cl2i1s7 in order to render possi/le the c2rrying o6t o) its sec6rity7 /6tthe price o/t2ined )ro1 the s2le o) the /6rdened 2ssets sh2ll /e 2ssigned to thecreditor7 /eing ded6cted )ro1 the o0ed 21o6nt% ART% * <+= As 2 res6lt o) the veri)ic2tions c2rried o6t7 the 6dici2l 2d1inistr2tor;liC6id2tor sh2ll dr20 6p 2nd register 2t the co6rt 2 preli1in2ry record incl6ding 2ll the cl2i1sover the de/tors property7 st2ting th2t they 2re: 6nsec6red7 sec6red7 0ith priorities76nder condition or not )2lling d6e 2nd indic2ting )or e2ch o) the1 then21e;deno1in2tion7 the 21o6nt reC6ested /y the creditor 2nd the 21o6nt 2ccepted

/y the 6dici2l 2d1inistr2tor% <*= !or the sec6red cl2i1s there sh2ll /e st2ted the sec6rity7 its r2n@ 2nd there2sons )or 0hich the cl2i1s 0ere p2rtly entered in the record or re1oved% <&= The preli1in2ry record o) cl2i1s sh2ll /e7 2t the s21e ti1e7 posted 6p /y theregistry 2t the co6rtroo1 door7 2nd 2 report on the posting 6p sh2ll /e dr20n 6p )or this p6rpose7 2nd sh2ll /e co116nic2ted to the de/tor% A)ter posting 6p7 the creditorsentered in the preli1in2ry record o) cl2i1s 12y p2rticip2te in the 2sse1/lies o) creditors% <?= At the s21e ti1e 0ith the posting 6p o) the record7 the 6dici2l2d1inistr2tor;liC6id2tor sh2ll send i11edi2tely noti)ic2tions to the creditors 0hosecl2i1s or pre)erence rights 0ere p2rtly entered in the preli1in2ry record or re1oved7

2lso st2ting the re2sons% ART% &

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<+= The de/tor7 the creditors 2nd 2ny other p2rty concerned 12y )ile contest2tions0ith reg2rd to the cl2i1s 2nd pre)erence rights 0ritten do0n /y the 2d1inistr2tor inthe preli1in2ry record o) cl2i1s% <*= The contest2tions 16st /e s6/1itted to the co6rt 2t le2st +, d2ys /e)ore the)i.ed d2te7 /y the sentence o) opening the proceedings7 )or )in2lising the record o)

cl2i1s7 /oth in the gener2l proceedings 2nd in the si1pli)ied proceedings% <&= At the ti1e li1it est2/lished /y the sentence o) opening the proceedings )or )in2lising the record o) cl2i1s7 the syndic96dge sh2ll settle 2t the s21e ti1e7 /y 2single sentence7 2ll the contest2tions7 even i)7 )or the settle1ent o) so1e o) the17evidence 0o6ld h2ve to /e prod6ced> in this l2st c2se7 the syndic96dge 12yte1por2rily 2d1it the cl2i1s in the 21o6nt o) the cl2i1s7 in )6ll or in p2rt7 /oth 0ithreg2rd to the deli/er2tions 2nd the distri/6tions% <?= I) the cl2i1 0itho6t the pretended pre)erence right is 2d1itted7 it sh2llp2rticip2te in the distri/6tions o) the 21o6nts o/t2ined )ro1 the t6rning to 2cco6nt o) the 2ssets 0hich 2re not /6rdened /y sec6rities% <'= !ro1 21ong the 21o6nts 0hich 1ight /e o/t2ined )ro1 t6rning to 2cco6nt o)

the 2ssets s6/ect to the disp6ted pre)erence right7 the p2rt d6e to s6ch cl2i1 sh2ll/e 0ritten do0n% ART% ? <+= A)ter 2ll the contest2tions 2g2inst the cl2i1s 0ere settled7 the 6dici2l2d1inistr2tor;liC6id2tor sh2ll register 2t once 0ith the co6rt 2nd sh2ll /e in ch2rge o) posting 6p to its he2d o))ice the )in2l record o) 2ll cl2i1s over the de/tors property7sho0ing the 21o6nt7 the priority 2nd condition 9 sec6red or 6nsec6red 9 o) e2ch de/t% <*= A)ter the registr2tion o) the )in2l record7 only the holders o) the cl2i1s registeredin the )in2l record 12y p2rticip2te in the voting o) the reorg2nis2tion pl2n or in 2nydistri/6tion o) 21o6nts in c2se o) /2n@r6ptcy in the si1pli)ied proceedings% ART% ' <+= A)ter the e.piry o) the ti1e li1it )or the s6/1ission o) the contest2tions7provided in Article & <*=7 2nd 6ntil the closing o) the proceedings7 2ny p2rtyconcerned 12y )ile contest2tions 2g2inst entering 2 cl2i1 or 2 pre)erence right in the)in2l record o) cl2i1s7 in c2se o) )inding 2 )orgery7 ill9intention or essenti2l error 0hichled to the 2d1ission o) the cl2i1 or o) the pre)erence right7 2s 0ell 2s in c2se o) )inding cert2in deter1in2nt titles 6n@no0n 6p to th2t 1o1ent% <*= The e.21in2tion o) the contest2tion sh2ll /e c2rried o6t /y the syndic96dge72)ter the s611oning o) the 2ppell2nt7 the creditor holding the contested cl2i17 6nlesshe is the 2ppell2nt hi1sel)7 o) the 6dici2l 2d1inistr2tor;liC6id2tor7 o) the 1e1/ers o) the co11ittee o) creditors 2nd o) 2ny p2rty concerned 2nd o) the other persons

concerned7 2s 2pplic2/le% <&= Until the )in2l e.21in2tion o) the contest2tion7 the syndic96dge 12y decl2re thecontested cl2i1 or pre)erence right 2s te1por2rily 2d1itted% ART% - <+= E.cept )or the c2se 0hen the noti)ic2tion )or opening o) proceedings 02sc2rried o6t /y /re2@ing the provisions o) Article 7 the holder o) cl2i1s prior to theopening o) proceedings7 0hich does not s6/1it the reC6est )or 2d1ission o) cl2i1s6ntil the e.piry o) the ti1e li1it provided in Article -* <+= /=7 sh2ll lose7 0ith reg2rd tothe s6ch cl2i1s7 the )ollo0ing rights: +% the right to 2ttend to 2nd to vote in the gener2l 2sse1/ly o) creditors> *% the right to p2rticip2te in the distri/6tion o) 21o6nts 0ithin the reorg2nis2tion

2nd /2n@r6ptcy>

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&% the right to c2rry o6t the cl2i1s over the de/tor or the 1e1/ers or 2ssoci2tes0ith 6nli1ited li2/ility o) the de/tor7 0hich is 2 leg2l person7 2)ter closing theproceedings7 6nder the reserve th2t the de/tor h2d not /een )o6nd g6ilty o) si1ple or )r26d6lent /2n@r6ptcy or th2t they h2d )o6nd hi1 g6ilty )or 12@ing )r26d6lentp2y1ents or tr2ns)ers%

<*= The loss o) rights 12y /e invo@ed 2t 2ny ti1e7 /y 2ny p2rty concerned7 /y 02yo) 2ction or e.ception%

)e$ion )i,ion of "oe le(l $" of %e 'e/or

ART% The 2ctions /ro6ght to co6rt /y the 6dici2l 2d1inistr2tor or /y the liC6id2tor )or thep6rpose o) 2pplying the provisions o) this l207 incl6ding those )or the recovery o) cl2i1s sh2ll /e e.e1pted )ro1 the p2y1ent o) the st21p )ees%

ART% The 1e2s6res provided in this section sh2ll 2pply /oth to the 6dici2lreorg2nis2tion 2nd to the c2ses o) /2n@r6ptcy7 provided /oth /y the gener2lproceedings 2nd /y the si1pli)ied proceedings% ART% ( The 6dici2l 2d1inistr2tor or7 2s the c2se 12y /e7 the liC6id2tor 12y /ring /e)orethe syndic96dge 2ctions )or the c2ncell2tion o) the )r26d6lent 2cts concl6ded /y thede/tor to the pre6dice o) the creditors rights7 over the l2st & ye2rs /e)ore theopening o) proceedings% ART% , <+= The 6dici2l 2d1inistr2tor or7 2s the c2se 12y /e7 liC6id2tor 12y /ring /e)orethe syndic96dge 2ctions )or the c2ncell2tion o) the constit6tion or tr2ns)ers o) p2tri1ony rights to02rds third p2rties 2nd )or the ret6rn )ro1 these o) 2ssetstr2ns1itted 2nd o) the v2l6e o) other p2y1ents e.ec6ted7 c2rried o6t /y the de/tor thro6gh the )ollo0ing 2cts: 2= gr2t6ito6s tr2ns)er 2cts7 c2rried o6t d6ring the l2st & ye2rs /e)ore the opening o) proceedings> h612nit2ri2n sponsorships sh2ll /e e.cepted> /= tr2ding oper2tions in 0hich the de/tors p2y1ent o/vio6sly e.ceeds the serviceso) the other p2rty7 c2rried o6t d6ring the l2st & ye2rs /e)ore the opening o) proceedings> c= 2cts concl6ded7 d6ring the l2st & ye2rs /e)ore the opening o) proceedings7 0ith

the intent o) 2ll p2rties involved to t2@e 202y 2ssets in order to 2void the p6rs6it o) the creditors or to pre6dice their rights in 2ny other 02y> d= 2cts )or the property tr2ns)er to 2 creditor to e.ting6ish 2 previo6s de/t or )or the2dv2nt2ge o) s6ch7 c2rried o6t d6ring the l2st +*, d2ys /e)ore the opening o) proceedings7 i) the 21o6nt the creditor 1ight o/t2in in c2se o) /2n@r6ptcy o) thede/tor is lo0er th2n the v2l6e o) the tr2ns)er 2ct> e= the setting 6p or concl6ding o) 2n 2ct62l stoc@ sec6rity )or 2n 6nsec6red de/t7d6ring the l2st +*, d2ys /e)ore the opening o) proceedings> )= the 2nticip2ted p2y1ents o) the de/ts7 c2rried o6t d6ring the l2st +*, d2ys/e)ore the opening o) proceedings7 i) their 12t6rity h2d /een est2/lished )or 2 d2tes6/seC6ent to the opening o) proceedings>

g= the tr2ns)er 2cts or the 6ndert2@ing o) o/lig2tions c2rried o6t /y the de/tor 0ithin 2 period o) * ye2rs /e)ore the d2te o) opening the proceedings7 0ith the intent

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to hide;del2y the st2te o) insolvency or to che2t 2 n2t6r2l or leg2l person to02rds0hich he 02s 2 de/tor on the d2te o) c2rrying o6t 2 tr2ns)er o) cert2in oper2tions 0ithderiv2tive )in2nci2l instr61ents7 the 2cco1plish1ent o) 2 /il2ter2l o))set 2gree1ent<netting=7 c2rried o6t /2sed on 2 C62li)ied )in2nci2l contr2ct7 or /ec21e 2 de/tor s6/seC6ently7 )or the p6rpose o) this l20%

<*= The )ollo0ing oper2tions7 concl6ded d6ring the l2st & ye2rs /e)ore the openingo) proceedings7 0ith persons h2ving leg2l rel2tions 0ith the de/tor7 12y 2lso /ec2ncelled 2nd the services 12y /e recovered7 i) they pre6dice the creditors: 2= 0ith 2n 2ctive p2rtner or 2 p2rtner holding 2t le2st *,F o) the tr2ding co1p2nysc2pit2l or7 2s the c2se 12y /e7 o) the voting rights in the gener2l 2sse1/ly o) the2ssoci2tes7 0hen the de/tor is th2t li1ited p2rtnership co1p2ny or 2n 2gric6lt6r2lco1p2ny7 respectively7 2 gener2l p2rtnership co1p2ny or 2 li1ited li2/ility co1p2ny> /= 0ith 2 1e1/er or 2n 2d1inistr2tor7 0hen the de/tor is 2 econo1ic interestgro6p> c= 0ith 2 sh2reholder holding 2t le2st *,F o) the de/tors sh2res7 or7 2s the c2se12y /e7 o) the voting rights in the gener2l 2sse1/ly o) the sh2reholders7 0hen the

de/tor is th2t oint9stoc@ co1p2ny> d= 0ith 2n 2d1inistr2tor7 12n2ger or 1e1/er o) the s6pervising /odies o) thede/tor7 0hich is 2 co9oper2tive society7 2 oint9stoc@ li1ited li2/ility co1p2ny or7 2sthe c2se 12y /e7 2n 2gric6lt6r2l co1p2ny> e= 0ith 2ny other n2t6r2l or leg2l person h2ving 2 do1in2nt position over thede/tor or over its 2ctivity> )= 0ith 2 co9o0ner over 2 co11on 2sset% ART% + <+= The 2ction )or the c2ncell2tion o) the )r26d6lent 2cts concl6ded )or the de/tor tothe pre6dice o) the creditors7 2s 0ell 2s the c2ncell2tion o) the constit6tions or tr2ns)ers o) the p2tri1oni2l rights7 re)erred to in Articles ( 2nd ,7 12y /e )iled /ythe 6dici2l 2d1inistr2tor;liC6id2tor 0ithin one ye2r )ro1 the e.piry o) the ti1e li1itest2/lished )or the dr20ing 6p o) the report provided in Article *, <+= 2=7 /6t not l2ter th2n + 1onths )ro1 the d2te o) opening o) proceedings% <*= The co11ittee o) creditors 12y instit6te to the syndic96dge s6ch 2n 2ction76nless it is instit6ted /y the 6dici2l 2d1inistr2tor;liC6id2tor% <&= The 6dici2l 2d1inistr2tor;liC6id2tor 12y 12int2in the credit contr2cts 2nd 12y70ith the 2gree1ent o) the co9contr2cting p2rties7 ch2nge the cl26ses7 so 2s to ens6rethe eC6iv2lence o) the )6t6re p2y1ents o) the de/tor% The ch2nges sh2ll /e s6/ect tothe 2pprov2l o) the co11ittee o) creditors th2t sh2ll h2ve in vie0 0hether they 2re/oth to the 2dv2nt2ge o) the de/tor 2nd to the 2dv2nt2ge o) the creditors property%

