CONTESTS AND BANKRUPTCIES

Law 26,684

Amendment of Law No. 24,522. Sanctioned: June 1, 2011 Enacted: June 29, 2011

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc., are sanctioned by law:

Article 1-Incorporate as Article 11 (8) of Law 24,522 and its modifications, of contests and bankruptcies, the following text: 8) Accompanying payroll of employees, with details of domicile, category, seniority and last remuneration received. It shall also be accompanied by a declaration on the existence of debt and debt with the social security bodies certified by a public accountant.

Article 2-Amend point 10 of Article 14 of Law 24,522 and its amendments, of contests and bankruptcies, which will be worded as follows: 10) The fixing of an information hearing to be held with five (5) days of anticipation of the expiry of the period of exclusivity provided for in Article 43. Such hearing must be notified to the debtor's employees by publication by means of visible means in all their establishments.

ARTICLE 3-Amend point 11 of Article 14 of Law 24,522 and its amendments, of contests and bankruptcies, which will be worded as follows: 11) Correr's view of the receiver for the period of ten (10) days, which will be computed from of the acceptance of the charge, in order to give a ruling on: (a) the labour liabilities reported by the debtor; (b) Prior audit in the legal and accounting documentation, report on the existence of other labour credits included in the payment.

ARTICLE 4-Incorporate as Article 14 (13) of Law 24,522 and its modifications, of contests and bankruptcies, the following text: 13) The constitution of a control committee, composed of the three (3) major operating rooms, denounced by the debtor and one (1) representative of the workers of the employee, chosen by the workers.

ARTICLE 5-Amend Article 16 of Law 24,522 and its amendments, of contests and bankruptcies, which shall be worded as follows:

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Article 16: Prohibited acts. The company may not carry out acts on a free basis or may import changes in the situation of the creditors due to the reasons or title before the presentation. Soon payment of labor credits. Within ten (10) days of the publication of the report provided for in Article 14 (11), the judge of the contest shall authorise the payment of the remuneration due to the worker, the compensation for accidents at work or occupational diseases and those provided for in Articles 132 bis, 212, 232, 233 and 245 to 254, 178, 180 and 182 of the Employment Contract Regime approved by law 20,744; the indemnities provided for in law 25,877, in articles 1 and 2 of Law 25.323; in articles 8th, 9th, 10th, 11th and 15th of Law 24,013; in Article 44 and 45 of Law 25.345; in Article 52 of Law 23,551; and provided for in the special statutes, collective agreements or individual contracts, which enjoy general or special privilege and which arise from the report referred to in Article 14 (11). In order to proceed with the early payment of credit not included in the list provided for in Article 14 (11), the verification of the credit in the contest or judgment in the prior work trial is not necessary. After hearing the liquidator and the defendant, the judge may, in whole or in part, refuse the request for payment by a decision which was founded only where there is doubt as to its origin or legitimacy, whether or not there is a dispute connivance between the petitioner and the applicant. In all cases the decision will be appealed. The court ruling that admits the early payment will have the effects of a material judgment and will matter the verification of the credit in the insolvency liability. The one who denies it, will enable the creditor to initiate or continue the trial of working knowledge before the natural judge. No costs shall be imposed on the worker in the application for any payment, except in the case of connivance, temerity or malice. The appropriations will be paid in full if liquid funds are available. Otherwise, until the existence of the same is detected by the receiver, the three percent (3%) monthly of the gross income of the company must be affected. The receiver will make a payment plan proportional to the credits and their privileges, not being able to exceed each individual payment in each distribution an amount equivalent to four (4) minimum living and mobile wages. Exceptionally, the judge may, under the scheme of early payment, authorise the payment of those claims covered by the benefit and which, by their nature or special circumstances of their owners, must be affected to cover health, food or other people who do not admit delays. In the monthly control and report, which the trade union must carry out, it shall include the necessary modifications, if liquid funds are available, for the purposes of paying the full payment or modifying the plan submitted. Acts subject to authorisation. It must require prior judicial authorization to carry out any of the following acts: those relating to registrable goods; the provision or location of trade funds; the issue of debentures with special or floating guarantees; for the issue of marketable debt securities with special or floating collateral; those for the establishment of a garment and those exceeding the ordinary administration of its commercial turn. The authorization is dealt with with the hearing of the liquidator and the control committee; in order to be granted the judge has to weigh the appropriateness for the continuation of the activities of the defendant and the protection of the interests of the creditors.

