Contests And Bankruptcies Law N? 24.522 - Modification - Full Text Of The Norm

Original Language Title: CONCURSOS Y QUIEBRAS LEY N? 24.522 - MODIFICACION - Texto completo de la norma

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
CONCERNS AND WHICH 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 assembled in Congress, etc. sanction with force of Law:

ARTICLE 1 O Incorporate as article 11, paragraph 8, of Law 24,522 and its amendments, of competitions and bankruptcies, the following text:

8) Accompany payroll, with details of domicile, category, antiquity and last paid. Statement on the existence of labour and debt debt debt with social security agencies certified by public accountant should also be accompanied.

ARTICLE 2 O Amend article 14, paragraph 10, of Act No. 24,522 and its amendments, of contests and bankruptcies, which shall read as follows:

10) The establishment of an information hearing to be held with five (5) days in advance of the expiration of the exclusivity period provided for in article 43. Such a hearing shall be notified to the debtor ' s workers through its publication by visible means in all its establishments.

ARTICLE 3o OAmend article 14, paragraph 11, of Act No. 24,522 and its amendments, of contests and bankruptcies, which shall read as follows:

11) To keep an eye on the syndicate for the period of ten (10) days, which shall be computed from the acceptance of the post, in order to be pronounced on:

(a) Labour liabilities reported by the debtor;

(b) Prior to audit of the legal and accounting documentation, report on the existence of other labour credits covered in the early payment.

ARTICLE 4o O Incorporate as article 14, paragraph 13, of Law 24,522 and its amendments, of contests and bankruptcies, the following text:

13) The establishment of a control committee, consisting of the three (3) largest qualifications, denounced by the debtor and one (1) representative of the workers of the concursada, elected by the workers.

ARTICLE 5o OAmend article 16 of Act No. 24,522 and its amendments, of competitions and bankruptcies, which shall read as follows:

Article 16: Prohibited acts. The concursor may not perform acts on a free basis or which may alter the situation of creditors for reasons or title prior to submission.

Soon payment of labor credits. Within ten (10) days of the report of article 14 (11), the judge of the contest shall authorize the payment of remuneration due to the worker, compensation for work accidents or occupational diseases and those provided for in articles 132 bis, 212, 233, 233 and 245 to 254, 178, 180 and 182 of the Labour Contract Scheme adopted by law 20,744; compensation provided for in article 25,877,

In order for the early payment of credit not included in the list set out in article 14 paragraph 11 to take place, there is no need to verify the claim in the contest or sentence in the prior work trial.

In the light of the syndicate and the concursed, the judge may deny the order in full or in part by means of a well-founded resolution, only when there is doubt about its origin or legitimacy, they are controversial or there is suspicion of collusion between the petitioner and the concursado.

In all cases the decision will be appealable.

The court ruling that admits the early payment will have material judging effects and will import the verification of the credit in the concursal liability.

Whoever denies it, will enable the creditor to initiate or continue the work knowledge trial before the natural judge.

No costs shall be imposed on the worker in the application of soon payment, except in the case of collusion, fear or malice.

Credits will be paid in full, if liquid funds are available. Otherwise, and until the existence of the same by the syndicate is detected, the three per cent (3%) per month of the gross income of the concursada must be affected.

The syndicate shall make a payment plan proportional to the credits and their privileges, not exceeding each individual payment in each distribution an amount equal to four (4) minimum living and mobile wages.

Exceptionally, the judge may authorize, within the regime of soon payment, the payment of those credits protected by the benefit and that, by their particular nature or circumstances of their holders, they should be affected to cover health, food or other contingencies that do not admit delays.

In the monthly control and report, which the union must make, it will include the necessary modifications, if liquid funds are available, for the purpose of paying the full payments or modifying the plan presented.

Acts subject to authorization. It must require prior judicial authorization to perform any of the following acts: those relating to registerable assets; those of disposition or location of trade funds; those of issue of musts with special or floating guarantee; those of issue of negotiable obligations with special or floating guarantee; those of incorporation of garments and those that exceed the ordinary administration of their commercial turn.

The authorization is processed with a hearing from the syndicate and the control committee; for its award the judge must ponder the convenience for the continuation of the activities of the concursor and the protection of the interests of the creditors.

ARTICLE 6o O Incorporate as the last paragraph of article 19 of Law 24.522 and its amendments, of contests and bankruptcies, the following text:

The above provision excludes labour credits for the non-payment of wages and any compensation derived from the employment relationship.

ARTICLE 7o O Amend article 20 of Act No. 24,522 and its amendments, competitions and bankruptcies, which shall read as follows:

Article 20: Contracts with outstanding reciprocal benefit. The debtor may continue to comply with the current contracts of execution, where there are outstanding mutual benefits. For this purpose it must require authorization from the judge, who resolves prior to the doctor's hearing. The continuation of the contract authorizes the co-contractor to demand the performance of the benefits due to the date of submission in competition on the notice of resolution.

