Modification Of Law Nº 24.522. Insolvency And Bankruptcy

Original Language Title: Modificación de la Ley Nº 24.522. Concursos y Quiebras

Read the untranslated law here: https://www.boletinoficial.gob.ar/#!DetalleNorma/9776102/20170323

CONTESTS and bankruptcy law 26.684 modification of the law Nº 24.522. Sanctioned: 1 June 2011 promulgated: 29 June 2011 the Senate and Chamber of deputies of the Argentina nation gathered in Congress, etc. (sanctioned with force of law: article 1 - included as paragraph 8 of article 11 of the law 24.522 and its modifications, insolvency and bankruptcy, the following text: 8) accompanying payroll, with detail address, category, seniority and last received remuneration. It must be accompanied also declaration about the existence of labour debt and debt with the social security certified public accountant agencies.
Article 2º - amending paragraph 10 of article 14 of the law 24.522 and its modifications, insolvency and bankruptcy, which will be drafted in the following way: 10) the fixing of an informative hearing which will be held five (5) days prior to the expiry of the exclusivity period laid down in article 43. Such a hearing shall be reported to the workers of the debtor through publication by visible means in all its stores.
Article 3º - amending paragraph 11 of article 14 of the law 24.522 and its modifications, insolvency and bankruptcy, which will be drafted in the following way: 11) running vista to the trustee for a period of ten (10) days, to be computed from the acceptance of the cargo, to rule on: to) the labor liabilities reported by the debtor; (b) previous audit in the legal and accounting, documentation report on the existence of other claims covered by the payment.
Article 4º - incorporated as paragraph 13 of article 14 of the law 24.522 and its modifications, insolvency and bankruptcy, the following text: 13) the establishment of a Steering Committee, composed of three (3) unsecured creditors of greater amount, reported by the debtor and one (1) representative of workers of the bankrupt, elected by the workers.
Article 5º - amending article 16 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way: https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 article 16: prohibited acts. The bankrupt can not perform acts gratuitously or to import alter the situation of creditors by cause or title prior to the presentation. Prompt payment of claims. Dentro_de within ten (10) days of issued the report referred to article 14 paragraph 11), the judge of the contest shall authorize the payment of the wages due to the employee, compensation for accidents of work or occupational diseases and those provided for in the articles 132 bis, 212, 232, 233 and 245 254, 178, 180 and 182 of the regime of work contract approved by 20.744 law; the benefit provided for in the law 25.877, in items 1 ° and 2 ° of 25.323 law; in articles 8, 9, 10, 11 and 15 of the law 24.013; in article 44 and 45 of the law 25.345; in article 52 of Act 23.551; and those provided for in special statutes, collective agreements or individual contracts, which enjoy general or special privilege and arising out of the report mentioned in paragraph 11 of article 14. To proceed the payment of credit not included in the list referred to article 14 paragraph 11), the verification of the credit in the contest or judgment in trial work is not necessary. View prior to the trustee and to the bankrupt, the Court may deny total or partially the request for payment by resolution established, only when it exists doubt about its origin or legitimacy, they found controversial or there is suspicion of collusion between the petitioner and the bankrupt. In all cases, the decision shall be final. The Court ruling that supports the prompt payment will judicata impact and import verification of credit in bankruptcy liabilities. Which denied it, will enable the creditor to initiate or continue the trial of job knowledge before the natural judge. Costs shall not impose the worker in the application for payment, except for collusion, recklessness or malice. Credits shall be paid in their entirety, if there were liquid funds available. Otherwise and until it is detected the existence of the same by the trustee should be affected the three percent (3%) per month of the gross income of the bankrupt. The trustee shall be a plan of proportional payment appropriations and their privileges, and can not exceed each individual payment in each distribution an amount equivalent to four (4) minimum wages of vital and mobile. Exceptionally the judge may authorize, under control of prompt payment, the payment of those loans covered by the benefit and that, by its nature or circumstances of the owners, must be affected to cover contingencies of health, food or other drugs that do not admit delays. Control and report monthly, the trustee should be, contain the necessary modifications, if there are available liquid funds, for the purposes of pay all of prompt payments or modify the submitted plan. Acts subject to authorization. It should require prior judicial authorization to perform any of the following acts: those relating to registrable goods; disposal or lease of goodwill; from issue of debentures with warranty special or floating; of issuance of corporate bonds with floating or special warranty; of the Constitution of garment and which exceed the ordinary administration of its commercial rotation. The authorization is processed with hearing of the receiver and the Steering Committee; for its granting judge must weigh the convenience for the continuation of the activities of the bankrupt and the protection of the interests of creditors.