ARTICLE 6-Incorporate as last paragraph of article 19 of Law 24,522 and its modifications, of contests and bankruptcies, the following text:

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The labour credits for non-payment of wages and any compensation resulting from the employment relationship are excluded from the preceding provision.

Article 7-Amend Article 20 of Law 24,522 and its amendments, of contests and bankruptcies, which shall be worded as follows:

Article 20: Contracts with mutual benefit pending. The debtor may continue to comply with the contracts which are in the course of execution, where there are mutual benefits pending. To do so, it must require the authorization of the judge, who decides after hearing the liquidator. The continuation of the contract authorizes the co-contractor to demand the performance of the benefits due to the filing date under a warning of resolution. The benefits provided by the third party after the presentation in a preventive tender, and after compliance with the provisions of this provision, enjoy the privilege provided for in Article 240. The symbolic tradition prior to filing, no matter compliance with the benefit to the purposes of this article. Without prejudice to the application of Article 753 of the Civil Code, the third party may terminate the contract when the decision to continue it has not been communicated to him, after thirty (30) days of the opening of the contest. You must notify the debtor and the receiver. Public services. Public services which are provided to the debtor for debts of origin on the date prior to the opening of the competition cannot be suspended. The services provided after the opening of the competition must be paid to their respective maturities and may be suspended in the event of non-compliance by the procedure laid down in the rules governing their respective benefits. In the event of liquidation in bankruptcy, the claims arising from the benefits referred to in the preceding subparagraph shall be granted in accordance with the preference laid down in Article 240.

ARTICLE 8-Amend Article 29 of Law 24,522 and its amendments, of contests and bankruptcies, which shall be worded as follows:

Article 29: Letter to the creditors and members of the control committee. Without prejudice to the provisions of Articles 27 and 28, the receiver must send to each creditor complained of and to the members of the control committee, a certified letter in which he/she makes him aware of the opening of the contest, including the succinct data of the the conditions laid down in Article 14 (1) and (3), the name and address of the court and the hours of care, the appointment of the court and the acting secretariat and the location and other aspects of which it considers the creditors to be of interest. Correspondence must be submitted within five (5) days of first publication of edicts. The omission of the receiver, in respect of the sending of letters, does not invalidate the process.

ARTICLE 9º-Incorporate as last paragraph of article 34 of Law 24,522 and its modifications, of contests and bankruptcies, the following text: Workers of the Ada who do not have the character of creditors will have the right to review the bequeads and be informed by the receiver about the implied credits.

ARTICLE 10. -amend Article 42 of Law 24,522 and its amendments, contests and bankruptcies, which shall be worded as follows:

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Article 42: Resolution of categorization. Within ten (10) days following the end of the period laid down in Article 40, the judge shall give final judgment by setting out the categories and the creditors within them. Establishment of the control committee. In that decision the judge shall appoint the new members of the control committee, which shall be made up of at least one (1) creditor for each category of the established ones, and must include the creditor of the highest amount. within the category and by two (2) new representatives of the employees of the employee, chosen by the workers, who will be incorporated into the one already elected in accordance with Article 14 (13). The judge may reduce the number of workers ' representatives when the payroll of employees so warrants. From that moment on, the functions of the former members of the committee representing the creditors will cease.