The third party ' s performance following the pre-trial examination, and in compliance with this provision, enjoys the privilege provided for in article 240. The symbolic tradition prior to submission does not matter the performance 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 it, after the thirty (30) days of opening the contest. You must notify the debtor and the syndicate.

Public services. Public services provided to the debtor for debts of origin cannot be suspended from the date before the opening of the contest. The services provided after the opening of the contest must be paid to their respective maturity and may be suspended in the event of non-compliance through the procedure provided for in the rules governing their respective benefits.

In case of bankruptcy settlement, the credits generated by the benefits mentioned in the preceding paragraph enjoy the preference established by article 240.

ARTICLE 8o O Amend article 29 of Act No. 24,522 and its amendments, competitions and bankruptcies, which shall read as follows:

Article 29: Letter to creditors and members of the control committee. Without prejudice to the provisions of articles 27 and 28, the syndicate must send to each claimant complained and the members of the control committee, a certified letter informing him of the opening of the contest, including the succinct data of the requirements set out in article 14, paragraphs 1 and 3, his name and address and the hours of attention, the designation of the court and acting secretariat and its location and other matters of interest to creditors.

Correspondence should be sent within five (5) days of the first publication of edicts.

The omission in which the syndic enters, in respect of the sending of the letters, does not invalidate the process.

ARTICLE 9o O Incorporate as the last paragraph of article 34 of Law 24.522 and its amendments, of contests and bankruptcies, the following text:

Workers in the concursada who do not have the character of creditors will have the right to review the legages and be informed by the syndicate about the insinuated receivables.

ARTICLE 10. Amend article 42 of Act No. 24,522 and its amendments, competitions and bankruptcies, which shall read as follows:

Article 42: Resolution of categorization. Within ten (10) days of the end of the period set out in article 40, the judge shall issue a decision setting definitively the categories and creditors included therein.

Constitution of the Control Committee. In that resolution, the judge shall designate the new members of the control committee, which shall be composed of at least one (1) creditor for each category of the established ones, and shall include the same necessarily the largest creditor within the category and by two (2) new representatives of the workers of the concursada, elected by the workers, who shall be incorporated into the already elected under article 14, paragraph 13. The judge may reduce the number of workers' representatives when the employee payroll so warrants. The functions of the former members of the committee representing creditors will cease from that time. ARTICLE 11. Amend article 45 of Act No. 24,522 and its amendments, of competitions and bankruptcies, which shall read as follows:

Article 45: Deadline and majority for obtaining the agreement for pen creditors. 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, the text of the proposal with the consent accredited by written declaration with signature certified by the public scribe, judicial authority, or administrative in the case of national, provincial or municipal public entities, of the absolute majority of creditors within each and every category, representing the two thirds of the capital. Conformities that take a date after the last proposal or its last modification submitted by the debtor in the case file will be valid and computable.

The majority of capital within each category is computed taking into account the total amount of the following credits:

(a) Verified and declared eligible photographers in the category;

(b) Privileged persons whose holders have renounced the privilege and who have been incorporated into that category of pens;

(c) The creditor admitted as a pen, for having been denied the privilege invoked, shall be excluded from integrating the category, for the purposes of the computation, if it had promoted an incident of review, in the terms of article 37.

The spouse is excluded from the computation, the relatives of the debtor within the fourth degree of consanguinity, second degree of affinity or adoptives, and their assignees within the year before the presentation. In the case of companies, the partners, administrators and creditors concerned with them are not computed in the situation of the preceding paragraph, the prohibition does not apply to creditors that are shareholders of the contestant, unless it is controlled by it.

The debtor should also accompany, as an integral part of the proposal, a system of administration and limitations on acts of disposition applicable to the stage of compliance, and the formation of a control committee that will act as the controller of the agreement, which will replace the committee constituted by article 42, paragraph 2. The integration of the committee shall be made up of creditors representing the majority of the capital, and the representatives of the workers of the council shall remain in office.

With five (5) days in advance of the expiration of the period of exclusivity, the information hearing will be held with the presence of the judge, the secretary, the debtor, the supervisory committee and the creditors wishing to attend. In that hearing, the debtor will give explanations regarding the negotiation it conducts with its creditors, and the attendees may ask questions about the proposals.

If prior to the date indicated for the information hearing, the debtor had obtained the conformity provided for in article 45, and had communicated that circumstance to the court, accompanying the records, the hearing shall not be held.

ARTICLE 12. Replace article 48 (1) of law 24,522 and its amendments, of competitions and bankruptcies, with the following:

(1) Opening of a registry. Within the two (2) days the judge will have the opening of a record in the file so that within five (5) days the creditors are registered, the working cooperative made up of workers of the same company .including the training cooperative. and other third parties interested in the acquisition of the shares or quotas representative of the social capital of the contest, in order to formulate a proposal for a preventive agreement. When opening the register, the judge will determine an amount to deal with the payment of the edicts. When registering for registration, the amount must be deposited by interested parties in making proposals for agreement.