Article 6º - be incorporated as the last paragraph of article 19 of law 24.522 and its modifications, of insolvency and bankruptcy, the following text: https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 the preceding provision excludes labor appropriations corresponding to the lack of payment of wages and all compensation derived from the employment relationship.
Article 7º - amending article 20 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way:

Article 20: Contracts with pending mutual benefit. The debtor can continue with the fulfilment of the contracts in course of execution, where outstanding reciprocal benefits. This should require authorization from the judge, who resolves the previous view of the trustee. The continuation of the contract authorizes the contract to enforce the benefits owed to the date of presentation in competition under penalty of resolution. Benefits the third meeting after the filing in bankruptcy, and prior compliance with the provisions of this rule, enjoy the privilege provided for in article 240. Symbolic tradition prior to the presentation, regardless of compliance with the provision for the purposes of this article. Without prejudice to the application of article 753 of the Civil Code, the third can terminate the contract when no has informed the decision to continue it, after thirty (30) days of open competition. You must notify the debtor and the trustee. Public services. You can not suspend public services provided to the debtor for debts arising prior to the opening of the competition. Services rendered subsequent to the opening of the contest must be paid to their respective maturities and can be suspended in case of default by means of the procedure laid down in the rules governing their respective benefits. In the event of liquidation in bankruptcy, credits generated by the benefits referred to in the preceding paragraph have preference established by article 240.
Article 8º - amending article 29 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way: article 29: letter to the creditors and members of the Steering Committee. Without prejudice to the provisions of articles 27 and 28, the trustee must send to each creditor of the respondent and to the members of the Steering Committee, certified letter in which do you know the opening of the contest, including the concise requirements set out in subparagraphs 1 and 3 of article 14, his name and address and office hours the designation of the Court and acting Secretary and its location and other aspects deemed of interest to the creditors. Correspondence should be sent within five (5) days of the first publication of edicts. The omission incurred by the trustee with respect to the sending of letters, does not invalidate the process.
Article 9º - be incorporated as the last paragraph of article 34 of law 24.522 and its modifications, of insolvency and bankruptcy, the following text: the workers of the bankrupt which they do not have the character of creditors shall be entitled to review the files and be informed by the trustee about the tapholes credits.
ARTICLE 10. -Modified article 42 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way: https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 article 42: resolution of categorization. Within ten (10) days following the end of the deadline set in article 40, the judge shall issue resolution definitely fixing the categories and the creditors included in them. Constitution of the Steering Committee. In that resolution the judge shall appoint the new members of the Steering Committee, which will be formed at least by one (1) creditor for each category of those established must integrate it necessarily the creditor of a greater amount in the category and two (2) new representatives of the workers of the bankrupt, elected by the workers, who will join the already elected according article 14 , paragraph 13. The judge may reduce the number of workers representatives when the payroll of employees thus justifies it. From that moment will cease the functions of the former members of the Committee representing creditors.
ARTICLE 11. -Amend article 45 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way:

Article 45: Term and majorities to obtain agreement for unsecured creditors. To obtain the approval of the preventive agreement proposal, the debtor must accompany the Court, until the day of the expiration of the period of exclusivity, the text of the proposal with conformity accredited by statement written with signature certified before notary public, judicial, or administrative authority in the case of national, provincial, or municipal authorities, of the absolute majority of creditors in all and each one of the categories that they represent two-thirds of the computable capital within each category. The conformities that date back to the last proposal or last modified presented by the debtor on the record will only be valid and Computable. The majority of capital within each category is computed taking into account the total amount of the following credits: to) stated and verified Quirografarios admissible within the category; (b) Privilegiados whose holders have waived the privilege and who have joined that category of unsecured; (c) the creditor admitted as denominated, by rejecting the invoked privilege, will be excluded from integrating the category, for the purposes of the computation, if I would have promoted incident review, in accordance with article 37. It is excluded from the computation to the spouse, relatives of the debtor within the fourth degree of consanguinity, second of affinity or adoptive, and their transferees within the year prior to the presentation. Case of societies do not count members, administrators and creditors who are on them in the situation of the previous paragraph, the prohibition does not apply to creditors who are shareholders of the bankrupt, unless it is of the same taxpayer. The debtor must be accompanied, in addition, as an integral part of the proposal, a system of administration and of limitations on acts of provision applicable to the stage of implementation, and the establishment of a Steering Committee that will act as the controller of the agreement, which will replace the Committee set up by article 42, paragraph. The integration of the Committee shall be composed of creditors, representing the majority of the capital, and representatives of the workers of the bankrupt will remain in his office. Five (5) days prior to the expiration of the term of the exclusivity period, will take place the informational hearing with the presence of the judge, the clerk, the debtor, the Interim Steering Committee and creditors who wish to attend. At such hearing the debtor will give explanations with regard to the negotiation that takes place with your creditors, and attendees can ask questions about the https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 proposed. If prior to the date specified for the informational hearing, the debtor had obtained the conformities laid down by article 45, and had communicated this circumstance the Court, accompanying the records, audience not be held.