ARTICLE 11. -amend Article 45 of Law 24,522 and its amendments, contests and bankruptcies, which shall be worded as follows:

Article 45: Deadline and majorities for obtaining the agreement for operating rooms. In order to obtain the approval of the proposal for a preventive agreement, the debtor shall accompany the court, until the day of the expiration of the period of exclusivity, with the text of the proposal with the agreement accredited by written declaration with signature certified by public, judicial, or administrative authority in the case of national, provincial or municipal public entities, of the absolute majority of the creditors within each and every category, representing the two-thirds of the computable capital within each category. Only those conformations which date after the last proposal or its last amendment submitted by the debtor in the file shall be valid and computable. The majority of capital within each category is computed taking into account the total sum of the following credits: (a) Verified and declared eligible Quirographies falling within the category; (b) Privileged persons whose holders have (c) The creditor admitted as a chiropractor, for having refused the privilege invoked, shall be excluded from integrating the category, for the purposes of the calculation, if has promoted incident of review, in the terms of Article 37. The spouse, relatives of the debtor within the fourth degree of consanguinity, second of affinity or adopted, and their transferee within the year before the filing are excluded from the calculation. In the case of companies, the partners, administrators and creditors who are in respect of them in the situation of the preceding paragraph are not counted, the prohibition does not apply to creditors who are shareholders of the company, except that control of the same. The debtor must also accompany, as an integral part of the proposal, a system of administration and limitations to acts of disposition applicable to the stage of compliance, and the formation of a control committee to act as controller of the agreement, which shall replace the committee set up by the second paragraph of Article 42. The integration of the committee must be made up of creditors representing the majority of the capital, and the representatives of the workers of the company will remain in office. With five (5) days in advance of the expiration of the period of exclusivity, the information hearing shall be held with the presence of the judge, the secretary, the debtor, the provisional control committee and the creditors who wish to attend. In that hearing, the debtor will provide explanations regarding the negotiation it carries out with its creditors, and the assistants may ask questions about the

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proposals. If, before the date indicated for the information hearing, the debtor has obtained the conformations provided for in Article 45, and has communicated that circumstance to the court, accompanying the constances, the hearing shall not be held. (i)

ARTICLE 12. -Substitute Article 48 (1) of Law 24,522 and its amendments, of contests and bankruptcy, by the following: 1) Opening of a register. Within the two (2) days the judge will arrange for the opening of a record in the file so that within five (5) days the creditors, the worker cooperative made up of workers of the same company-including the cooperative training-and other third parties involved in the acquisition of shares or shares representing the share capital of the company, for the purpose of formulating a proposal for a preventive agreement. When the registration is opened, the judge will determine an amount to deal with the payment of the edicts. When registering in the register, this amount must be deposited by those interested in making proposals for agreement.

ARTICLE 13. -As Article 48a of Law 24,522 and its amendments, of contests and bankruptcies, the following text:

Article 48a: If, in accordance with paragraph 1 of the previous Article, the worker's cooperative-including the cooperative in formation-is registered, the judge shall order the liquidator to settle all the claims which would correspond to the workers registered for the allowances provided for in Articles 232, 233 and 245 of the Work Contract Scheme approved by law 20,744, the special statutes, collective agreements or the one agreed by the parties. The appropriations thus calculated may be used to intervene in the procedure provided for in the previous Article. The corresponding agreement shall be approved, the work contract of the registered workers will be dissolved and the work credits will be transferred in favor of the worker cooperative, becoming the social capital quotas of the same. The judge shall set the time limit for the final registration of the cooperative under the warning of failure to grant approval. The cooperative will assume all the obligations arising from the conformations presented. The Banco de la Nacion Argentina and the Federal Administration of Public Revenue, when they are creditors of the company, will have to grant the respective conformations to the cooperatives, and the facilities for refinancing debts in the more favourable conditions in their respective portfolios. The cooperative of workers shall be exempt from making the deposit of 25% (25%) of the value of the offer provided for in Article 48 (7) (i) and, by the time limit laid down by the implementing authority of Law 20.337, the deposit of 5% (5%) of the subscribed capital provided for in Article 90 of Law 20.337. In the process of establishing the cooperative, the implementing authority responsible for its registration shall agree to the first priority in the process of registration, and conclude within ten (10) working days.