ARTICLE 13. Incorporate as article 48 bis of Law 24.522 and its amendments, of contests and bankruptcies, the following text:

Article 48 bis: In the event that, pursuant to paragraph 1 of the preceding article, the labour cooperative trabajoincluding the training cooperative ,, the judge shall order the syndicate to carry out the liquidation of all the credits that would correspond to the workers registered for the compensation provided for in articles 232, 233 and 245 of the Labour Contract Scheme adopted by law 20,744, the special statutes, collective agreements or agreements. Such calculated credits may be used to intervene in the procedure provided for in the previous article.

Once the corresponding agreement is reached, the dissolution of the employment contract of the registered workers will occur and the labour credits will be transferred in favor of the working cooperative becoming social capital quotas of the same. The judge shall set the time limit for the final registration of the cooperative under the expectation of non-approval. The cooperative will assume all obligations arising from the submissions.

The Bank of the Argentine Nation and the Federal Public Income Administration, when they are creditors of the council, shall grant the respective conformity to the cooperatives, and the facilities for the refinancing of debts in the most favourable conditions in their respective portfolios.

The workers ' cooperative is exempted from making the deposit of twenty-five per cent (25%) of the value of the supply provided for in item (i), article 48, paragraph 7 and, by the time period determined by the authority for the application of law 20,337, of the deposit of five per cent (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 accord first priority to the procedure of the cooperative, having to be concluded within ten (10) working days.

ARTICLE 14. Replace article 129 of Law 24.522 and its amendments, competitions and bankruptcies, with the following:

Article 129: Suspension of interest. The bankruptcy declaration suspends the course of interest of all kinds. However, subsequent accruals accruals corresponding to security rights credits may be perceived to the limit of the proceeds of the encumbered asset after payment of the costs, preferred interests prior to bankruptcy and capital. Similarly, the subsequent compensatory interests accrued to labour credits are not suspended.

ARTICLE 15. Replace article 187 of Act No. 24,522 and its amendments, of competitions and bankruptcies, with the following:

Article 187: Proposals and conditions of the contract. In accordance with the circumstances, the judge may require a number of proposals to be submitted through the procedure that he considers safer and more efficient and that guarantees be provided.

The worker cooperative of the same establishment may propose a contract. In this case, it will be admitted to guarantee the contract in whole or in part with the labour credits of their outstanding bankruptcy associates who voluntarily affect this purpose, with consent given to the bankruptcy judge and with the intervention of the legitimate trade union association.

The union will monitor compliance with contractual obligations. For these purposes, it is authorized to enter the establishment to control the maintenance of the property and to monitor the accounting in the interest of the contest.

The terms in which the third party is required to perform its benefits are considered essential, and the failure to perform the contract in full.

Upon expiry of the term or termination of the contract, the judge must provide for the immediate restitution of the property without any action or remedy.

ARTICLE 16. Replace the first paragraph of article 189 of Law 24,522 and its amendments, of competitions and bankruptcies, with the following: Immediate continuation. The syndicate can continue immediately with the exploitation of the company or any of its establishments, if the interruption could result in serious damage to the interest of the creditors and the conservation of the assets, if a production cycle is interrupted that can be concluded or understood that the undertaking is economically viable. The maintenance 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 personnel in activity or of the labour creditors, organized in cooperative, even in training, request the syndicte or the judge, if the latter had not yet been held, from the bankruptcy judgment and up to five (5) days after the last publication of edicts in the official journal. The syndicate must inform the judge within 24 hours. The judge may take such measures as he deems relevant, including the cessation of exploitation, subject to the following paragraphs. In the event that the request referred to in the second paragraph of the present paragraph, be a training cooperative, it must regularize its situation within forty (40) days, which could be extended if there were proven reasons of origin other than its sphere of responsibility that impeded such a task. ARTICLE 17. Replace article 190 of Act No. 24,522 and its amendments, of competitions and bankruptcies, with the following:

Article 190: Common range for all processes. In any bankruptcy, even those covered by the preceding article, the syndicate must inform the judge within twenty (20) days from the acceptance of the position, about the possibility of continuing the exploitation of the company of the deceased or of any of its establishments and the desirability of disposing them in progress. The business continuity will take into consideration the formal request of workers in relation to dependency representing two thirds of the active staff or of the labour creditors who shall act in the period of continuity in the form of a working cooperative. To that end, it shall submit within twenty (20) days, from the formal request, a project of exploitation containing the projections concerning the economic activity it will develop, from which the syndicte will be transferred to give an opinion within five (5) days. The term of business continuity, whatever its cause, does not give rise to the right to new work compensation. The report of the syndicte should be specifically issued on the following:

(1) The possibility of maintaining the exploitation without contracting new liabilities, except the minimum necessary for the turn of the exploitation of the company or establishment;

(2) The advantage that would result for the creditors of the current company’s disposal;

(3) The advantage that may result for third parties in the maintenance of the activity;

(4) The plan of exploitation accompanied by a well-founded resource budget;

(5) Current performance contracts to be maintained;

6) In its case, the reorganizations or modifications to be made in the company to make their exploitation economically viable;

7) The partners you will need for the management of the exploitation;

(8) Explain the way in which the pre-existing liability is to be cancelled.