ART% * The c2ncell2tion o) 2 p2tri1oni2l tr2ns)er 12de /y the de/tor in the nor12l co6rseo) its c6rrent 2ctivity c2n not /e reC6ested 2ny1ore% ART% & <+= The third p2rty 2cC6irer in 2 p2tri1ony tr2ns)er7 c2ncelled 2ccording to Article,7 sh2ll h2ve to ret6rn the tr2ns)erred 2sset to the de/tors property or7 in c2se the2sset does no longer e.ist7 to ret6rn v2l6e it h2d on the d2te 0hen the tr2ns)er 02s12de /y the de/tor% <*= The third p2rty 2cC6irer7 0hich ret6rned to the de/tors property the 2sset or thev2l6e o) the 2sset 0hich h2d /een tr2ns)erred to it /y the de/tor7 sh2ll h2ve 2 cl2i1 o) the s21e v2l6e over s6ch property7 provided th2t the third p2rty h2d 2ccepted the

tr2ns)er in good )2ith 2nd 0itho6t intention o) /loc@ing7 del2ying or deceiving thede/tors creditors% ther0ise7 third p2rty 2cC6irer sh2ll lose the cl2i1 2nd the good

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res6lted )ro1 the restor2tion to the previo6s condition7 in )2vo6r o) the de/tors 2sset%The 12licio6s intent o) the third p2rty 2cC6irer 16st /e proven% <&= The third p2rty 2cC6irer considered7 0itho6t re2sons7 2s /eing o) good )2ithsh2ll ret6rn the 2ssets in their c6rrent st2te7 2nd i) they 2re l2c@ing7 it sh2ll ret6rn thedi))erence in v2l6e /y 0hich it /ec21e rich% In c2se o) ill9intention7 the third p2rty sh2ll

ret6rn7 in 2ll c2ses7 the entire v2l6e7 2s 0ell 2s the )r6its g2thered% ART% ? <+= The 2d1inistr2tor7 liC6id2tor or the co11ittee o) creditors 12y )ile 2n 2ction torecover )ro1 the s6/2cC6irer the 2sset or the v2l6e o) the 2sset tr2ns)erred /y thede/tor only i) the s6/2cC6irer did not p2y the v2l6e corresponding to the 2sset 2nd it02s 202re or h2d to /e 202re o) the )2ct th2t the initi2l tr2ns)er 02s li@ely to /ec2ncelled% <*= In c2se the s6/2cC6irer is the de/tors spo6se7 rel2tive or in9l20 6p to the )o6rthdegree incl6sively7 it sh2ll /e rel2tively pres61ed th2t he 02s 202re o) thecirc61st2nce 1entioned in p2r2gr2ph <+=% ART% '

<+= The reC6est )or the c2ncell2tion o) 2 p2tri1oni2l tr2ns)er sh2ll /e 0ritten do0n7e. o))icio7 in the rel2ted p6/licity records% <*= Any person o/t2ining 2 title or 2cC6iring 2ny sec6rity or 2ny other re2l right over s6ch 2sset 2)ter 12@ing s6ch not2tion sh2ll h2ve his title or right conditioned /y theright to h2ving recovered the 2sset% <&= I) the conditions o) Article ( 2nd , 2re s2tis)ied7 2 rel2tive pres61ption o) )r26d sh2ll /e instit6ted to the pre6dice o) the creditors% The pres61ption 12y /eer2sed /y the de/tor% It sh2ll not /e e.tended over the third p2rty 2cC6irer or s6/2cC6irer% <?= The pres61ption o) )r26d sh2ll 2lso /e preserved in c2se th2t7 /y 2n 2/6se o) tri2l rights7 the de/tor h2s del2yed the 1o1ent o) opening o) proceedings to 2llo0 theti1e li1its re)erred to in Article ( 2nd , to e.pire% <'= The legiti12te st2nding to s6e in the 2ctions )or c2ncell2tion governed /y Article ( 2nd , /elongs to the 6dici2l 2d1inistr2tor 2nd to the liC6id2tor7respectively7 2nd in the c2se provided in Article + <*=7 to the co11ittee o) creditors% <-= The de/tor 2nd7 2s the c2se 12y /e7 its co9contr2cting p2rty sh2ll h2vest2nding to /e s6ed in the 2ctions )or c2ncell2tion governed /y Article ( 2nd ,% Thede/tor sh2ll /e s611oned 2s respondent /y the speci2l 2d1inistr2tor% ART% - <+= !or 2 12.i161 incre2se o) the v2l6e o) the de/tors property7 the2d1inistr2tor;liC6id2tor 12y preserve or deno6nce 2ny contr2ct7 the rents not e.pired

or other long9ter1 contr2cts7 2s long 2s s6ch contr2cts h2ve not /een 2lre2dye.ec6ted )6lly or s6/st2nti2lly /y 2ll p2rties involved% The 2d1inistr2tor;liC6id2tor 16st 2ns0er7 0ithin &, d2ys7 to the noti)ic2tion o) the contr2cting p2rty7 /y 0hich he is2s@ed to choose the preserv2tion or den6nci2tion o) the contr2ct> in the 2/sence o) s6ch 2ns0er7 the 6dici2l 2d1inistr2tor;liC6id2tor 0ill no longer /e 2/le to 2s@ )or thee.ec6tion o) the contr2ct7 2nd the contr2ct sh2ll /e dee1ed 2s deno6nced% <*= In c2se 2 contr2ct is deno6nced7 2 cl2i1 )or d212ges 12y /e )iled /y thecontr2cting p2rty 2g2inst the de/tor% <&= D6ring the o/serv2tion period7 0ith the 2gree1ent o) the co9contr2cting p2rties7the 2d1inistr2tor;liC6id2tor 12y preserve the credit contr2cts 2nd he 12y 21endtheir cl26ses7 so 2s they ens6re the eC6iv2lence o) the )6t6re p2y1ents o) the de/tor%

The 21end1ents sh2ll /e s6/ect to the 2pprov2l o) the syndic96dge7 0ho sh2ll t2@e

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into 2cco6nt 0hether they 2re 6se)6l /oth )or the de/tors property 2nd the creditorsproperty% <?= I) the seller o) 2 re2l est2te 0ithheld the property title 6ntil the )6ll p2y1ent o) the s2le price7 the s2le sh2ll /e dee1ed 2s co1pleted /y the seller 2nd sh2ll not /es6/ect to the provisions o) p2r2gr2ph <+=%

<'= A l2/o6r contr2ct or le2se o) 2 /6ilding7 2s ten2nt7 12y /e deno6nced only inco1pli2nce 0ith the leg2l notice ter1s% <-= By derog2tion )ro1 the provisions o) the L20 No% '&;*,,& 9 L2/o6r "ode7 0iths6/seC6ent 21end1ents 2nd 2dditions7 in the si1pli)ied proceedings7 2s 0ell 2s inc2se o) going into /2n@r6ptcy in the gener2l proceedings7 the c2ncell2tion o) theindivid62l l2/o6r contr2cts o) de/tors personnel sh2ll /e 12de 6rgently /y theliC6id2tor7 0itho6t /eing necess2ry to go thro6gh the collective l2y9o)) proced6re% TheliC6id2tor sh2ll only gr2nt the +' 0or@ing9d2y notice to the dis1issed personnel% <= In 2 contr2ct providing periodic2l p2y1ents )ro1 the de/tor7 the preserv2tion o) the contr2ct sh2ll not )orce the 6dici2l 2d1inistr2tor;liC6id2tor to p2y 2rre2rs )or theperiods prior to the opening o) proceedings% !or s6ch 2rre2rs7 reC6ests 12y /e )iled

2g2inst the de/tor% ART% I) 2 1ov2/le 2sset7 sold to the de/tor 2nd not p2id /y it7 is in tr2nsit on the d2te o) opening o) proceedings 2nd s6ch 2sset is not yet 2v2il2/le to the de/tor7 2nd noother p2rties h2ve 2cC6ired rights over it7 then the seller 12y t2@e /2c@ his 2sset% Inthis c2se7 2ll e.penses sh2ll /e /orne /y the seller 2nd he 16st ret6rn to the de/tor 2ny 2dv2nce p2y1ent% I) the seller 2ccepts the 2sset to /e delivered7 he 12y recover the price /y entering his cl2i1 in the record o) cl2i1s% I) the 6dici2l2d1inistr2tor;liC6id2tor 2s@s th2t the 2sset /e delivered7 he 16st t2@e 1e2s6res so2s the entire price in the contr2ct /e p2id )ro1 the de/tors property% ART% I) the de/tor is p2rty to 2 contr2ct incl6ded in 2 netting 12ster 2gree1ent providingthe tr2ns)er o) cert2in 1erch2ndise7 represent2tive sec6rities o) the 1erch2ndise or )in2nci2l 2ssets7 r2ted on 2 reg6l2ted co11odity7 service 2nd deriv2tive )in2nci2linstr61ent 12r@et7 on 2 cert2in d2te or in 2 de)inite period o) ti1e7 2nd the 12t6rity)2lls d6e or the period ends 2)ter the d2te o) the opening o) proceedings7 2 /il2ter2lo))set oper2tion )or 2ll contr2cts incl6ded in s6ch netting 12ster 2gree1ent sh2ll /eper)or1ed7 2nd the di))erence o/t2ined sh2ll h2ve to /e p2id to the de/tors property7in c2se s6ch property is 2 crediting property7 2nd sh2ll /e entered in the record o) cl2i1s7 in c2se it is 2 li2/ility o) the de/tors property% ART% (

I) 2n 2gent7 holding titles )or 2ssets th2t 2re to /e received or )or 1erch2ndise7/eco1es the s6/ect o) 2 petition )or /2n@r6ptcy7 the o0ner sh2ll /e entitled to t2@e/2c@ his titles or 1erch2ndise or to reC6est th2t their v2l6e /e p2id /y the 2gent% ART% (, <+= In c2se 2 de/tor holds 1erch2ndise 2s consignee or 2ny other 2sset /elongingto 2nother person7 on the d2te o) )iling the petition )or /2n@r6ptcy7 the e.piry o) theti1e li1it )or the contest2tion o) the de/tor 2g2inst the creditors reC6est7 or o) thereection o) the de/tors contest2tion 2g2inst s6ch reC6est7 the o0ner sh2ll /e entitledto recover his 2sset7 e.cept )or the c2se 0hen the de/tor h2s 2 v2lid sec6rity rightover the 2sset% <*= I) the 1erch2ndise is not in the de/tors possession on one o) the d2tes

1entioned in p2r2gr2ph <+=7 2nd he c2nnot recover it )ro1 the c6rrent holder7 theo0ner sh2ll /e entitled to h2ve the cl2i1 entered in the record o) cl2i1s7 0ith the