ARTICLE 14. -Replace Article 129 of Law 24,522 and its amendments, contests and bankruptcies, by the following:

Article 129: Suspension of interest. The bankruptcy declaration suspends the course of interest of all kinds. However, any subsequent compensatory payments corresponding to claims covered by collateral may be levied up to the limit of the production of the taxed property.

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after the costs have been paid, the preferred interests prior to the bankruptcy and the capital. Similarly, the compensatory interest accrued after the corresponding amount of work credits is also not suspended.

ARTICLE 15. -Replace Article 187 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 187: Proposals and conditions of the contract. Under the circumstances, the judge may require a number of proposals to be put forward through the procedure which he considers to be safer and more efficient and which guarantees guarantees. The worker cooperative of the same establishment may propose a contract. In this case, it will be admitted that it guarantees the contract in whole or in part with the labor credits of its associates pending recovery in the bankruptcy that these voluntarily affect to such purpose, with consent given in hearing before the judge of the bankruptcy and with the intervention of the trade union association legitimized. The union will monitor compliance with contractual obligations. To these ends, it is authorized to enter the establishment to control the conservation of the goods and to control the accounting in the relevant to the interest of the contest. The terms in which the third party is required to perform its benefits are considered essential, and the non-compliance produces the right to the termination of the contract. When the time limit is overcome or the contract is resolved, the judge must arrange for the immediate return of the goods without any formalities or recourse.

ARTICLE 16. -Substitute the first paragraph of Article 189 of Law 24,522 and its amendments, of contests and bankruptcies, by the following: Immediate continuation. The receiver can immediately continue with the exploitation of the company or any of its establishments, if the interruption could result with evidence a serious damage to the interest of the creditors and the conservation of the patrimony, if (a) a production cycle that can be concluded or understands that the undertaking is economically viable. The preservation of the source of work also enables the immediate continuation of the exploitation of the company or of any of its establishments, if the two thirds of the staff in activity or of the labor creditors, organized in the cooperative, even in formation, requests it from the liquidator or the judge, if the latter had not yet taken over, from the bankruptcy judgment and up to five (5) days after the last publication of edicts in the official journal corresponding to the jurisdiction of the establishment. The receiver must put it to the judge's knowledge within twenty-four (24) hours. The judge may take such measures as it considers appropriate, including the cessation of exploitation, subject to the following paragraphs. Where the application referred to in the second paragraph of this Article is a cooperative in formation, it shall regularise its situation within a period of 40 (40) days, which may be extended if there are any evidence of This is a matter of course for the European public.

ARTICLE 17. -Replace Article 190 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 190: Common procedure for all processes. In all bankruptcy, even those included in the preceding article, the liquidator must inform the judge within twenty (20) days of runs counted from the acceptance of the charge, on the possibility of continuing with the exploitation of the company of the

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In the case of some of its establishments and the desirability of running them. The continuity of the company will take into consideration the formal request of the workers in relation of dependence that represent the two thirds of the staff in activity or of the labor creditors who will have to act in the period of continuity in the form of a worker cooperative. For such purposes it must present within twenty (20) days, from the formal request, an operating project containing the projections concerning the economic activity that will develop, from which the receiver will be transferred so that in Five (5) days time issue opinion on this. The term of business continuity, whatever its cause, does not give birth to the right to new labour compensation. The report of the receiver should be issued in particular on the following aspects: 1) The possibility of holding the holding without contracting new liabilities, with the exception of the minimum necessary for the rotation of the holding of the undertaking or establishment; (2) the advantage which would result for the creditors of the disposal of the undertaking in question (3) The advantage which may result for third parties in the maintenance of the activity; (4) the plan of operation accompanied by a budget of resources, duly founded; (5) the contracts in progress to be maintained; case, reorganizations or modifications to be made in the company to make economically (7) The employees who will need to be used for the administration of the holding; (8) Explain the way in which the pre-existing liability is to be cancelled. In the event of dissent or doubt as to the continuation of the exploitation by the workers, the judge, if deemed necessary, may convene a hearing for the interveners at the joint and the liquidator, to appear for them, with all the proof that they try to avail themselves. The judge, for the purposes of this Article and within the scope of the powers of Article 274, may, in a manner which is reasonable to ensure the continuity of the undertaking, extend the time-limits provided for in the law for the continuity of the undertaking. the liquidation of each establishment as a business unit and with the operation in place.