ARTICLE 12. (- Replaced paragraph 1) of article 48 of the law 24.522 and its modifications, insolvency and bankruptcy, by the following: 1) opening of a record. Within two (2) days the judge will have a record opening on record so that within a period of five (5) days creditors, registering the work cooperative made up of workers from the same company - including the cooperative training- and other third parties interested in the acquisition of the shares or shares representing the capital of the insolvent for the purpose of formulating preventive settlement proposal. To have the opening of the registration judge will determine an amount to deal with the payment of the edicts. To enroll in the registry, this amount must be deposited by those interested in proposals for agreement.
ARTICLE 13. -Merge as article 48 bis 24.522 law and its amendments, insolvency and bankruptcy, the following text: article 48 bis: If, as paragraph 1 of the preceding article, register the cooperative work - including the cooperative training-the judge will order the trustee to practice liquidation of all claims which would correspond to the workers enrolled by the benefit provided for in the articles 232 233 and 245 of the regime of work contract approved by law 20.744 special statutes, collective agreements or where agreed by the parties. Appropriations thus calculated can be enforced to intervene in the procedure provided for in the preceding article. Approved the agreement, there will be the dissolution of the contract of employment of the workers enrolled and employment appropriations will be transferred in favour of the cooperative's work turning it into shares of capital stock of the same. The judge shall fix the deadline for the final registration of the cooperative under penalty of not to proceed with the approval. The cooperative will assume all obligations arising from the submitted compliances. The Bank of the Argentina nation and the Federal Administration of public revenues, when they are creditors of the insolvent, must grant the respective compliances to the cooperatives, and the refinancing of debt facilities in the most favorable conditions prevailing in their respective portfolios. Remains outside the cooperative workers make the deposit of the twenty-five percent (25%) of the value of the offer referred to in item (i)), paragraph 7 of article 48 and, for the period determined by the authority of law 20.337, of the deposit of five per cent (5%) of the subscribed capital referred to in article 90 of the law 20.337. In the process of Constitution of the cooperative enforcement responsible for its registration authority will agree to first priority to the processing of the same and should be concluded within ten (10) business days.
ARTICLE 14. -Replace rule 129 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 129: Suspension of interests. The Declaration of bankruptcy suspends the course of interests of all kinds. However, the accrued compensatory after matching credits covered with real guarantees can be perceived up to the limit of the proceeds from the well taxed https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09

After paid coasts, the preferred interests prior to the bankruptcy and the capital. Also, are suspended either compensatory interest accrued after that correspond to claims.
ARTICLE 15. -Replace the article 187 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 187: proposals and conditions of the agreement. According to circumstances the judge may require different proposals using the procedure which it considered safer and more efficient and that warranties are offered. The cooperative of workers of the same establishment may propose contract. In this case shall be to ensure the contract in whole or in part with the claims of his associates receivable in bankruptcy affecting these voluntarily to such purpose, with consent given at hearing before bankruptcy judge and intervention of the legitimate trade union association. The Audit Office supervise the fulfilment of the contractual obligations. For these purposes, it is authorized to enter the establishment for controlling the conservation of the property and overseeing the accounting in the relevant to the interest of the competition. The terms under which the third party is made its performance is considered to be essential, and the breach produced full resolution of the contract. To beat the deadline or terminate the contract, the judge must have the immediate restitution of the property without recourse and pending.