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v2l6e th2t the 1erch2ndise h2d on th2t d2te% I) the de/tor h2s possession over the1erch2ndise on th2t d2te 2nd loses it 2)ter02rds7 the o0ner 12y reC6est th2t theentire v2l6e o) the 1erch2ndise /e entered in the record o) cl2i1s% ART% (+ The )2ct th2t the o0ner o) 2 rented re2l est2te is 2 de/tor in the present

proceedings sh2ll not c2ncel the le2sing contr2ct7 e.cept )or the c2se 0hen the rentis not lo0er th2n the one pr2ctised on the 12r@et% Ho0ever7 the 6dici2l2d1inistr2tor;liC6id2tor 12y decline to provide 2ny services o0ed /y the o0ner to theten2nt )or the d6r2tion o) the le2se% In this c2se7 the ten2nt 12y le2ve the /6ilding2nd 2s@ th2t his cl2i1 /e entered in the record or he 12y contin6e to 6se the re2lest2te7 ded6cting )ro1 the rent the cost o) services ch2rge2/le to the o0ner% I) theten2nt chooses to contin6e to 6se the /6ilding7 he sh2ll not /e entitled to h2ve hiscl2i1 enter the record7 /eing entitled only to ded6ct )ro1 the rent he p2ys the cost o) services ch2rge2/le to the o0ner% ART% (* The 6dici2l 2d1inistr2tor;liC6id2tor 12y decline to deno6nce 2 contr2ct 0here/y

the de/tor 2greed to provide cert2in speci2lised or strictly person2l services7 e.cept)or the c2se 0hen the creditor 2ccepts th2t 2 person 2ppointed /y the 6dici2l2d1inistr2tor;liC6id2tor 12@e the p2y1ent% ART% (& <+= I) 2n 2ssoci2te in 2n 2gric6lt6r2l co1p2ny7 2 gener2l p2rtnership co1p2ny7 2li1ited p2rtnership co1p2ny7 2 li1ited li2/ility co1p2ny7 or 2 sh2reholder in 2 oint9stoc@ co1p2ny is 2 de/tor in 2 proceedings provided /y this l207 2nd i) the de/torsinvolve1ent in s6ch proceedings does not /ring 2/o6t the dissol6tion o) th2tco1p2ny7 the 2d1inistr2tor;liC6id2tor 12y reC6est liC6id2tion o) the de/tors rights inth2t co1p2ny7 2ccording to the l2st 2pproved )in2nci2l st2te1ent7 or he 12y s6ggestth2t the de/tor re12ins 2n 2ssoci2te7 i) the other 2ssoci2tes 2gree to it% <*= The provisions o) p2r2gr2ph <+= sh2ll 2pply 2ccordingly to the 1e1/ers o) theco9oper2tive societies 2nd o) econo1ic interest gro6ps%

)e$ion 5T%e pln

ART% (? <+= The )ollo0ing c2tegories o) persons 12y propose 2 reorg2nis2tion pl2n 6nder the ter1s provided 2/ove: 2= the de/tor7 0ith the 2pprov2l o) the gener2l 2sse1/ly o)

sh2reholders;2ssoci2tes7 0ithin &, d2ys 2s o) the posting 6p o) the )in2l record o) cl2i1s7 provided th2t the reorg2nis2tion intention is e.pressed7 2ccording to Article*7 i) the proceedings 02s initi2ted /y the de/tor7 2nd 2ccording to Article && <-=7 inc2se the proceedings 02s opened 2s 2 res6lt o) 2 reC6est )ro1 one or 1orecreditors> /= the 6dici2l 2d1inistr2tor7 )ro1 the d2te 0hen he 02s 2ppointed 2nd 6ntil thee.piry o) 2 &,9d2y period )ro1 the d2te o) posting 6p the )in2l record o) cl2i1s7provided th2t he e.pressed this intention /y the ti1e the report provided in Article '(<*= is voted> c= one or 1ore creditors 0ho e.pressed this intention /y the ti1e the reportprovided in Article '( <*= is voted 2nd 0ho hold together *,F o) the tot2l v2l6e o) the

cl2i1s incl6ded in the )in2l record o) cl2i1s7 0ithin &, d2ys 2s o) the d2te o) posting6p the )in2l record o) cl2i1s%

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<*= At the reC6est o) 2ny p2rty concerned7 the syndic96dge 12y red6ce7 )or 0ell9)o6nded re2sons7 the periods provided in p2r2gr2ph <+=% <&= The plan may provide either the reorganisation and continuation of the debtor'sactivity, or the liquidation of certain assets in its property. <?= The de/tor 0hich7 0ithin 2 '9ye2r period prior to the 1o1ent 0hen the petitions

)or /2n@r6ptcy 0ere )iled7 h2s 2lre2dy /een s6/ect to the proceedings instit6tedp6rs62nt to this l20 or the de/tor h2ving /een convicted in 2 )in2l 12nner )or )orgeryo) )or o))ences provided /y the L20 No% *+;+((- or 0hose 2d1inistr2tors7 12n2gers2nd;or 2ssoci2tes 0ere irrevoc2/ly convicted7 over the l2st ' ye2rs prior to theopening o) proceedings7 )or: )r26d6lent /2n@r6ptcy7 )r26d6lent 2d1inistr2tion7 /re2cho) tr6st7 )r26d7 e1/e88le1ent7 per6ry7 o))ences s6ch 2s )orgery or o))ences provided/y the L20 on co1petition No% *+;+((-7 0ith s6/seC6ent 21end1ents 2nd 2dditions712y not propose 2 reorg2nis2tion pl2n% <'= The non9co1pli2nce 0ith the ti1e li1its provided in p2r2gr2phs <+= sh2ll le2d tothe loss o) the right to s6/1it 2 reorg2nis2tion pl2n o) the p2rties in C6estion7 2nd7 2s2 res6lt7 /y order o) the syndic96dge7 to the /eginning o) /2n@r6ptcy%

ART% (' <+= The reorganisation plan shall indicate redressing prospects in relation with the possibilities and specific activity of the debtor, with available financial means and themarket demand as compared to the debtor's offer and it shall include the measurescomplying with the public order, including how the selection, appointment and replacement of the administrators and managers is going to be made. <*= The reorg2nis2tion pl2n sh2ll 12nd2torily indic2te the p2y1ent sched6le o) 2llcl2i1s% <&= The per)or12nce o) the reorg2nis2tion pl2n 12y not e.ceed & ye2rs7 c2lc6l2ted)ro1 the d2te 0hen it 02s con)ir1ed% <?= At the reco11end2tion o) the 6dici2l 2d1inistr2tor7 2)ter 2 ti1e li1it o) +1onths since the con)ir12tion o) the pl2n h2s e.pired7 this period sh2ll /e e.tended/y 2nother ye2r 2t the 1ost7 i) the propos2l is voted )or /y 2t le2st t0o thirds o) thecreditors in the /2l2nce on th2t d2te% <'= The reorg2nis2tion pl2n sh2ll 1ention: 2= the c2tegories o) cl2i1s 0hich 2re not dis2dv2nt2ged7 0ithin the 1e2ning o) l20> /= the tre2t1ent o) the c2tegories o) cl2i1s 0hich 2re dis2dv2nt2ged> c= i) 2nd to 0h2t e.tent the de/tor7 the 1e1/ers o) the econo1ic interest gro6p7the 2ssoci2tes o) gener2l p2rtnership co1p2nies 2nd the 2ctive p2rtners in li1ited

p2rtnership co1p2nies 2re disch2rged o) their li2/ility> d= 0h2t co1pens2tions 2re to /e o))ered to the holders o) 2ll c2tegories o) cl2i1s72s co1p2red to the v2l6e 0hich 0o6ld /e received /y distri/6tion in c2se o) /2n@r6ptcy> the esti12ted v2l6e sh2ll /e c2lc6l2ted on the d2te 0hen the pl2n isproposed% <'= The pl2n sh2ll speci)y the 2deC62te 1e2s6res )or its 2pplic2tion7 s6ch 2s: A% the 12inten2nce /y the de/tor7 in )6ll or in p2rt7 o) the 12n2ge1ent o) its2ctivity7 incl6ding the right to dispose o) the 2ssets in its property7 0ith the s6pervisiono) its 2ctivity /y the 6dici2l 2d1inistr2tor 2ppointed 6nder the ter1s o) the l20> B% the o/t2ining o) )in2nci2l reso6rces to s6pport the 2chieve1ent o) the pl2n 2ndtheir so6rces o) origin>

"% the tr2ns1ission o) 2ll or so1e o) the 2ssets o) the de/tors property to one or sever2l n2t6r2l or leg2l persons7 constit6ted /e)ore or 2)ter the pl2n 02s con)ir1ed>

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D% the de/tors 1erger7 6nder the ter1s o) l20> E% the liC6id2tion o) 2ll or so1e o) the 2ssets o) the de/tors property7 sep2r2tely or in the l61p7 )ree o) 2ny t2s@s7 or their distri/6tion to the de/tors creditors7 in the2cco6nt o) the cl2i1s they h2ve over the de/tors property> !% the liC6id2tion o) so1e or 2ll o) the 2ssets o) the de/tor in vie0 o) per)or12nce

o) the pl2n sh2ll /e c2rried o6t 2ccording to Article ++- 9 +*,> #% the 1odi)ic2tion or e.ting6ishing o) the t2ngi/le sec6rities7 0ith the co1p6lsorygr2nting7 to the /ene)it o) the sec6red creditor7 o) 2n eC6iv2lent sec6rity or s2)eg62rd76nder the ter1s o) Article &( <*= c=> H% the e.tension o) the 12t6rity d2te7 2s 0ell 2s the 1odi)ic2tion o) the inst2l1ento) the interest7 pen2lty or o) 2ny other cl26se in the contr2ct or o) the other so6rces o) its o/lig2tions> I% the 21end1ent o) the de/tors constit6tive 2ct7 6nder the ter1s o) the l20> G% the iss6ing o) sec6rities /y the de/tor or /y 2ny o) the persons 1entioned inletters " 2nd D7 6nder the ter1s provided /y the L20 No% &+;+((,7 rep6/lished7 0iths6/seC6ent 21end1ents 2nd 2dditions7 2nd /y the L20 No% *(;*,,? on the c2pit2l

12r@et7 0ith s6/seC6ent 21end1ents 2nd 2dditions% In order to 0rite do0n in 2 pl2n2n iss6e o) sec6rities it sh2ll /e needed the e.press 0ritten 2gree1ent o) the creditor 0hich is to receive the sec6rities iss6ed7 2gree1ent 0hich sh2ll /e given /e)ore thesyndic96dge 2d1its the pl2n7 in co1pli2nce 0ith the provisions o) Article ( <&=% By02y o) e.ception )ro1 the provisions o) Article *,' <*= o) the L20 No% *(;*,,?7 0iths6/seC6ent 21end1ents 2nd 2dditions7 the oper2tions incl6ded 6nder this letter sh2ll /e dee1ed 2s oper2tions e.cepted 0ithin the 1e2ning o) Article *,' <+= o) the2/ove 1entioned l20> % /y derog2tion )ro1 the provisions o) letter G7 the reorg2nis2tion pl2n 12y notprovide )or the conversion o) the /6dget2ry de/ts into sec6rities> L% the incl6sion in the constit6tive 2ct o) the de/tor 9 leg2l person 9 or o) thepersons 1entioned in letters " 2nd D o) cert2in provisions in order to: 2= prohi/it the iss6e o) sh2res 0itho6t 2 voting right> /= deter1ine7 in c2se o) di))erent c2tegories o) ordin2ry sh2res7 2 proper distri/6tion o) the votes 21ong these c2tegories> c= in c2se o) the c2tegories o) pre)erence sh2res 0ith priority dividend over theother c2tegories o) sh2res7 to reg6l2te 2deC62tely the 2ppoint1ent o) the2d1inistr2tors representing s6ch c2tegories o) sh2res 2ss61ing th2t the o/lig2tion top2y the dividend is not 1eet% <= By derog2tion )ro1 the provisions o) the L20 No% &+;+((,7 rep6/lished7 0iths6/seC6ent 21end1ents 2nd 2dditions7 2nd o) the L20 No% *(;*,,?7 0ith

s6/seC6ent 21end1ents 2nd 2dditions7 the pl2n proposed /y the creditors 12yprovide )or the 21end1ent7 0itho6t the st2t6tory 2gree1ent o) the 1e1/ers or 2ssoci2tes;sh2reholders o) the de/tor7 o) the constit6tive 2ct7 i) the )ollo0ingconditions 2re c616l2tively 1et: 2= the pl2n proposed /y the de/tor gives the possi/ility o) 2 red6ced recovery o) the de/tors cl2i1s> /= in c2se o) /2n@r6ptcy7 the 1e1/ers or 2ssoci2tes;sh2reholders o) the de/tor 0o6ld not receive 2nything 2)ter distri/6tion> c= the 1e1/ers or 2ssoci2tes;sh2reholders o) the de/tor 0ill not p2rticip2te in thepl2n proposed /y the creditors% <= The registr2tion o) the 1ention in the tr2de register sh2ll /e reC6ested /y the

6dici2l 2d1inistr2tor 2t the e.penses o) the de/tor7 /2sed on the decision o)

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con)ir12tion o) the reorg2nis2tion pl2n7 th2t sh2ll /e p6/lished in the ))ici2l #28etteo) Ro12ni27 P2rt IO% ART% (- <+= !or 2n e))icient 2d1inistr2tion o) the proceedings7 the pl2n 12y design2te 2distinct c2tegory o) cl2i1s7 )or1ed o) the 6nsec6red cl2i1s th2t7 2ccording to Article