ARTICLE 18. -Substitute Article 191 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 191: The authorization to continue with the activity of the company of the failed or any of its establishments will be given by the judge in case of its interruption could emanate a serious decrease of the value of realization, (a) a production cycle which can be concluded, in cases where it considers it economically viable or in keeping with the conservation of the labour supply of the workers of the company declared bankrupt. In his authorization, the judge must give an explicit ruling at least on: (1) The plan of the holding, for which it may be provided by experts or specialised entities; (2) the period for which the holding will continue; for these purposes the cycle and the time required for the disposal of the This period may be extended by one time, on the basis of a reasoned decision; (3) The amount and professional qualification of the staff to be affected by the holding; (4) the goods which may be used; (5) the designation or not of one or more of the goods; co-administrators; and authorization to the liquidators to hire employees of the administration; 6) Contracts in the course of implementation which shall be maintained; the other contracts shall be resolved;

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7. The type and periodicity of the information to be supplied by the receiver and, where appropriate, the co-administrator or the working cooperative. This resolution shall be delivered within ten (10) days after the presentation of the report of the trade union provided for in Article 190. The resolution rejecting the continuation of the exploitation is appealed by the receiver and the worker cooperative.

ARTICLE 19. -Incorporate as Article 191a of Law 24,522 and its amendments, of contests and bankruptcies, the following text:

Article 191a: In any case of bankruptcy, the operation of the undertaking or any of its establishments by two-thirds of the working staff or of the labour creditors, organised in the cooperatives, even in training, the State will have to provide the necessary technical assistance in order to proceed with the turn of business.

ARTICLE 20. -Replace Article 192 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 192: Conditions of employment According to what the judge has resolved, the liquidator, the co-administrator or the working cooperative, as the case may be, shall act according to the following regime: (1) They are considered to be authorized to carry out all the acts of ordinary administration corresponding to the continuation of the holding; 2) For acts exceeding that administration, they need judicial authorization, which shall only be granted in Case of obvious need and urgency; In such a case, the judge may authorise the establishment of special guarantees when it is essential to ensure the continuity of the operation. (3) The obligations legally incurred by the person responsible for the holding enjoy the preference of the creditors of the competition; 4) In the event of revocation or extinction of the bankruptcy, the debtor assumes full rights the obligations contracted (5) Only the goods concerned with special privilege may be disposed of by disengaging the preferential creditor or by replacing those goods with other equivalent value. Where the holding of the undertaking or of any of the establishments is carried out by the cooperative working party, this Article shall apply, with the exception of paragraph 3. Early conclusion. The judge may terminate the continuation of the holding before the expiry of the period fixed, by a settled decision, if it would be loss-making or, in any other way, cause injury to the creditors.

ARTICLE 21. -Replace Article 195 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 195: Mortgage and garment in the continuation of company. In the event of a continuation of the undertaking, the mortgage creditors or creditors may not use the right referred to in Articles 126, second part, and 209, on the goods necessary for the holding, in the following cases: 1) When the claims are not due to the date of the declaration and the receiver satisfies the subsequent obligations in due time; 2) When the claims are due to the date of the declaration, as long as they do not

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(i) a firm resolution stating its quality as a mortgage creditor or a loan; (3) Where the mortgage creditor or the creditor is in compliance with the suspension of the execution. The covenants contrary to the provisions of points (1) and (2) are null and void. By decision founded and at the request of the workers ' cooperative, the judge of the bankruptcy may suspend the foreclosures and/or the execution for a period of up to two (2) years.