ARTICLE 16. -Replace the first paragraph of article 189 of the law 24.522 and its modifications, insolvency and bankruptcy, by the following: immediate continuation. The trustee can immediately continue with the exploitation of the company or any of its establishments, if disruption could result with evidence a serious damage to the interests of creditors and the conservation of the heritage, if continued a cycle of production that can be concluded or understands that the project is economically viable. Also the conservation of the supply of labor enabled the immediate continuation of the holding company or one of its establishments, if two thirds of personnel in activity or business creditors, organized in cooperative, even in training, requested it to the trustee or to the judge, if he still couldn't been made charge, from the judgement of bankruptcy and up to five (5) days after the last publication of edicts in the official journal that corresponds to the jurisdiction of the establishment. The Syndic must inform of the judge within twenty-four (24) hours. The judge may take measures that it deems appropriate, including the cessation of exploitation, with reserve as set out in the following paragraphs. For the case that the application to that second paragraph of the present, is a cooperative in formation, the same shall regularizing their situation within a period of forty (40) days period which could be extended if there are accredited reasons of origin outside its sphere of responsibility that would prevent such task.
ARTICLE 17. -Replace the article 190 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 190: common procedure for all processes. In any bankruptcy, the still covered in the previous article, the trustee must inform the judge within twenty (20) calendar days counted from the acceptance of the charge, on the possibility of continuing with the operation of the company of the failed https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 or one of its establishments and the convenience of disposal up. In the continuity of the company taken into account the formal request of the workers in dependency ratio, that represent two-thirds of the staff activity or labor creditors who must act in the period of continuity in the form of a cooperative. To such purposes are required within the period of twenty (20) days from the formal request, an exploitation project containing projections concerning the economic activity that will develop, of which will be transfer to the trustee so that within five (5) days of opinion in this regard. The term of the continuity of the company, whatever its cause, does not rise to the entitlement to new labour compensation. The report of the trustee be issued specifically on the following aspects: 1) the possibility of maintaining exploitation without getting new liabilities, except for the necessary minimum for the rotation of the exploitation of the enterprise or establishment; (2) the advantage that would result for the creditors of the disposal of the company (3) the advantage that may be third-party maintenance activity; (4) the operating plan accompanied by a budget of resources, properly founded; (5) the contracts in course of execution that must be kept; (6) where appropriate, reorganizations or changes that must be made at the company to make economically viable exploitation; (7) employees you will need for the administration of the holding; (8) explain the mode that aims to settle the pre-existing liability. In case of disagreements or doubts regarding the continuation of the exploitation of the workers, the judge, if it considers this necessary, can convene a hearing to those participating in the joint and the receiver, so that they appear to her with all the proof that try to fend. Judge, for the purposes of this article and within the framework of article 274 schools, can be founded way extended deadlines that is foreseen in the law for the continuity of the company, to the extent that it is reasonable to ensure the liquidation of each establishment as business unit and the holding up.
ARTICLE 18. -Replace article 191 24.522 law and its amendments, insolvency and bankruptcy, by the following:

Article 191: The authorization to proceed with the activity of the company of the failed or one of its establishments will be given by the judge in case of interruption could emanate a serious decrease in the value of preparation, screeching to a halt a production cycle that can be concluded, in those cases which considers it economically viable or to safeguard the conservation of labour supply of the workers of the company declared bankruptcy. In its authorization judge must explicitly say at least about: 1) the exploitation plan, which may be advised by experts or specialized institutions; (2) the term that will continue the exploitation; for these purposes shall be taken into account cycle and the time required for the disposal of the company; This period may be extended only once, by resolution founded; (3) the amount and professional qualification of the staff who will continue to affected to exploitation; (4) goods that may be used; (5) the designation or not of one or more co-managers; and authorization to the trustee to hire employees of the Administration; (6) the contracts in course of execution to be maintained; others will be resolved;
https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 7) type and frequency information that must provide the trustee and, where appropriate, the co-administrators or cooperative work. This resolution shall be issued within ten (10) days of the presentation of the report by the Audit Office laid down in article 190. The resolution that rejects the continuation of the exploitation may be appealed by the trustee and the cooperative work.
ARTICLE 19. -Merge as article 191 bis 24.522 law and its amendments, insolvency and bankruptcy, the following text: article 191 bis: any bankrupt that it has arranged the continuity of the operation of the company or of any of their settlements by two-thirds of the personnel in activity or business creditors, organized in cooperatives , even in training, the State must provide the technical assistance required to move forward with the business field.