?( <+=7 /elong to the s6ppliers 0itho6t 0hich the de/tors 2ctivity c2n not /e p6rs6ed2nd th2t 2re irrepl2ce2/le% The list o) these cl2i1s 16st /e con)ir1ed /y the 6dici2l2d1inistr2tor% <*= The pl2n sh2ll est2/lish the s21e tre2t1ent )or e2ch cl2i1 0ithin 2 distinctc2tegory7 e.cept )or the c2se 0hen the holder o) 2 cl2i1 in th2t c2tegory consents to2 tre2t1ent less )2vo6r2/le )or its cl2i1% ART% ( The sit62tion in 0hich the proposed pl2n )orec2sts the ret6rn to the conditions o) c2rrying o6t the cl2i1 prior to the occ6rrence o) the events th2t h2ve led to the1odi)ic2tion o) s6ch conditions7 s6ch 2s the )2il6re to p2y one or sever2l inst2l1ents)2lling d6e o) 2 lo2n7 on the ter1s 2nd conditions stip6l2ted in the contr2ct7 0hich

le2ds to the 2cceler2tion o) the )6ll p2y1ent o) the re12ining lo2n7 sh2ll not /econsidered 2 1odi)ic2tion o) the cl2i1 or o) the conditions )or its c2rrying o6t% ART% ( <+= A copy o) the proposed pl2n sh2ll /e s6/1itted to the co6rts registry 2nd to thetr2de register or7 2s the c2se 12y /e7 to the register o) 2gric6lt6r2l co1p2nies7 2nd itsh2ll /e co116nic2ted to the de/tor7 speci2l 2d1inistr2tor7 6dici2l 2d1inistr2tor 2ndco11ittee o) creditors% <*= The syndic96dge sh2ll convene 2 sitting7 0ithin *, d2ys )ro1 the registr2tion o) the pl2n 0ith the co6rt7 0here those 0ho h2ve proposed the pl2n 2nd the personsindic2ted in p2r2gr2ph <+= sh2ll /e s611oned 2nd 0here the pl2n sh2ll /e 2d1ittedor reected /y the syndic96dge 2)ter the he2ring o) the persons s611oned% <&= The syndic96dge 12y 2d1it 2 pl2n proposed /y the l20)6lly entitled p2rties th2tincl6des 2ll in)or12tion provided /y this l20% The syndic96dge 12y 2s@ 2n insolvencypr2ctitioner to give 2n opinion on the possi/ility to 2chieve the pl2n7 /e)ore its2d1ission% <?= I) sever2l intentions to s6/1it reorg2nis2tion pl2ns h2ve /een e.pressed7 thesyndic96dge sh2ll set 2 12.i161 ter1 /y 0hich these 12y /e s6/1itted7 inco1pli2nce 0ith the provisions o) Article ? <*=7 so th2t the voting o) the 2d1ittedpl2ns to t2@e pl2ce d6ring the s21e 1eeting o) the gener2l 2sse1/ly o) creditors% ART% ( <+= A)ter the 2d1ission o) the pl2n7 the syndic96dge sh2ll order to the 6dici2l

2d1inistr2tor to convene the 2sse1/ly o) creditors 2nd the de/tor 0ithin 2 period/et0een *, 2nd *' d2ys7 /6t not e2rlier th2n the posting 6p o) the )in2l record o) cl2i1s% <*= The syndic96dge sh2ll order to the 6dici2l 2d1inistr2tor7 0ithin ' d2ys )ro1 the2d1ission7 to p6/lish 2 notice re)erring to the propos2l o) the pl2n in the B6lletin o) insolvency proceedings7 /y indic2ting the person 0ho 12de the propos2l7 the d2te0hen the pl2n is voted 6pon 2nd the )2ct th2t voting /y correspondence is2d1issi/le7 2s 0ell 2s the d2te )or con)ir1ing the pl2n7 th2t sh2ll not e.ceed +' d2ys)ro1 the d2te o) c2sting the vote )or or 2g2inst the pl2n% <&= The sh2reholders 2nd creditors 0ith /e2rer sec6rities sh2ll h2ve to s6/1it theorigin2ls to the 2d1inistr2tor 12.i161 ' d2ys /e)ore the d2te )i.ed )or c2sting the

vote7 6nder the s2nction o) losing the right to vote%

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<?= !ro1 the ti1e o) its p6/lic2tion7 2ll p2rties concerned sh2ll /e dee1ed 2sh2ving @no0ledge 2/o6t the pl2n 2nd 2/o6t the d2te )or c2sting the vote% In 2ll c2ses7the de/tor sh2ll ens6re the possi/ility o) cons6lting the pl2n 2t his he2d o))ice7 2t thee.pense o) the 2pplic2nt% ART% +,,

<+= In the /eginning o) the sitting )or voting7 the 6dici2l 2d1inistr2tor sh2ll in)or1the creditors present 2/o6t the v2lid votes e.pressed in 0riting% <*= E2ch cl2i1 sh2ll /ene)it )ro1 2 right to vote e.ercised /y the holder in thec2tegory o) cl2i1s s6ch cl2i1 /elongs to% <&= The )ollo0ing c2tegories o) cl2i1s sh2ll constit6te distinct c2tegories o) cl2i1sth2t vote sep2r2tely: 2= the creditors 0ith sec6red cl2i1s> /= the /6dget2ry creditors> c= the 6nsec6red creditors est2/lished 2ccording to Article (- <+=> d= the other 6nsec6red creditors% <?= A pl2n sh2ll /e considered 2s 2ccepted /y 2 c2tegory o) cl2i1s i) the pl2n is

2ccepted in th2t c2tegory /y 2n 2/sol6te 12ority o) the v2l6e o) cl2i1s in th2tc2tegory% <'= The c2tegories th2t control7 either directly or indirectly7 th2t 2re controlled or th2t 2re 6nder 2 oint control together 0ith the de/tor7 0ithin the 1e2ning o) thelegisl2tion on the c2pit2l 12r@et7 12y 2ttend the sitting7 /6t they 12y vote on the pl2nonly in c2se it o))ers less th2n they 0o6ld get in c2se o) /2n@r6ptcy% ART% +,+ n the )i.ed d2te7 2 pl2n sh2ll /e con)ir1ed /y the syndic96dge7 i) 2ll the )ollo0ingconditions 2re s2tis)ied: A% 2t le2st h2l) pl6s one o) the c2tegories o) cl2i1s 1entioned in the p2y1entsched6le7 )ro1 21ong those 1entioned in Article +,, <&=7 2ccept the pl2n or 2redee1ed to 2ccept it7 provided th2t 2t le2st one o) the dis2dv2nt2ged c2tegories2ccept the pl2n> B% in c2se there 2re only t0o c2tegories7 the pl2n sh2ll /e dee1ed 2ccepted inc2se the c2tegory 0ith the highest tot2l v2l6e o) cl2i1s h2s 2ccepted the pl2n> "% e2ch dis2dv2nt2ged c2tegory o) cl2i1s th2t reected the pl2n sh2ll /e s6/ectedto 2 )2ir 2nd eC62l tre2t1ent /y 1e2ns o) the pl2n% <*= A )2ir 2nd eC62l tre2t1ent sh2ll /e given 0hen 2ll the )ollo0ing conditions 2re1et: 2= none o) the c2tegories th2t reect the pl2n 2nd no cl2i1 reecting the pl2nreceive less th2n it 0o6ld h2ve in c2se o) /2n@r6ptcy>

/= no c2tegory or no cl2i1 /elonging to 2 c2tegory receives 1ore th2n the tot2lv2l6e o) its cl2i1> c= in c2se 2 dis2dv2nt2ged c2tegory reects the pl2n7 no c2tegory o) cl2i1s o) 2r2n@ in)erior to the not 2ccepted dis2dv2nt2ged c2tegory7 2s re)lected in the hier2rchyprovided in Article +,, <&=7 receives th2n it 0o6ld h2ve in c2se o) /2n@r6ptcy% <&= nly one reorg2nis2tion pl2n sh2ll /e con)ir1ed% <?= The con)ir12tion o) 2 reorg2nis2tion pl2n sh2ll prevent the propos2l7 2d1ission7voting or con)ir12tion o) 2ny other pl2n% ART% +,* <+= hen the r6ling th2t con)ir1s 2 pl2n co1es into )orce7 the de/tors 2ctivity sh2ll/e reorg2nised 2ccordingly> the cl2i1s 2nd rights o) the creditors 2nd the other

p2rties concerned sh2ll /e 1odi)ied 2s provided in the pl2n% In c2se o) going into/2n@r6ptcy 2s 2 res6lt o) 2 )2il6re o) the pl2n or o) en)orce1ent7 the con)ir1ed pl2n

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sh2ll /e dee1ed 2s 2 )in2l 2nd irrevoc2/le 6dg1ent 2g2inst the de/tor% !or theen)orce1ent o) s6ch cl2i1s7 the r6ling th2t con)ir1s the pl2n sh2ll /e 2 0rit o) e.ec6tion% <*= The creditors sh2ll preserve their sh2res7 )or the 0hole v2l6e o) the cl2i1s72g2inst the co9de/tors 2nd the person2l g62r2ntors o) the de/tor7 even i) they h2ve

voted )or the pl2n% <&= I) no pl2n is con)ir1ed 2nd the ti1e li1it )or the propos2l o) 2 pl2n7 6nder theter1s o) Article (?7 h2s e.pired7 the syndic96dge sh2ll order the i11edi2teco11ence1ent o) the /2n@r6ptcy proceedings7 6nder the ter1s o) Article +, 2ndthe )ollo0ing% <?= The re16ner2tions o) persons hired p6rs62nt to Articles +,7 o) Article +( <*=7 o) Article *&7 *? 2nd o) Article ( <&= 2nd other 2d1inistr2tive e.penses sh2ll /e )6llyp2id on the d2te provided7 2s the c2se 12y /e7 /y the l207 e.cept )or the c2ses 0henthe p2rties concerned 0o6ld 2gree7 in 0riting7 on other p2y1ent ter1s% The pl2n 16stst2te in the p2y1ent sched6le ho0 s6ch p2y1ent 0ill /e e))ected% <'= The p2y1ent 12y /e 12de C62rterly7 /2sed on leg2l doc61ents%

Section - Reorg2nis2tion

ART% +,& <+= A)ter con)ir1ing 2 reorg2nis2tion pl2n7 the de/tor sh2ll 12n2ge his 2ctivity6nder the s6pervision o) the 6dici2l 2d1inistr2tor 2nd in 2ccord2nce 0ith thecon)ir1ed pl2n7 6ntil the syndic96dge sh2ll order7 0ith re2sons7 th2t the insolvencyproceedings ce2se 2nd t2@ing 2ll steps )or the de/tors reinsertion in the co11erci2l2ctivity7 or the cess2tion o) reorg2nis2tion 2nd p2ssing into /2n@r6ptcy7 6nder theter1s o) Article +, 2nd the )ollo0ing% <*= Thro6gho6t the reorg2nis2tion7 the de/tor sh2ll /e 12n2ged /y the speci2l2d1inistr2tor7 6nder the s6pervision o) the 6dici2l 2d1inistr2tor% The sh2reholders72ssoci2tes 2nd 1e1/ers 0ith li1ited li2/ility sh2ll not h2ve the right to inter)ere in the12n2ge1ent o) the 2ctivity or in the 2d1inistr2tion o) the de/tors property7 e.cept )or 2nd 0ithin the li1its o) the c2ses e.pressly 2nd restrictively provided /y the l20 2ndthe reorg2nis2tion pl2n% <&= The de/tor sh2ll /e /o6nd to 2pply7 0itho6t del2y7 the str6ct6r2l ch2ngesprovided in the pl2n% ART% +,? By e.ception )ro1 the provisions o) Article &7 the syndic96dge 12y7 2t the reC6est

o) the s6pplier7 order th2t the de/tor deposits 2 /2il 0ith 2 /2n@7 2s 2 condition )or theproviders d6ty to provide his services to hi1 thro6gho6t the proceedings provided /ythis section% S6ch 2 /2il c2nnot e.ceed &,F o) the cost o) services provided to thede/tor 2nd 6np2id 2)ter the opening o) proceedings% ART% +,' <+= I) the de/tor does not co1ply 0ith the pl2n or the c2rrying o6t o) his 2ctivityc26ses loss to its property7 the 6dici2l 2d1inistr2tor7 the co11ittee o) creditors or 2ny o) the creditors7 2s 0ell 2s the speci2l 2d1inistr2tor 12y reC6est to the syndic9 6dge 2t 2ny ti1e to 2pprove the going into /2n@r6ptcy7 6nder the ter1s o) Article +,2nd )ollo0ing% <*= The registr2tion o) the reC6est 1entioned in p2r2gr2ph <+= sh2ll not s6spend

the contin62nce o) the de/tors 2ctivity 6ntil the syndic96dge decides 6pon it7 /y 2ninterloc6tory 6dg1ent%