ARTICLE 22. -As the last paragraph of article 196 of Law 24,522 and its modifications, of contests and bankruptcies, the following: the previous paragraph shall not apply for the case that the continuity of the operation is carried out by a cooperative of workers or cooperative workers.

ARTICLE 23. -As the last paragraph of Article 197 of Law 24,522 and its amendments, of contests and bankruptcy, the following: this article shall not apply in cases of continuity of the holding in charge of a cooperative workers or subject of law constituted by workers of the failed one.

ARTICLE 24. -Substitute Article 199 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 199: Labour obligations of the acquirer of the undertaking. The acquirer of the undertaking whose holding has continued will only be considered a successor to the competition with respect to the labour rights of the employees whose relationship was maintained during this period. Consequently, it is not the successor of the failed but in that concept and the amounts owed before the bankruptcy will be subject to verification or payment in the contest. In the event that the acquirer is the worker's cooperative, it shall be subject to the rule of law 20.337.

ARTICLE 25. -amend Article 201 of Law 24,522 and its amendments, contests and bankruptcies, which shall be worded as follows:

Article 201: Control Committee. Within ten (10) days of the resolution of Article 36, the liquidator should promote the constitution of the control committee that will act as controller of the settlement stage. For this purpose, it shall be sent to the whole of the workers who integrate the plant of personnel of the company and to the verified and declared creditors, with the object which, by a majority of the capital they appoint the members of the committee.

ARTICLE 26. -amend Article 203 of Law 24,522 and its amendments, contests and bankruptcies, which shall be worded as follows:

Article 203: Opportunity. The performance of the goods is made by the liquidator and must begin immediately unless there has been an appeal for replacement against the judgment of bankruptcy, the conversion in the terms of Article 90 has been accepted by the judge, or resolved the continuation of the holding as set out in Articles 189, 190 and 191.

ARTICLE 27. -Incorporate as Article 203a of Law 24,522 and its amendments, of contests and bankruptcies, the following:

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Article 203 bis: Workers meeting in cooperative work are entitled to apply for the acquisition in accordance with Article 205 (1) and (2) and may be entitled to compensation in respect of the claims in respect of the assist workers of the failed, in accordance with Articles 241 (2) and 246 (1) of the insolvency law, not being applicable in this case the prohibition of Article 211. The amount of the compensation shall be calculated, for the purposes of the compensation, in accordance with Article 245 of Law 20.744 (t.o. 1976), the special statutes, collective agreements or individual contracts, according to which I shall be most favourable. to the workers. To this end, the labour credits for which workers who voluntarily give them to the cooperative may be used in whole or in part. The cession shall take place in a hearing to be held before the judge of the bankruptcy with the intervention of the legitimized trade union association. The time limit for the payment of the price may be fixed at the time of sale.

ARTICLE 28. -Replace Article 205 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 205: Disposal of the undertaking. The sale of the undertaking or of one or more establishments is carried out in accordance with the following procedure: 1) The designated for the disposal, the rate that is planned to be sold according to its likely value of completion in the market; of this appraisal the worker's cooperative is seen in the event that it has been formed and the receiver who, in addition, shall inform the value referred to in Article 206; (2) In all cases covered by this Article, the cooperative working party may make a bid and require the award of the undertaking to the value of the valuation in accordance with the (3) The sale must be ordered by the judge and may be made by public auction. In such a case, the formalities of Article 206 and those set out in points (4), (5) and (6) of this Article must be complied with; (4) If the judge orders the sale, without recourse to public auction, it corresponds to the liquidator, with the assistance of who has been designated for disposal purposes, to project a specification in which he must express the basis of the price, which shall be that of the assessment made or the one arising from Article 206, whichever is greater, the summary description of the goods, circumstances relating to the location in the case in which the unsuccessful person is a locatary, and the other circumstances he considers to be interest. The proposed basis cannot be lower than the valuation provided for in point (1). Outstanding claims may be included, linked to the undertaking or establishment to be sold, in which case the basis should be increased prudentially. The condition of sale must be counted, and the price must be fully paid before the inauguration, which may not exceed twenty (20) days from the notification of the resolution approving the award. The judge must decide on the final content of the contract, by means of a well-founded decision. To this end it may require the advice of specialists, investment banks, consulting firms, or other qualified entities in technical, economic, financial and market aspects. This resolution must be given within twenty (20) days after the presentation of the draft of the liquidation; 5) Once the specification has been drawn up, edicts must be published for two (2) days, in the journal of legal publications and in another The Court of Justice of the European Court of Justice and the Court of Justice of the European Court of Justice of the European Union The edicts must succinctly indicate the location and destination of the establishment, sales base and