ARTICLE 20. -Replacing article 192 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 192: applicable regime. De_acuerdo_a which resolved the judge, the trustee, the co-administrators, or the cooperative of work, as appropriate, will act according to the following scheme: 1) are authorized to perform all acts of ordinary administration corresponding to the continuation of the exploitation; (2) for acts exceeding this administration, they need judicial authorization, which is only given in case of necessity and urgency evident; In such a case the judge may authorise the Constitution of special guarantees when it is essential to ensure the continuity of the exploitation. (3) obligations legally responsible for exploitation are the preference of the creditors of the contest; (4) in case of revocation or termination of the bankruptcy, the debtor assumes full obligations legally responsible for exploitation; (5) only available is the goods affected by special privilege exposed the preferential creditor or replacing such property by others of equivalent value. In case that the holding company or of any of the settlements is in charge of the cooperative shall apply this article, with the exception of subsection 3). Early conclusion. The judge can end the continuation of the exploitation before the expiration of the deadline, by founded resolution, if it proves insufficient or, in any other way, or she causes prejudice to the creditors.
ARTICLE 21. -Replace the article 195 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 195: mortgage and pledge in the continuation of the company. En_caso_de continuation of the company, mortgage or secured creditors can not use the right to aux articles 126, second part, refer and 209, on the goods necessary for the exploitation, in the following cases: 1) when appropriations are not expired at the date of the statement and the trustee meets the following obligations in due time; (2) where are credits due to the date of the Declaration, while they do not have https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 firm resolution that certifies their quality of mortgage or lien creditor; (3) where there is conformity of the mortgage or lien creditor for the stay of execution. (Contrary to the provisions of subparagraphs 1) and 2 Covenants are null). Informed decision and at the request of the worker cooperative, the bankruptcy judge may suspend executions mortgage or pledges for a period of up to two (2) years.
ARTICLE 22. -Be incorporated as the last paragraph of article 196 of the 24.522 law and its amendments, of insolvency and bankruptcy, the following: shall not apply the preceding paragraph so that the continuity of the exploitation is carried out by a worker cooperative or cooperative.
ARTICLE 23. -Be incorporated as the last paragraph of article 197 of the 24.522 law and its amendments, of insolvency and bankruptcy, the following: will not apply this article in cases of continuity of the exploitation carried out by a worker cooperative or subject of law constituted by workers of the failed.
ARTICLE 24. -Replace the article 199 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 199: job duties of the purchaser of the company. The acquirer of the company whose holding has continued only will be considered successor to the competition with respect to the labour rights of workers whose relationship was maintained during this period. As a result, it is not the successor of the failed but in that concept and amounts due prior to bankruptcy will be subject to verification or payment in the contest. In the case that the acquirer is the cooperative's work it must be to the rule of law 20.337.
ARTICLE 25. -Amend article 201 of 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way:

Article 201: Control Committee. Within ten (10) days from the resolution of article 36, the trustee must promote the establishment of the Steering Committee that will act as the controller of the liquidation stage. For this purpose it shall send written notice to all the workers that integrate the plant of company staff and creditors checked and declared admissible, with the object which, by a majority of capital designated by the members of the Committee.
ARTICLE 26. -Amend article 203 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way: article 203: opportunity. The realization of assets is made by the trustee and must begin immediately unless is has filed appeal against the judgement of bankruptcy, it has been admitted by the judge the conversion under the terms of article 90, or the continuation of the exploitation according to according to the articles 189, is resolved 190 and 191.
ARTICLE 27. (- Merge as article 203 bis 24.522 law and its amendments, insolvency and bankruptcy, the following: https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 article 203 bis: workers gathered in cooperative work enabled to request the acquisition in accordance with article 205, paragraphs 1) and 2) and will be able to assert in that procedure compensation appropriations attending the workers of the failed ((, in accordance to the articles 241, paragraph 2) and 246, paragraph 1) of the Bankruptcy Act, not being applicable in this case the prohibition of section 211. The amount of compensation will be calculated, for the purposes of compensation, in accordance with article 245 of the law 20.744 (t.o. 1976), the special statutes, collective agreements or individual contracts, according to which proves more favourable to workers. For this purpose, may be used wholly or partly the claims which resulted in any worker owners who voluntarily cede them to the cooperative. The transfer will yield hearing to be held before the judge of the bankruptcy with the intervention of the legitimate trade union association. The deadline for the payment of the price may be stipulated at the time of the sale.