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7/21/2019 LAW No. 85 of 5 April 2006


ART% +,- <+= The de/tor7 thro6gh the 2gency o) the speci2l 2d1inistr2tor or7 2s the c2se 12y/e7 o) the 6dici2l 2d1inistr2tor sh2ll s6/1it C62rterly reports to the co11ittee o) creditors on the )in2nci2l position o) the de/tors property% A)ter they received the2pprov2l )ro1 the co11ittee o) creditors7 the reports sh2ll /e registered 2t the co6rts

registry 2nd the de/tor or7 2s the c2se 12y /e7 the 6dici2l 2d1inistr2tor sh2ll noti)ythis to 2ll creditors7 in order to cons6lt the reports% <*= Li@e0ise7 the 2d1inistr2tor sh2ll s6/1it the sit62tion o) the e.penses 12de )or the proper progress o) the 2ctivity7 in vie0 o) their recovering7 6nder the ter1s o) Article +,* <?=7 endorsed /y the co11ittee o) creditors% <&= ithin ' d2ys 2s o) the 1eeting o) the co11ittee o) creditors 1entioned inp2r2gr2ph <+=7 the co11ittee o) creditors 12y convene the gener2l 2sse1/ly o) creditors to present the 1e2s6res t2@en /y the de/tor 2nd;or /y the 6dici2l2d1inistr2tor7 2s 0ell 2s their e))ects 2nd to propose7 0ith re2sons7 other 1e2s6res2s 0ell%

)e$ion 9n3r,p$&

ART% +, <+= The syndic96dge sh2ll decide7 /y 2 r6ling or7 2s 2pplic2/le7 /y 2n interloc6tory 6dg1ent7 the going into /2n@r6ptcy in the )ollo0ing c2ses: A% 2= the de/tor h2s decl2red his intention to go into the si1pli)ied proceedings> /= the de/tor h2s not decl2red his intention o) reorg2nis2tion or7 2t the creditorsreC6est to open the proceedings7 he contested th2t he 0ere in insolvency condition72nd the contest2tion 02s reected /y the syndic96dge> /= none o) the other entitled s6/ects o) l20 h2s proposed 2 reorg2nis2tion pl2n76nder the ter1s o) Article (? or none o) the proposed pl2ns h2s /een 2ccepted 2ndcon)ir1ed> B% the de/tor h2s decl2red his intention o) reorg2nis2tion7 /6t he h2s not proposed2 reorg2nis2tion pl2n or pl2n proposed /y hi1 h2s not /een 2ccepted 2nd con)ir1ed> "% the p2y1ent o/lig2tions 2nd the other 2ss61ed t2s@s 2re not )6l)illed7 2ccordingto the conditions provided /y the con)ir1ed pl2n7 or the c2rrying on o) the 2ctivity o) the de/tor d6ring his reorg2nis2tion 0o6ld c26se loss to his property> D% the report o) the 6dici2l 2d1inistr2tor 0here/y it is proposed the de/tors goinginto /2n@r6ptcy h2s /een 2pproved7 2ccording to Article '? <'= or Article -, <&=%

<*= By the interloc6tory 6dg1ent th2t decides the going into /2n@r6ptcy the syndic9 6dge sh2ll order the dissol6tion o) the co1p2ny 0ith de/ts 2nd sh2ll order: 2= the 0ithdr202l o) the de/tors right o) 2d1inistr2tion> /= in c2se o) 2 gener2l proceedings7 the 2ppoint1ent o) 2 liC6id2tor7 2s 0ell 2s thesetting o6t o) his 2ttri/6tions 2nd re16ner2tion7 in 2ccord2nce 0ith the criteri22pproved /y #overn1ent decision> c= in c2se o) 2 si1pli)ied proceedings7 the con)ir12tion 2s liC6id2tor o) the 6dici2l2d1inistr2tor7 2ppointed 2ccording to Article +( <*= or Article &?7 2s 2pplic2/le> d= the 12.i161 ti1e li1it since the going into /2n@r6ptcy 0ithin the gener2lproceedings )or h2nding over the 2d1inistr2tion o) the property )ro1 thede/tor;6dici2l 2d1inistr2tor to the liC6id2tor7 together 0ith the list o) doc61ents 2nd

oper2tions c2rried o6t 2)ter the opening o) proceedings7 1entioned 2t Article ?- <*=>

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e= the dr20ing 6p /y the 6dici2l 2d1inistr2tor 2nd h2nding over to the liC6id2tor70ithin 12.i161 +, d2ys )ro1 going into /2n@r6ptcy7 0ithin the gener2l proceedings7o) 2 list cont2ining the n21es 2nd 2ddresses o) the creditors 2nd 2ll their cl2i1s 6ntilthe d2te o) going into /2n@r6ptcy7 indic2ting those 2risen 2)ter the opening o) proceedings>

e= the noti)ic2tion o) going into /2n@r6ptcy% <&= In c2se o) going into /2n@r6ptcy7 the interloc6tory 6dg1ent or7 2s 2pplic2/le7the sentence sh2ll 2lso indic2te the ter1s provided /y Article +, <*= or7 2s2pplic2/le7 in Article +,( <*=% <?= A)ter going into /2n@r6ptcy in the gener2l proceedings7 the provisions o) Article-* 9 - sh2ll 2pply 2ccordingly7 i) necess2ry7 in respect o) the cl2i1s 2rising /et0eenthe d2te o) opening o) proceedings 2nd the d2te o) going into /2n@r6ptcy7 2s 0ell 2sthe proceedings )or their 2d1ission% <'= The de/tors th2t entered the /2n@r6ptcy proceedings sh2ll cover their 2nn62llosses7 est2/lished in the pro)it t2. st2te1ent7 )ro1 the t2.2/le pro)its o/t2inedthro6gho6t the entire period7 6ntil the clos6re o) the /2n@r6ptcy proceedings%

ART% +, <+= In c2se o) going into /2n@r6ptcy in the gener2l proceedings7 the liC6id2tor sh2llsend 2 noti)ic2tion to 2ll creditors 1entioned in the list s6/1itted /y the de/tor;6dici2l2d1inistr2tor7 1entioned in Article +, <*= d=7 to the de/tor 2nd to the tr2de register o))ice or7 2s the c2se 12y /e7 to the register o) 2gric6lt6r2l co1p2nies 0here thede/tor is registered7 in order to 12@e the 1ention% The provisions o) p2r2gr2phs <*=2nd <&= o) Article -+ sh2ll 2pply 2ccordingly% <*= The noti)ic2tion sh2ll incl6de: 2= the ti1e li1it )or the registr2tion o) the reC6est )or 2d1ission o) cl2i1s1entioned in p2r2gr2ph <&=7 in order to dr20 6p the 2ddition2l record7 0hich sh2ll /eo) 12.i161 ?' d2ys )ro1 the d2te o) going into /2n@r6ptcy7 2s 0ell 2s thereC6ire1ents )or 2 registered cl2i1 to /e considered v2lid> /= the ti1e li1it )or veri)ying the cl2i1s 1entioned in p2r2gr2ph <&=7 )or dr20ing 6p7posting 6p 2nd co116nic2ting their 2ddition2l record7 ti1e li1it 0hich sh2ll note.ceed &, d2ys )ro1 the e.piry o) the ti1e li1it provided /y letter 2=> c= the ti1e li1it )or the s6/1ission o) the contest2tions to the co6rt7 0hich sh2ll /e2t le2st +, d2ys /e)ore the d2te est2/lished /y the interloc6tory 6dg1ent )or goinginto /2n@r6ptcy7 )or the )in2lis2tion o) the )in2l consolid2ted record> d= the ti1e li1it )or dr20ing 6p the )in2l consolid2ted record7 0hich sh2ll note.ceed &, d2ys )ro1 the e.piry o) the ti1e li1it provided /y letter /=% <&= All the cl2i1s over the de/tors property7 incl6ding the /6dget2ry cl2i1s7 2risen

2)ter the d2te o) the opening o) proceedings or7 2s 2pplic2/le7 the C62nt61 o) 0hich02s ch2nged 2s co1p2red to the )in2l record o) cl2i1s or 2s co1p2red to thep2y1ent sched6le in the reorg2nis2tion pl2n7 2s 2 res6lt o) the p2y1ents e))ected2)ter opening the proceedings7 sh2ll /e s6/ect to veri)ic2tion% <?= The cl2i1s 2d1itted in the )in2l record o) cl2i1s7 6nder the ter1s o) Article ?<*=7 sh2ll not /e s6/ect to veri)ic2tion> the holders o) these cl2i1s sh2ll /e 2/le to )ilecontest2tions concerning the cl2i1s 2nd pre)erence rights incl6ded /y the2d1inistr2tor in the preli1in2ry record provided in p2r2gr2ph <*= /=% <'= The )in2l consolid2ted record sh2ll incl6de 2ll the cl2i1s 2d1itted 2g2inst thede/tors property7 e.isting on the d2te o) going into /2n@r6ptcy7 6nder the ter1s o) Article ++,%

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<-= The provisions o) Article - sh2ll 2pply7 2ccordingly7 to the holders o) the cl2i1s2risen 2)ter the opening o) proceedings 0ho do not s6/1it the reC6est )or 2d1issiono) cl2i1s 0ithin the ti1e li1it provided in p2r2gr2ph <*= 2=% ART% +,( <+= In c2se o) going into /2n@r6ptcy /y 2 si1pli)ied proceedings7 the liC6id2tor sh2ll

send 2 noti)ic2tion on the going into /2n@r6ptcy 2nd7 in c2se o) 2 de/tor th2t is 2 leg2lperson7 the c2ncell2tion o) the right o) 2d1inistr2tion 2nd its dissol6tion7 to 2llcreditors noti)ied 2ccording to Article -+7 to the de/tor 2nd to the tr2de register o))iceor7 2s 2pplic2/le7 to the register o) 2gric6lt6r2l co1p2nies or to the register o) 2ssoci2tions 2nd )o6nd2tions 0here the de/tor is registered7 to 12@e the 1ention% Inc2se 2n e.tension7 )or the p6rpose o) Article -* <*=7 o) the ti1e li1its )or posting 6pthe preli1in2ry record o) cl2i1s7 provided in Article -* <+= c=7 2nd o) )in2lis2tion o) therecord o) cl2i1s7 provided in Article -* <+= d= is proven to /e 6sti)ied7 the ne0ly9est2/lished ti1e li1its sh2ll /e noti)ied to the creditors% <*= In c2se th2t7 /y the ti1e o) 2pprov2l o) the 6dici2l 2d1inistr2tors propos2lprovided in Article '? <?=7 the de/tor 6ndergoing /2n@r6ptcy /y si1pli)ied proceedings

h2s contin6ed his 2ctivity7 the liC6id2tor sh2ll noti)y7 0ithin ' d2ys 2s o) the d2te o) going into /2n@r6ptcy7 the creditors h2ving cl2i1s over the de/tor7 0ith the priority2ccording to the provisions o) Article +*& point *7 2risen d6ring the o/serv2tionperiod7 2s@ing the1 to )ile7 0ithin +, d2ys 2s o) the receipt o) noti)ic2tion7 reC6ests )or cl2i1s 2cco1p2nied /y doc61ents in proo)% The noti)ic2tion sh2ll 2lso incl6de theti1e li1its o) posting 6p o) the preli1in2ry record o) cl2i1s7 provided in Article -* <+=c=7 2nd o) )in2lis2tion o) the record o) cl2i1s7 provided in Article -* <+= d=7 2s they0ere incl6ded in the noti)ic2tion provided in Article -+ <+= or in p2r2gr2ph <+= o) this Article7 2s 2pplic2/le% The provisions o) p2r2gr2phs <*= 2nd <&= o) Article -+ sh2ll2pply 2ccordingly% <&= All the cl2i1s over the de/tors property7 incl6ding the /6dget2ry cl2i1s7 2risen2)ter the d2te o) the opening o) proceedings sh2ll /e s6/ect to veri)ic2tion% <?= The provisions o) Article - sh2ll 2pply7 2ccordingly7 to the holders o) the cl2i1s2risen 2)ter the opening o) proceedings 0ho do not s6/1it the reC6est )or 2d1issiono) cl2i1s 0ithin the ti1e li1it provided in p2r2gr2ph <*=% ART% ++, In c2se o) going into /2n@r6ptcy 2)ter con)ir1ing 2 reorg2nis2tion pl2n7 the holderso) the cl2i1s sh2ll p2rticip2te in the distri/6tions 0ith their v2l6e7 2s they 0erepresented in the con)ir1ed pl2n7 less the sh2re collected d6ring the reorg2nis2tionperiod% ART% +++