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other conditions of the operation; the time limit within which tenders may be made in respect of closed to the court and the day and time of its opening. The judge may have greater publicity, in the country or abroad, if he considers it appropriate; 6) The offers must be presented in a closed, and contain the name, real address and special constituted within the jurisdiction of the court, profession, age and marital status. They must express the price offered. In the case of companies, an authentic copy of the company's social contract and the documents certifying the person's person must be accompanied. The offeror must accompany guarantee of maintenance of offer equivalent to ten per cent (10%) of the price offered, in cash, in public securities, or bank bail payable at first demand; 7) The envelopes containing the offers must be opened by the judge, at the time fixed, in the presence of the liquidator, bidders and creditors who are present. Each offer must be signed by the secretary for individualization, with the use of the minutes. In case of a tie the judge can call to improve offers. The measures referred to in points (1) to (7) of this Article must be completed within four (4) months of the date of the bankruptcy, or since the date of bankruptcy, if a replacement has been brought or since the end of the continuation as appropriate for each case. The judge may, by way of resolution, extend the period in ninety (90) days; (8) For the purposes of the award the judge shall in particular weigh the assurance of the continuity of the business operation, by means of the relevant business plan and the the size of the staff plant that is kept in activity as an effective protection of the source of work. The time limit for the payment of the price may be stipulated in the tender documents; 9) Within the period of twenty (20) days, from the notification of the final decision approving the award, the offeror must pay the price, depositing the amount. If this requirement is met, the judge must order the relevant entries to be carried out, and that the possession of the sales be granted. If the successful bidder does not deposit the price, it loses its right and the guarantee of the maintenance of the offer. In that case, the judge awards the second best offer that exceeds the base; 10) Fracasada the first tender, in the same act the judge, will call for a second tender, the one that will be called without base.

ARTICLE 29. -Substitute Article 213 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 213: Direct sale. The judge may arrange for the direct sale of goods, after having been given to the liquidator, to the cooperative working for the case that the worker is continuing the exploitation, when by its nature, its limited value or the failure of another form of disposal I will find it useful for the contest. In that case, it determines the form of disposal, which can be entrusted to the liquidator or to an intermediary, institution or specialised market. The sale they perform requires subsequent court approval.

ARTICLE 30. -Replace the first paragraph of Article 217 of Law 24,522 and its amendments, of contests and bankruptcies, by the following:

Article 217: Plazos. The periods referred to in Articles 205 to 213 and 214, final part, must be effected within four (4) months of the date of the bankruptcy, or since the date of bankruptcy, if a replacement is brought. The judge may extend that period by ninety (90) days, by resolution founded. The time limit laid down in Article 191 (2) shall be applied.