ARTICLE 28. -Replace the article 205 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 205: disposal of the company. The sale of the company or one or more establishments, is carried out according to the following procedure: 1) the designee for the alienation, rate that is projected to sell based on its likely value of preparation on the market; This appraisal is it runs vista to the cooperative workers in case that this would have formed and the trustee who, in addition, inform the value referred to in article 206; (2) in all cases covered by this article the work cooperative may make offer and require the allocation of the company to the value of pricing according to the previous paragraph; (3) the sale must be ordered by the judge and may be made at public auction. In that case must be fulfilled the formalities of article 206 and those set out in subparagraphs 4), 5) and 6) of this article, in the relevant; (4) if the judge orders the sale, without resorting to public auction, corresponds to the receiver, with the assistance of who has been appointed to the alienation, projecting a specification that must be expressed based on the price, which will be effected pricing or which arises from article 206, which is higher, brief description of the goods circumstances referred to the location in the event that the bankrupt is home and others deemed of interest. The proposed base not be lower to the assessment provided for in paragraph 1). Earrings making appropriations, linked to the company can be included or sold, in which case settlement must be increased cautiously base. The condition of sale must be in cash, and the price must be fully paid prior to the takeover, which shall not exceed twenty (20) days from the notification of the resolution approved by the awarding. The judge must decide the definitive contents of specifications, founded resolution. For this purpose you may require advice from specialists, investment banks, consulting firms or other entities described in technical, economical, financial and market. This resolution should be issued within twenty (20) days of the presentation of the project of the trustee; (5) once drafted the statement, you must publish edicts by two (2) days, in the journal of legal publications and other mass-circulation within the jurisdiction of the Court and, in addition, where appropriate, which have same features in places where settlements are located. The edicts should succinctly indicate the location and destination of the establishment, based on sale and https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 0

other conditions of operation; the term within which can be best addressed in a sealed envelope to the Court and the day and time that will be its opening it must be expressed. The judge can have more publicity, in the country or abroad, if it is deemed convenient; (6) offers should be submitted in a sealed envelope, and contain the name, domicile real and special set up within the jurisdiction of the Court, profession, age and marital status. They should express the price offered. For societies, it must be accompanied certified true copy of its social contract with the documents certifying the status of the signatory. The Offeror must accompany warranty maintenance of supply equivalent to ten per cent (10%) of the price, in cash, Government securities, or enforceable first demand bank guarantee; (7) the envelopes containing bids are to be opened by the judge, in the opportunity to set, in the presence of the Syndic, bidders and creditors that converge. Each offer must be signed by the Secretary for their individualization, styling Act. In case of tie the judge can call improve offerings. The proceedings referred to in paragraphs 1) to 7) of this article must be met within four (4) months from the date of the bankruptcy, or that she is firm, if you are lodged an appeal for reversal or since he finished the continuation as appropriate to each case. The judge may, by resolution established, extend the period within ninety (90) days; (8) for the purposes of awarding the judge shall specially weighted the assurance of the continuity of the exploitation business, through the relevant business plan and the extent of the plant's staff that remains in activity as effective supervision of the supply of labor. The deadline for the payment of the price may be laid down in the tender specifications; (9) within the term of twenty (20) days from the notification of the final decision adopted by the award, the Offeror must pay price, depositing the amount. Fulfilled this requirement, the judge should order relevant inscriptions is practice, and to be given possession of the thing sold. If the expired the successful tenderer not deposited the price, loses their right and the guarantee of maintenance of offer. In that case the judge awards the second highest bid that exceeds the base; (10) failed the first bid, at the same time the judge, will convene a second tender, which will be called without basis.
ARTICLE 29. -Replace the article 213 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 213: direct sales. The judge can have the direct sale of goods, previous view of the receiver, to the cooperative's work for the case that this is continuation of exploitation, when by their nature, its low value or the failure of another form of alienation derived from obvious utility for the contest. In that case, determines the form of alienation, that can rely on the trustee or an intermediary, institution or specialized market. Sale that requires judicial approval later.