The re2l or person2l sec6rities constit6ted in order to )6l)il the o/lig2tions 2ss61edin the reorg2nis2tion pl2n sh2ll re12in v2lid in )2vo6r o) the creditors )or the p2y1ento) the 21o6nts o0ed to the1 2ccording to the reorg2nis2tion pl2n% ART% ++* <+= The creditors sh2ll not /e o/liged to ret6rn the 21o6nts collected d6ring thereorg2nis2tion period% <*= #r2t6ito6s 2cts c2rried o6t /et0een the d2te o) con)ir12tion o) thereorg2nis2tion pl2n 2nd going into /2n@r6ptcy sh2ll /e n6ll% <&= The other doc61ents c2rried o6t d6ring the period 1entioned in p2r2gr2ph <*=7e.cept )or those 12de in co1pli2nce 0ith the provisions o) Article ?( <+= 2nd <*= 2ndthose e.pressly per1itted /y the reorg2nis2tion pl2n7 sh2ll /e pres61ed to c26se

loss to the creditors 2nd sh2ll /e 2nn6lled7 e.cept )or the c2se 0hen the co9contr2cting p2rty proves his good )2ith 2t the ti1e 0hen the doc61ent is dr20n 6p%

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+% Me2s6res preli1in2ry to liC6id2tion ART% ++& <+= There sh2ll /e pl2ced 6nder se2l: shops7 storeho6ses7 02reho6ses7 o))ices7co11erci2l correspondence7 2rchive7 devices )or in)or12tion stor2ge 2nd

processing7 contr2cts7 1erch2ndise 2nd other 1ov2/le 2ssets /elonging to thede/tors property% <*= In the sit62tion provided in Article ''7 the inventory o) the de/tors goods sh2ll/e c2rried o6t 2)ter o/t2ining 0ritten in)or12tion on the de/tors 2ssets% I) the 6dici2l2d1inistr2tor does not identi)y 2ny 2sset7 2)ter the steps t2@en 2ccording to theprovisions o) Article '- 9 '7 the inventory sh2ll /e closed /2sed on the 0rittenco116nic2tions sent /y the relev2nt 26thorities% <&= The )ollo0ing sh2ll not /e pl2ced 6nder se2l: 2= the o/ects th2t 16st /e c2pit2lised 0itho6t del2y7 in order to 2void their 12teri2ldeterior2tion or loss in v2l6e> /= /oo@s o) 2cco6nt>

c= /ills o) e.ch2nge 2nd other sec6rities )2lling d6e or 0hich 2re to /e d6e shortly72s 0ell 2s sh2res or p2rticip2tion titles o) the de/tor7 0hich sh2ll /e t2@en /y theliC6id2tor in order to /e c2shed or to per)or1 reC6ested preserv2tion 2ctivities> d= c2sh7 0hich the liC6id2tor sh2ll deposit in 2 /2n@7 in the 2cco6nt o) the de/torsproperty% <?= hen the de/tor 2lso h2s 2ssets in other co6nties7 the syndic96dge sh2ll sentnoti)ic2tions to the co6rts in those co6nties7 0ith 2 vie0 to i11edi2tely se2ling the2ssets% <'= The doc61ents dr20n 6p /y other co6rts7 certi)ying th2t the se2ls h2ve /eenpl2ced7 sh2ll /e sent to the syndic96dge% <-= D6ring the se2ling oper2tion7 the liC6id2tor sh2ll /e in ch2rge 0ith 2ll thenecess2ry 1e2s6res )or the preserv2tion o) 2ssets% ART% ++? <+= I) the de/tors property 12y /e co1pletely inventoried in one d2y7 the liC6id2tor sh2ll proceed to dr2)t s6ch inventory 0itho6t del2y7 0itho6t 2pplying se2ls% In 2ll theother c2ses7 he sh2ll proceed to dr2)t s6ch inventory 2s soon 2s possi/le% The de/tor 16st /e present 2nd 2ssist in the dr2)ting o) the inventory7 i) the syndic96dgereC6ests it% I) the de/tor is not 2ttending7 it 12y not re)6te the inventory d2t2% <*= As the inventory is c2rried o6t7 the liC6id2tor sh2ll t2@e in possession the2ssets7 /eco1ing their 6dici2l deposit2ry% ART% ++'

<+= The inventory sh2ll h2ve to descri/e 2ll 2ssets identi)ied 2s /elonging to thede/tor 2nd to indic2te their 2ppro.i12te v2l6e 2t the ti1e o) the inventory% H2ving the2pprov2l o) the co11ittee o) creditors7 the liC6id2tor sh2ll 2ppoint 2 speci2lisedev2l62tor7 2t the e.pense o) the de/tors property7 in order to ev2l62te the 2ssets /othsep2r2tely 2nd 2s one or 1ore )6nction2l 2ggreg2tes7 i) necess2ry% <*= The inventory doc61ent sh2ll /e signed /y the 6dici2l liC6id2tor7 /y the de/tor7/y the speci2l 2d1inistr2tor7 2nd i) he does not t2@e p2rt in the inventory7 only /y the 6dici2l liC6id2tor%

42. Perforn$e of li,i'ion

ART% ++-

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<+= The liC6id2tion o) the 2ssets o) the de/tors property sh2ll /e c2rried o6t /y theliC6id2tor 6nder the control o) the syndic96dge% In order to 12.i1ise the v2l6e o) thede/tors property7 the liC6id2tor sh2ll t2@e 2ll the steps to t2@e the1 o6t on the12r@et7 in 2n 2deC62te )or17 0hile the p6/licity e.penses sh2ll /e covered )ro1 thede/tors property%

<*= The liC6id2tion sh2ll /egin shortly 2)ter the inventory o) the 2ssets in thede/tors property is )in2lised /y the liC6id2tor% The 2ssets 12y /e sold in the l61p 92s 2 )6nction2l 2ggreg2te 9 or individ62lly% The selling 1ethod 6sed )or the 2ssets or the p6/lic 26ction7 direct negoti2tion or 2 co1/in2tion o) these7 sh2ll /e 2pproved /ythe gener2l 2sse1/ly o) creditors7 /2sed on the propos2l o) the liC6id2tor 2nd on thereco11end2tion o) the co11ittee o) creditors% The liC6id2tor sh2ll 2lso present theproper selling reg6l2tion% <&= The liC6id2tor 12y hire on /eh2l) o) the de/tor 2n ev2l62tor7 n2t6r2l or leg2lperson7 or he sh2ll 6se7 0ith the consent o) the co11ittee o) creditors7 2 person2lev2l62tor7 to sh2ll ev2l62te the 2ssets in the de/tors property7 in 2ccord2nce 0ith theintern2tion2l st2nd2rds )or ev2l62tion%

<?= Depending on the circ61st2nces o) the c2se 2nd 2s 16ch 2s possi/le7 theev2l62tion o) the 2ssets in the de/tors property sh2ll /e 12de /oth individ62lly 2ndin the l61p> l61p7 2s )6nction2l 2ggreg2te7 sh2ll 1e2n 2 p2rt or 2ll the 2ssets o) thede/tor7 necess2ry )or the progress o) 2 /6siness7 )or 0hich 2 /6yer o))ers 2 price0hich h2s not /een /ro@en do0n per the co1ponent 2ssets% ART% ++ <+= In c2se o) 2 propos2l o) the s2le in the l61p7 the liC6id2tor sh2ll present to theco11ittee o) creditors 2 report in 0hich there sh2ll /e indic2ted7 descri/ed 2ndev2l62ted the 2ssets th2t 2re going to /e sold together7 2lso indic2ting the /6rdensth2t possi/ly ent2il the 2ssets7 the report /eing 2cco1p2nied /y propos2ls 0hichenvis2ge the 1od2lities o) s2le% A copy o) the report sh2ll /e registered 2t the co6rtsregistry7 0here it 12y /e st6died /y 2ny p2rty concerned% <*= The report provided in p2r2gr2ph <+= sh2ll incl6de propos2ls 0ith reg2rd to the1od2lity o) s2le in the l61p7 2s )ollo0s: 2= s2le /y direct negoti2tion to 2 /6yer 2lre2dy identi)ied7 st2ting the 1ini12lconditions o) the contr2ct7 s6ch 2s the price 2nd 1od2lity o) p2y1ent> /= s2le /y direct negoti2tion7 0itho6t 2n identi)ied /6yer7 st2ting the 1ini12l priceproposed% In this c2se the liC6id2tor 12y negoti2te the concrete price o) the 2ssetss2le7 2nd i) the 1ini12l price c2n not /e o/t2ined7 the 2sse1/ly o) creditors sh2ll1eet 2g2in to decide 0hether the initi2l 1ini12l price is red6ced or the individ62l s2leo) 2ssets is to /egin>

c= s2le /y 26ction% <&= The liC6id2tor sh2ll convene the gener2l 2sse1/ly o) the creditors 0ithin12.i161 *, d2ys 2s )ro1 the d2te o) the 1eeting o) the 2sse1/ly o) creditors7in)or1ing the creditors on the possi/ility to st6dy the report 2nd the 1in6tes o) the1eeting o) co11ittee o) creditors on the report% <?= I) the gener2l 2sse1/ly o) creditors 2pproves the report7 the syndic96dge sh2llgive 2n order to the liC6id2tor7 /y 2n interloc6tory 6dg1ent7 to c2rry o6t theliC6id2tion 2cts 2nd oper2tions7 6nder the ter1s proposed in the report% <-= The provisions o) p2r2gr2phs <+= 9 <?= sh2ll 2lso 2pply7 2ccordingly7 to the26thoris2tion o) the s2le in the l61p o) the de/tors cl2i1s over third p2rties% ART% ++

<+= The /6ildings 12y /e sold directly7 2s 2 res6lt o) the liC6id2tors propos2l72pproved /y the gener2l 2sse1/ly o) creditors%

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<*= The propos2l o) the liC6id2tor sh2ll h2ve to identi)y the /6ilding /y chec@ing thesit62tion in the )ield 2nd thro6gh the d2t2 )ro1 the re2l est2te p6/licity records 2nd tosho0 the t2s@s /6rdening it 2nd to indic2te the degree o) e.tr29tendering 2nd thed2te 6ntil the e.tr29tenders 0hich 2re 2ccepted in c2se o) 2pprov2l o) the s2le% <&= The liC6id2tor sh2ll convene 2 gener2l 1eeting o) creditors 0ithin 12.i161 *,

d2ys )ro1 the d2te o) receipt o) propos2l7 noti)ying the propos2l to the speci2l2d1inistr2tor7 to the creditors 0ith re2l sec6rities over the 2sset7 the holders o) lienso) 2ny @ind 2nd to the co11ittee o) creditors 2nd he sh2ll s6/ect the s2les propos2lto the vote o) the gener2l 2sse1/ly o) creditors% <?= A)ter the 2pprov2l )ro1 the gener2l 2sse1/ly o) creditors7 the s2le 12y /e12de7 6nder the s2nction o) n6llity7 only 2)ter &, d2ys 2s o) the l2st p6/lic2tion o) thenotice 0ith reg2rd to the e.tr29tendering conditions p6/lished /y the liC6id2tor in 2ne0sp2per% ART% ++( The sec6rities sh2ll /e sold 6nder the ter1s o) the L20 No% *(;*,,?7 0iths6/seC6ent 21end1ents 2nd 2dditions%

ART% +*, <+= The liC6id2tor sh2ll concl6de s2le 2nd p6rch2se contr2cts> the 21o6ntscollected )ro1 the s2les sh2ll /e deposited in the 2cco6nt provided /y Article ? <*=2nd the receipts sh2ll /e h2nded over to the syndic96dge% <*= I) the s2le o) 2ssets is 12de /y p6/lic 26ction7 the 1in6tes on the 202rd signed/y the 6dici2l liC6id2tor sh2ll /e 2 title o) property 2nd sh2ll /e entered7 in c2se o) /6ildings7 in the re2l est2te p6/licity records%

4-. i"ri/,ion of o,n" o/ine' fer li,i'ion

ART% +*+ <+= !6nds o/t2ined )ro1 the s2le o) the 2ssets in the de/tors property7 /6rdened7in )2vo6r o) the creditor7 /y 2ny @ind o) 1ortg2ges7 pledges 2nd other person2lsec6rities or gener2l liens sh2ll /e distri/6ted 2ccording to the )ollo0ing order: +% t2.es7 st21ps 2nd other e.penses rel2ted to the s2le o) s6ch 2ssets7 incl6dingthe e.penses necess2ry )or the preserv2tion 2nd 2d1inistr2tion o) these 2ssets7 2s0ell 2s the p2y1ent o) the re16ner2tion o) the persons e1ployed 6nder the ter1s o) Article +,7 Article +( <*=7 Article *& 2nd *?> *% the cl2i1s o) the sec6red creditors7 incl6ding the entire c2pit2l7 the interests7incre2ses 2nd pen2lties o) 2ny @ind7 2s 0ell 2s the e.penses%