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ARTICLE 31. -amend Article 260 of Law 24,522 and its amendments, contests and bankruptcies, which shall be worded as follows:

Article 260: Controller. Control Committee. The review committee for control in the competition is a body of information and advice. The final committee is the necessary controller at the stage of compliance with the preventive agreement, and in the liquidation in bankruptcy. Its members are chosen by the creditors by majority of capital, and the committee must be composed of a minimum number of three (3) creditors. It must also be made up of representatives of the workers, chosen by the workers of the employee or failed. The proposal for a preventive agreement should include the establishment and establishment of the final control committee. The committee set up to monitor compliance with the agreement maintains its functions in the event of a declaration of bankruptcy as a result of non-compliance. The committee, provisional or final, in the contest has wide powers of information and advice. It may require information from the liquidator and the defendant; require the display of books; legal and accounting records; propose custody and conservation plans for the estate of the defendant; request hearings before the intervener, and the other The measure considers appropriate in the procedural stage of its action. At the stage of liquidation in bankruptcy the committee may propose measures, suggest to whom it should be appointed to carry out the disposal of the assets or part of them, founding its proposition in reasons of convenience for the best realization of the goods; require information from the officials of the competition; request hearings from the intervener and the extent to which he considers it appropriate in the procedural stage of his action. It must inform the creditors and employees of the contract or failed with the periodicity indicated in the agreement, which must not be less than four (4) months, and monthly in bankruptcy, making and placing provision of the same report at the address which they constitute in the file for that purpose. The committee shall issue an opinion for the lifting of the inhibition of those who are in the stage of compliance with the preventive agreement, in cases where this is necessary in accordance with Article 60. The remuneration of the committee, if envisaged, will be regulated in the agreement. In the event of bankruptcy, it shall be fixed by the judge taking into account the nature and extent of the functions fulfilled. The provisional committee, provided for in Article 14 (13), shall carry out information and control functions in the process of preventive agreement until its replacement by the control committee formed by the agreement. During its performance, it shall have the powers provided for in the second subparagraph, first part of this Article. Recruitment of professional advisers. The control committee may hire professional lawyers, accountants, auditors, assessors, estimators, appraisers and any other appropriate staff, to assist him in his task with the costs of the contest. The remuneration of such professionals shall be fixed by the judge at the time of approval of the agreement, the fulfilment of the preventive agreement, or the completion of the liquidation-as has been the case with the action of such professionals-in (a) the performance and the work carried out, the remuneration of which, as a whole for all the interveners, cannot be paid, more than half a percentage (0,50%) of the amount of the appropriations for which the members of the committee, nor less than a salary of the secretary of first instance of the jurisdiction in which the procedure the contest or bankruptcy. Removal. Substitution. The removal of the members of the control committee is governed by the provisions of Article 255. Without prejudice to this, their members may be replaced at any time by the creditors, under the same majority of their designation, except the representatives of the workers, who may be substituted in any the opportunity for the same procedure by which

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were elected.

ARTICLE 32. -amend Article 262 of Law 24,522 and its amendments, contests and bankruptcies, which shall be worded as follows:

Article 262: Evaluators. The valuation of shares or shares representing the capital in the case of Article 48 shall be carried out by investment banks, financial institutions authorised by the Central Bank of the Republic of Argentina, or audit studies with more than 10%. (10) years old. Every four (4) years the Appeals Chamber will form a list of evaluators. From that list, the control committee shall propose a list of evaluators, on which the judge shall elect. If no such list exists for lack of registration, the control committee shall suggest to the judge, two or more evaluators, that they meet similar requirements to those set out in the first paragraph of this article, corresponding to the judge making the appointment. on that proposal. The remuneration of the evaluator shall be fixed by the judge at the same time as it regulates the fees of other officials and lawyers, and shall be done on the basis of the work actually carried out, without regard to the amount of the valuation.

ARTICLE 33. -Contact the national executive branch. GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, ONE DAY OF THE MONTH OF JUNE OF THE YEAR TWO THOUSAND ELEVEN. -REGISTERED UNDER NO. 26,684-EDUARDO A. FELLNER. -JOSE J. B. PAMPURO. -Enrique Hidalgo. -Juan H. Estrada.

Date of publication: 30/06/2011

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