ARTICLE 30. -Replace the first paragraph of article 217 24.522 law and its amendments, insolvency and bankruptcy, by the following: article 217: deadlines. The disposals provided for in articles 205-213 and 214, final part, must be carried out within four (4) months counted from the date of the bankruptcy, or she is firm, if you are lodged an appeal. The judge can extend this period within ninety (90) days, by resolution founded. En_caso_de then apply the time limit set in article 191, paragraph 2).
https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 1 article 31. -Amend article 260 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way:

Article 260: Driver. Control Committee. Interim control in the competition Committee is a body of information and advice. The Permanent Committee is the desired driver on the stage of the implementation of the preventive agreement, and in the liquidation in bankruptcy. Its members are elected by creditors for majority of capital, and the Committee must be composed of a minimum number of three (3) creditors. It should also be integrated by representatives of workers, elected by the workers of the bankrupt or failed. The preventive agreement proposal should include the formation and Constitution of the definitive Steering Committee. The Committee set up to monitor compliance with the agreement maintains its functions in the event of bankruptcy as a result of breach of the agreement. The Committee, provisional or definitive, the contest has broad powers of information and advice. You can request information to the trustee and to the bankrupt; require the display of books; records legal and accounting; propose plans for custody and preservation of the heritage of the bankrupt; request hearings before Judge intervening, and how much other action appropriate in the procedural stage of their performance. In the stage of liquidation in bankruptcy Committee may propose measures, suggest who should be designated to carry out the disposal of assets or part thereof, founding its proposition on grounds of convenience for the better realization of assets; require information to officials of the competition; request hearings judge intervening and much other action appropriate in the procedural stage of their performance. You must inform its creditors and management workers of the bankrupt or failed with the frequency indicated in the agreement, which shall not be less to four (4) months, and every month in bankruptcy, making and placing at the disposal of the same report at home constituting to this effect in the record. The Committee shall issue the opinion for the lifting of the inhibition of who is in the stage of implementation of the preventive agreement, in cases where necessary in accordance with article 60. The remuneration of the Committee, if it includes this, will be regulated in the agreement. In case of bankruptcy, it will be set by the judge taking into account the nature and extent of fulfilled functions. The Provisional Committee, provided for in article 14, paragraph 13, will meet features informational and control in the process of preventive agreement until its replacement by the forming the agreement Steering Committee. During your tenure you will have the powers provided for in the second subparagraph, first part of this article. Recruitment of professional advisors. The Steering Committee may hire professional lawyers, accountants, auditors, evaluators, estimators, appraisers and anyone else who considers appropriate to assist it in its task with charge to the cost of the contest. The remuneration of these professionals will be set by the judge at the time of approval of the agreement, compliance with the preventive agreement, or the termination of the liquidation - as it has been the case with the performance of such professional-accomplished performance and the work carried out, not can be such remuneration as a whole to all the participating exceeding the half percent (0.50%) of the amount of credits that owners are members of the Committee, no less than a salary of Secretary of first instance of jurisdiction in which to Transact the contest or bankruptcy. Removal. Replacement. The removal of the members of the Steering Committee is governed by the provisions of article 255. Notwithstanding this, members may be replaced at any time by creditors, under the same regime of majorities of their designation, except representatives of the workers, who may be replaced at any time by the same procedure by which https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 2 were elected.
ARTICLE 32. -Modify the article 262 24.522 law and its amendments, insolvency and bankruptcy, which will be drafted in the following way: article 262: evaluators. The valuation of stocks or shares representing the capital in the case of article 48, will be in charge of investment banks, financial institutions authorized by the Central Bank of the Republic of Argentina, or studies of auditing with more than ten (10) years old. Every four (4) years the Appeals Chamber will form a list of evaluators. From the above list, the Steering Committee will propose a triplet of evaluators, which shall elect the judge. If there were no such list due to lack of enrollment, the Steering Committee will suggest to the judge, two or more evaluators who meet similar requirements to those laid down in the first paragraph of this article, corresponding to the judge making the designation on this proposal. The judge shall set the remuneration of the evaluator on the same occasion that regulate the fees of other officials and lawyers, and will be on the basis of the work actually carried out, regardless of the amount of the valuation.
ARTICLE 33. -Communicate to the national executive power. GIVEN IN THE CHAMBER OF THE CONGRESO ARGENTINO, BUENOS AIRES, TO A DAY OF THE MONTH OF JUNE OF THE YEAR TWO THOUSAND ELEVEN. -REGISTERED UNDER NO. 26.684 - EDUARDO A. FELLNER. -JOSEPH J. B. PAMPURO. -Enrique Hidalgo. -John H. Estrada.

Date of publication: 30/06/2011 https://www.boletinoficial.gob.ar/pdf/linkQR/TWZXNmZJaU5UMEF5VC9wRXlpb01lUT09 3