<*= In c2se the 21o6nts o/t2ined )ro1 s2le o) s6ch 2ssets 2re ins6))icient )or the)6ll p2y1ent o) the respective sec6red cl2i1s7 the creditors sh2ll h2ve7 2s 2di))erence7 6nsec6red cl2i1s co1peting 0ith those incl6ded in the 2deC62tec2tegory7 2ccording to their n2t6re7 provided in Article +*&7 2nd they sh2ll /e s6/ectto the provisions o) Article ?+% I) 2)ter the p2y1ent o) 21o6nts provided /y p2r2gr2ph<+= is 12de it is o/t2ined 2 di))erence in e.cess7 it sh2ll /e deposited in the 2cco6nt o) the de/tors property7 thro6gh the good o))ices o) the liC6id2tor% <&= A creditor 0ith 2 sec6red cl2i1 sh2ll /e entitled to p2rticip2te in 2ny distri/6tiono) 21o6nts7 12de prior to the s2le o) the 2sset 0hich is s6/ect to its sec6rity% The21o6nts received )ro1 s6ch distri/6tions sh2ll /e ded6cted )ro1 those 0hich thecreditor 0o6ld /e entitled to receive l2ter )ro1 the price res6lted )ro1 s2le o) the

2sset 0hich is s6/ect to its sec6rity7 i) this is necess2ry in order to prevent s6ch

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creditor to receive 1ore th2n he 0o6ld h2ve in c2se the 2sset 0hich is s6/ect to itssec6rity 02s sold prior to s6ch distri/6tion% ART% +** <+= Every & 1onths7 c2lc6l2ted )ro1 the d2te o) the /eginning o) liC6id2tion 2ndincl6ded in 2 progr211e o) 2d1inistr2tion o) liC6id2tion th2t 16st /e dr20n 6p 0ithin

&, d2ys 2s o) the 2ppoint1ent7 the liC6id2tor sh2ll s6/1it to the co11ittee o) creditors 2 report reg2rding the )6nds o/t2ined )ro1 liC6id2tion 2nd )ro1 collectingthe cl2i1s7 2nd 2 pl2n o) distri/6tion 21ong creditors% The report sh2ll 2lso providethe p2y1ent o) his retri/6tion 2nd o) the other e.penses7 1entioned 2t Article +**point +% <*= !or 0ell9)o6nded re2sons7 the syndic96dge c2n e.tend the ti1e li1it )or thes6/1ission o) the report 2nd )or the distri/6tion pl2n /y 2t le2st one 1onth or it c2nred6ce it% The distri/6tion pl2n sh2ll /e recorded 2t the co6rts registry 2nd theliC6id2tor sh2ll noti)y this )2ct to every creditor% A copy o) the report 2nd o) thedistri/6tion pl2n sh2ll /e posted 6p 2t the co6rtroo1 door% <&= The co11ittee o) creditors or 2ny creditor 12y )ile contest2tions to the report

2nd to the pl2n7 0ithin +' d2ys 2)ter it 02s posted 6p% A copy o) the contest2tion sh2ll/e co116nic2ted7 i11edi2tely7 to the liC6id2tor% <?= The syndic96dge sh2ll hold7 together 0ith the liC6id2tor7 the de/tor 2nd thecreditors7 2 sitting 0here he sh2ll settle7 2t once7 /y sentence7 2ll contest2tions70ithin *, d2ys )ro1 the posting 6p% ART% +*& The cl2i1s sh2ll /e p2id7 in c2se o) /2n@r6ptcy7 in the )ollo0ing order: +% t2.es7 st21ps 2nd other e.penses rel2ted to the proceedings instit6ted /y thisl207 incl6ding the e.penses necess2ry )or the preserv2tion 2nd 2d1inistr2tion o) the2ssets in the de/tors property7 2s 0ell 2s the p2y1ent o) the re16ner2tion o) thepersons e1ployed 6nder the ter1s o) Article +,7 Article +( <*=7 Article *&7 *? 2nd Article ( <&=7 6nder the reserve o) those provided in Article +,* <?=> *% cl2i1s 2risen )ro1 l2/o6r rel2tions> &% cl2i1s representing credits7 0ith the rel2ted interests 2nd e.penses7 gr2nted /ythe credit instit6tions 2)ter the opening o) proceedings7 2s 0ell 2s the cl2i1s res6lting)ro1 the c2rrying on o) the de/tors 2ctivity 2)ter the opening o) proceedings> ?% /6dget2ry cl2i1s> '% cl2i1s representing 21o6nts o0ed /y the de/tor to third p2rties on the /2sis o) cert2in s6pport o/lig2tions7 2llo02nces )or 1inors or o) p2y1ent o) periodic2l21o6nts destined to 12int2in the 1e2ns o) s6/sistence> -% cl2i1s representing 21o6nts est2/lished /y the syndic96dge in order to s6pport

the de/tor 2nd his )21ily7 i) he is 2 n2t6r2l person> % cl2i1s representing /2n@ing credits7 0ith the rel2ted e.penses 2nd interests7those res6lting )ro1 the delivery o) prod6cts7 provision o) services or other 0or@s7 2s0ell 2s )ro1 le2ses> % other 6nsec6red cl2i1s> (% s6/ordin2ted cl2i1s7 distri/6ted in the )ollo0ing pre)erence order: 2= credits gr2nted to the de/tor7 0hich is 2 leg2l person7 /y 2n 2ssoci2te or sh2reholder holding 2t le2st +,F o) the registered c2pit2l7 respectively o) the votingrights in the gener2l 2sse1/ly o) the 2ssoci2tes or7 2s the c2se 12y /e7 /y 2 1e1/er o) the econo1ic interest gro6p> /= cl2i1s 2risen )ro1 gr2t6ito6s 2cts%

ART% +*?

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7/21/2019 LAW No. 85 of 5 April 2006


The 21o6nts to /e distri/6ted 21ong creditors 0ith the s21e order o) priority sh2ll/e gr2nted proportion2lly 0ith the 21o6nt 2lloc2ted )or e2ch cl2i17 thro6gh therecord 1entioned 2t Article +, <*= d=% ART% +*' <+= The holders o) cl2i1s o) 2 c2tegory sh2ll /e distri/6ted 21o6nts only 2)ter the

)6ll p2y1ent o) the holders o) cl2i1s )ro1 2 hier2rchic2lly s6perior c2tegory72ccording to the order provided in Article +*&% <*= I) the 21o6nts necess2ry to cover the tot2l v2l6e o) the cl2i1s 0ith the s21eorder o) priority 2re not eno6gh7 their holders sh2ll receive 2 /2n@r6ptcy C6ot27representing the 21o6nt proportion2l to the percent2ge held /y their cl2i1 in thec2tegory o) s6ch cl2i1s% ART% +*- I) the 2ssets 0hich )or1 the property o) 2 econo1ic interest gro6p or o) 2 gener2lp2rtnership co1p2ny or 2 li1ited p2rtnership co1p2ny 2re not s6))icient )or thep2y1ent o) cl2i1s entered in the consolid2ted )in2l record o) cl2i1s7 2g2inst thegro6p or co1p2ny7 the syndic96dge sh2ll 26thorise the en)orce1ent7 2ccording to the

l207 2g2inst the 6nli1ited li2/ility 2ssoci2tes or7 2s the c2se 12y /e7 o) the 1e1/ers7giving 2 )in2l 2nd e.ec6tory sentence th2t sh2ll /e e.ec6ted /y the liC6id2tor7 thro6gh2 co6rt e.ec6tor% ART% +* hen p2rti2l distri/6tions t2@e pl2ce the )ollo0ing 21o6nts sh2ll /e deposited: +% proportion2l 21o6nts o0ed to creditors 0hose cl2i1s 2re s6/ect to 2s6spensive condition th2t h2s not /een c2rried o6t yet> *% proportion2l 21o6nts o0ed to the holders o) pro1issory notes or /e2rers notes2nd 0hich h2ve their origin2ls7 /6t never sho0ed the1> &% proportion2l 21o6nts o0ed to the cl2i1s te1por2rily 2d1itted> ?% reserves 1e2nt to cover the )6t6re e.penses o) the de/tors property% ART% +* In c2se o) creditors 0ith cl2i1s incl6ded in the record o) cl2i1s7 to 0ho1 21o6ntsh2ve /een 2lloc2ted only in p2rt7 or 0ith cl2i1s 6nder 2 s6spensive condition 2nd0ho h2ve t2@en p2rt in the distri/6tion7 the 21o6nts d6e sh2ll /e deposited 0ith 2/2n@ in 2 speci2l deposit 2cco6nt 6ntil their sit62tion is cle2red% ART% +*( <+= A)ter the 2ssets in the de/tors property 2re liC6id2ted7 the liC6id2tor sh2lls6/1it to the syndic96dge 2 )in2l report 2cco1p2nied /y the )in2l )in2nci2lst2te1ents> copies o) s6ch doc61ents sh2ll /e co116nic2ted to 2ll creditors 2nd tothe de/tor 2nd sh2ll /e posted 6p 2t the co6rt entr2nce% The syndic96dge sh2ll

convene the 2sse1/ly o) creditors 0ithin 12.i161 &, d2ys )ro1 the posting 6p o) the )in2l report% "reditors c2n o/ect to the )in2l report 2t le2st ' d2ys /e)ore theconvening d2te% <*= n the d2te o) the sitting7 the syndic96dge sh2ll decide7 /y interloc6tory 6dg1ent7 on 2ll the o/ections to the )in2l report 2nd he sh2ll 2pprove or order7 i) necess2ry7 to /e properly 1odi)ied% <&= The cl2i1s th2t 2re still 6nder 2ny condition on the d2te o) the registr2tion o) the )in2l report sh2ll not p2rticip2te in the l2st distri/6tion% ART% +&, A)ter the 2pprov2l o) the )in2l report o) the liC6id2tor /y the syndic96dge7 he sh2llh2ve to 12@e the )in2l distri/6tion o) 2ll )6nds o) the de/tors property% The )6nds th2t

2re not cl2i1ed /2c@ /y those 0ho 2re entitled to the1 0ithin (, d2ys sh2ll /edeposited /y the liC6id2tor 0ith 2 /2n@ in the 2cco6nt o) the de/tors property7 0hile

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7/21/2019 LAW No. 85 of 5 April 2006


/e7 the register o) 2gric6lt6r2l co1p2nies 0here the de/tor is registered7 in order to12@e the 1ention% ART% +&- By closing the proceedings7 the syndic96dge7 the 2d1inistr2tor;liC6id2tor 2nd 2llpersons 0ho h2ve 2ssisted the1 sh2ll /e disch2rged o) 2ny d6ties or li2/ilities

connected to the proceedings7 the de/tor 2nd his property7 the creditors7 holders o) sec6rities7 sh2reholders or 2ssoci2tes% ART% +& <+= By closing o) the /2n@r6ptcy proceedings7 the de/tor th2t is 2 n2t6r2l personsh2ll /e disch2rged o) the o/lig2tions it h2d prior to the going into /2n@r6ptcy7 /6t6nder the reserve th2t he is not )o6nd g6ilty o) )r26d6lent /2n@r6ptcy or )r26d6lentp2y1ents or tr2ns)ers> in s6ch sit62tions he sh2ll /e disch2rged o) s6ch o/lig2tionsonly i) they 0ere p2id d6ring the proceedings7 e.cept )or the c2se provided /y Article- <+= point &% <*= n the d2te o) con)ir12tion o) 2 reorg2nis2tion pl2n7 the de/tor sh2ll /edisch2rged o) the di))erence /et0een the v2l6e o) the o/lig2tions he h2d /e)ore the

pl2ns con)ir12tion 2nd the one provided /y the pl2n% <?= The disch2rge o) the de/tors o/lig2tions sh2ll not /ring 2/o6t the disch2rge o) o/lig2tions o) the person2l g62r2ntor 2nd o) the 12in co9de/tor%

CHAPTER I;Li/ili& of %e e/er" of %e n(in( /o'ie"

ART% +& <+= At the reC6est o) the 6dici2l 2d1inistr2tor or o) the liC6id2tor7 the syndic96dge12y order th2t 2 p2rt o) li2/ilities o) the de/tor7 0hich is 2 leg2l person7 in 2ninsolvency condition7 /e /orne /y the 1e1/ers o) the s6pervisory /odies 0ithin theco1p2ny or the 12n2ge1ent /odies7 2s 0ell 2s /y 2ny other person th2t contri/6tedthe st2te o) insolvency o) the de/tor7 /y one o) the )ollo0ing 2cts: 2= they 6sed the co1p2ny 2ssets or credits o) the leg2l person )or the person2l/ene)it or )or the /ene)it o) 2nother person> /= they c2rried o6t tr2ding 2cts )or their person2l /ene)it7 6nder the cover o) theleg2l person> c= they ordered7 )or their person2l interest7 the contin62tion o) 2n 2ctivity cle2rlyle2ding the leg2l person to p2y1ent cess2tion> d= they @ept 2 )ictive 2cco6nting7 they 12de so1e 2cco6nting doc61entsdis2ppe2r or they did not @eep the 2cco6nting in 2ccord2nce 0ith the l20>

e= they de)2lc2ted or hid 2 p2rt o) the leg2l persons 2ssets or they incre2sed itsli2/ilities7 in 2 )ictive 12nner> )= they 6sed r6ining 1e2ns in order to o/t2in )6nds )or the leg2l person7 )or thep6rpose o) del2ying the p2y1ent cess2tion> g= in the 1onth prior to p2y1ent cess2tion7 they p2id or ordered the pre)erenti2lp2y1ent to 2 creditor7 to the pre6dice o) the other creditors% <*= The 2pplic2tion o) the provisions o) p2r2gr2ph <+= sh2ll not re1ove the2pplic2tion o) the cri1in2l l20 )or deeds th2t constit6te o))ences% <&= The co11ittee o) creditors 12y 2s@ )ro1 the syndic96dge to 26thorise it toinstit6te the leg2l proceedings provided in p2r2gr2ph <+=7 i) the 6dici2l 2d1inistr2tor or the liC6id2tor h2s o1itted to indic2te in its report on the insolvency c26ses 0ho 2re

the persons g6ilty )or the insolvency condition o) the p2tri1ony o) the de/tor 9 leg2l

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person 9 or i) he o1itted to )or16l2te the 2ction provided in p2r2gr2ph <+= 2nd theli2/ility o) the persons re)erred to in p2r2gr2ph <+= thre2tens to /e prescri/ed% <?= In c2se o) pl6r2lity7 the li2/ility o) the persons provided in p2r2gr2ph <+= sh2ll /e oint provided the st2te o) insolvency is conte1por2ry or 02s prior to the period o) ti1e 0hen they e.ercised their ter1 o) o))ice or 0hen they held the position th2t 1ight

h2ve c26sed the insolvency% S6ch persons 12y protect the1selves )ro1 the ointli2/ility i)7 0hile /eing in the college 12n2ge1ent /odies o) the leg2l persons7 theyopposed to 2cts or )2cts th2t c26sed the insolvency or 0ere 2/sent 0hen thedecisions th2t deter1ined the insolvency 0ere 12de 2nd 12de their opposition tothese decisions /e noted7 2)ter the decision 02s 12de% ART% +&( The 2ction provided in Article +& sh2ll /e prescri/ed 0ithin & ye2rs 2s o) the d2te0hen the person th2t c26sed the st2te o) insolvency /ec21e @no0n or sho6ld h2ve/een @no0n7 /6t not e2rlier th2n * ye2rs 2s o) the d2te o) the 6dg1ent )or opening o) proceedings% ART% +?,

The 21o6nts deposited 6nder the ter1s o) Article +& <+= sh2ll /eco1e 2 p2rt o) the de/tors property 2nd sh2ll /e destined7 in c2se o) reorg2nis2tion7 to s6pple1entthe )6nds necess2ry )or the c2rrying on o) the de/tors 2ctivity7 2nd7 in c2se o) /2n@r6ptcy7 )or covering the li2/ilities% ART% +?+ <+= At the s21e ti1e 0ith the reC6est )or16l2ted 2ccording to Article +& <+= or7 2s2pplic2/le7 Article +& <&=7 the 6dici2l 2d1inistr2tor or liC6id2tor or7 2s 2pplic2/le7 theco11ittee o) creditors 12y 2s@ the syndic96dge to instit6te protective 1e2s6res over the 2ssets in the property o) the persons p6rs6ed 2ccording to Article +&% It sh2ll /e12nd2tory to set 2 /2il o) +,F o) the v2l6e o) cl2i1s% <*= The reC6est )or protective 1e2s6res 12y 2lso /e )or16l2ted 2)ter it 02sinstit6ted the 2ction provided in Article +&% ART% +?* <+= The en)orce1ent 2g2inst the persons provided in Article +& <+= sh2ll /e c2rriedo6t /y the co6rt e.ec6tor7 2ccording to the "ode o) civil proced6re% <*= A)ter closing the /2n@r6ptcy proceedings7 the 21o6nts res6lted )ro1 theen)orce1ent sh2ll /e distri/6ted /y the co6rt e.ec6tor7 in co1pli2nce 0ith theprovisions o) this l207 p6rs62nt to the )in2l consolid2ted record o) cl2i1s p6t 2t itsdispos2l /y the liC6id2tor%

CHAPTER ;

7ffen$e" n' p,ni"%en"

ART% +?& <+= The )2il6re to )ile or the l2te )iling7 /y the de/tor7 0hich is 2 n2t6r2l person7 or /ythe leg2l represent2tive o) the de/tor7 0hich is 2 n2t6r2l person or /y the leg2lrepresent2tive o) the leg2l person 0ith de/ts7 o) the reC6est )or opening o) proceedings on the ti1e li1it th2t e.ceeds /y 1ore th2n - 1onths the ti1e li1itprovided in Article *7 sh2ll constit6te the o))ence o) si1ple /2n@r6ptcy 2nd sh2ll /ep6nished 0ith i1prison1ent )ro1 & 1onths to one ye2r or 0ith )ine% <*= The o))ence o) )r26d6lent /2n@r6ptcy sh2ll /e s2nctioned 0ith i1prison1ent)ro1 - 1onths to ' ye2rs7 2nd it is represented /y the deed o) the person 0ho:

2= )orgers7 p6rloins or destroys the records o) the de/tors or hides 2 p2rt o) the2ssets in their property>

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/= presents )2lse de/ts or presents in the registers o) the de/tor7 in other doc61entor in the )in2nci2l st2te1ent7 21o6nts 0hich 2re not o0ed7 e2ch o) these deeds /eingco11itted to the pre6dice o) the creditors> c= 2lien2tes 2n i1port2nt p2rt o) the 2ssets to the pre6dice o) the creditors7 in c2seo) insolvency o) the de/tor%

ART% +?? <+= The o))ence o) )r26d6lent 2d1inistr2tion7 provided in Article *+? <+= o) the"ri1in2l code7 sh2ll /e p6nished 0ith i1prison1ent )ro1 & to ye2rs7 0hen it isco11itted /y the 6dici2l 2d1inistr2tor or the liC6id2tor o) the de/tors property7 2s0ell 2s /y 2ny o) its represent2tives or 2gents% <*= The o))ence o) )r26d6lent 2d1inistr2tion7 provided in Article *+? <*= o) the"ri1in2l code7 sh2ll /e p6nished 0ith i1prison1ent )ro1 ' to +* ye2rs7 0hen it isco11itted /y the 6dici2l 2d1inistr2tor or the liC6id2tor o) the de/tors property7 2s0ell 2s /y 2ny o) its represent2tives or 2gents7 6nless the deed constit6tes 2 1oreserio6s o))ence% <&= Any 2tte1pt to co11it the o))ences provided in p2r2gr2phs <+= 2nd <*= sh2ll /e

p6nished% ART% +?' <+= The 2ppropri2tion7 6se or tr2))ic c2rried o6t /y the 6dici2l 2d1inistr2tor or theliC6id2tor o) the de/tors property7 2s 0ell 2s /y 2ny o) its represent2tives or 2gents7o) 1oney7 sec6rities or other 2ssets they 12n2ge or 2d1inister sh2ll constit6te theo))ence o) e1/e88le1ent 2nd sh2ll /e p6nished /y i1prison1ent )ro1 one to +'ye2rs 2nd /y the interdiction o) cert2in rights% <*= In c2se the e1/e88le1ent h2d e.tre1ely serio6s conseC6ences7 thep6nish1ent sh2ll /e the i1prison1ent )ro1 +, ye2rs to *, ye2rs 2nd the interdictiono) cert2in rights% <&= Any 2tte1pt to co11it the o))ences provided in p2r2gr2phs <+= 2nd <*= sh2ll /ep6nished% ART% +?- The deed o) the person 0ho7 on his o0n n21e or /y interposed persons7 reC6eststhe registr2tion o) 2 reC6est )or 2d1ission o) 2 cl2i1 0hich does not e.ist over thede/tors property sh2ll /e p6nished /y i1prison1ent )ro1 & 1onths to one ye2r or 0ith )ine% ART% +? The re)6s2l o) the de/tor7 0hich is 2 n2t6r2l person7 or o) the 2d1inistr2tor712n2ger7 e.ec6tive 12n2ger or o) the leg2l represent2tive o) the de/tor7 0hich is 2leg2l person7 to p6t 2t the dispos2l o) the syndic96dge7 6dici2l 2d1inistr2tor or

liC6id2tor7 6nder the ter1s provided in Article &'7 the doc61ents 2nd in)or12tionprovided in Article * <+= 2= 9 )= or their hindering7 0ith 12licio6s intent7 to dr20 6ps6ch doc61ent2tion sh2ll /e p6nished 0ith i1prison1ent )ro1 one ye2r to & ye2rs or 0ith )ine% ART% +? The o))ences provided in Articles +?& 9 +? sh2ll /e 6dged /y 2 co6rt o) )irstinst2nce7 0ith celerity%

CHAPTER ;ITrn"ior& n' finl pro!i"ion"

ART% +?(

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7/21/2019 LAW No. 85 of 5 April 2006


The provisions o) this l20 sh2ll /e s6pple1ented7 2s )2r 2s they 2re co1p2ti/le7 /ythose o) the "ode o) civil proced6re7 o) the Ro12ni2n co11erci2l code 2nd o) theL20 No% -&;*,,* on the settle1ent o) priv2te intern2tion2l l20 rel2tions in the )ieldo) insolvency% ART% +',

The C62nt61 o) the )ines provided /y this l20 sh2ll /e ch2nged periodic2lly7 /y#overn1ent decision7 depending on the in)l2tion inde.% ART% +'+ The proceedings 2pplic2/le to 26tono1o6s regies in insolvency condition sh2ll /eest2/lished /y 2 speci2l l20% ART% +'* Any re)erence7 in the e.isting st2t6tory instr61ents7 on the d2te o) entry into )orceo) this st2t6tory instr61ent7 to the L20 No% -?;+((' on the 6dici2l reorg2nis2tion 2nd/2n@r6ptcy proceedings 2nd 2ny re)erence to the 1entioned st2t6tory instr61entsh2ll /e reg2rded 2s re)erence to this l20 2nd;or to the corresponding sections )ro1this l207 2s 2pplic2/le%

ART% +'& In 2ll st2t6tory instr61ents 0here it 2ppe2rs the ter1 insolvency 0ithin the conte.to) the reorg2nis2tion 2nd /2n@r6ptcy proceedings7 0ith or 0itho6t re)erence to theL20 No% -?;+(('7 it sh2ll /e repl2ced /y the ter1 insolvency% ART% +'? In Article II o) the L20 No% +?(;*,,? )or the 21end1ent 2nd s6pple1ent2tion o) the L20 No% -?;+((' on the 6dici2l reorg2nis2tion 2nd insolvency proceedings7 2s0ell 2s o) other st2t6tory instr61ents incident2l on this proceedings7 p6/lished in the))ici2l #28ette o) Ro12ni27 P2rt I7 No% ?*? o) +* M2y *,,?7 0ith s6/seC6ent21end1ents7 2nd in 2ll s6/seC6ent st2t6tory instr61ents7 the phr2se B6lletin o) 6dici2l reorg2nis2tion 2nd /2n@r6ptcy proceedings sh2ll /e repl2ced 0ith the phr2seB6lletin o) insolvency proceedings% ART% +'' ithin - 1onths 2s o) the entry into )orce o) this l207 2n order o) the 1inister o) 6stice sh2ll 2dopt the M2n62l on good pr2ctices )or 2pplic2tion o) the insolvencyproceedings% ART% +'- <+= This l20 sh2ll co1e into )orce 0ithin (, d2ys 2s o) the d2te o) p6/lic2tion in the))ici2l #28ette o) Ro12ni27 P2rt I% <*= The s611oning7 the co116nic2tion o) 2ny proced6r2l 2cts7 o) the convenings7noti)ic2tions /y the B6lletin o) insolvency proceedings7 2ccording to Article o) this

l207 sh2ll 2lso /e c2rried o6t 2ccording to the "ode o) civil proced6re )or 2 period o) -1onths 2s o) the d2te o) entry into )orce o) this l20% <&= n the d2te o) entry into )orce o) this l207 the L20 No% -?;+((' on the 6dici2lreorg2nis2tion 2nd insolvency proceedings7 p6/lished in the ))ici2l #28ette o) Ro12ni27 P2rt I7 No% +%,-- o) + Nove1/er *,,?7 0ith s6/seC6ent 21end1ents 2nd2dditions7 Article ** o) the L20 No% &+;+((, on tr2ding co1p2nies7 rep6/lished inthe ))ici2l #28ette o) Ro12ni27 P2rt I7 No% +%,-- o) + Nove1/er *,,?7 0iths6/seC6ent 21end1ents 2nd 2dditions7 2s 0ell 2s 2ny other contr2ry provision sh2ll/e repe2led%

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LAW No. 85 of 5 April 2006