In the event of dissent or doubt regarding the continuation of the exploitation by the workers, the judge, if he deems it necessary, may summon a hearing to the intervening in the joint and the syndicte, to appear to it, with all the evidence that they intend to avail themselves of.

The judge, for the purposes of this article and in the framework of the powers of article 274, may in a well-founded manner extend the time limits provided for in the law for business continuity, to the extent that this is reasonable to ensure the settlement of each establishment as a business unit and with the ongoing exploitation.

ARTICLE 18. Replace article 191 of Act No. 24.522 and its amendments, of competitions and bankruptcies, with the following:

Article 191: The authorization to continue the activity of the company of the deceased or of any of its establishments shall be given by the judge in the event that, from its interruption, a serious decrease in the value of realization could arise, a production cycle would be interrupted which can be concluded, in cases where it deems it economically viable or in safeguard of the preservation of the labour source of the workers of the company declared bankrupt.

In its authorization, the judge must explicitly pronounce at least on:

(1) The exploitation plan, for which advice may be made by experts or specialized entities;

(2) The period for which the exploitation will continue; for these purposes, the cycle and time required for the disposal of the company shall be taken into account; this period may be extended for one time, by an informed resolution;

(3) The amount and professional qualification of staff that will continue to affect the exploitation;

(4) Goods that can be used;

(5) The designation or not of one or more co-administrators; and the authorization to the syndicate to hire employees of the administration;

6) Current contracts of execution to be maintained; the others will be resolved;

7) The type and periodicity of the information to be provided by the syndicate and, where appropriate, the co-administrator or the co-operative.

This resolution shall be issued within ten (10) days of the submission of the report of the union provided for in article 190. The resolution rejecting the continuation of the exploitation is appealable by the syndicate and the cooperative.

ARTICLE 19. Incorporate as article 191 bis of Law 24.522 and its amendments, of contests and bankruptcies, the following text:

Article 191 bis: In any bankruptcy that the continued operation of the company or of any of its establishments has been established by the two thirds of the personnel in operation or of the labour creditors, organized in cooperatives, including in training, the State shall provide the necessary technical assistance to continue with the turn of the business.

ARTICLE 20. Replace article 192 of Act No. 24.522 and its amendments, of competitions and bankruptcies, with the following:

Article 192: Applicable regime. As determined by the judge, the trustee, the co-administrator or the co-operative, as appropriate, shall act according to the following regime:

(1) They are considered authorized to perform all acts of regular administration that correspond to the continuation of the exploitation;

(2) For acts that exceed such administration, they need judicial authorization, which will only be granted in case of obvious necessity and urgency;

In that case, the judge may authorize the establishment of special guarantees where it is essential to ensure the continuity of the exploitation.

(3) The obligations legally owed by the person responsible for the exploitation enjoy the preference of the claimants;

(4) In the event of revoking or extinction of the bankruptcy, the debtor takes full account of the obligations legally incurred by the person responsible for the exploitation;

(5) Only assets affected with special privilege may be disposed of by disinteresting the preferred creditor or by replacing such assets with other assets of equivalent value.

In the event that the exploitation of the enterprise or of any of the establishments is carried out by the working cooperative, this article shall apply, except in paragraph (3).

Early conclusion. The judge may terminate the continuation of the exploitation before the expiry of the fixed period, by a well-founded decision, if it is deficient or, in any other way, causes damage to the creditors.

ARTICLE 21. Replace article 195 of Law 24.522 and its amendments, of competitions and bankruptcies, with the following:

Article 195: Hypoteca and garment in the continuation of company. In the event of continuation of the enterprise, mortgage or pre-trial creditors may not use the right under articles 126, part two, and 209, on the assets required for exploitation, in the following cases:

(1) Where the receivables have not expired at the date of the declaration and the yesndic meets subsequent obligations in due time;

(2) Where the receivables have expired at the date of the declaration, until they have a firm resolution that credits their mortgage or default creditor;

(3) Where there is agreement of the default or mortgage creditor for the suspension of execution.

The pacts contrary to the provisions of subparagraphs (1) and (2) are null and void.

By an informed decision and at the request of the worker cooperative, the bankruptcy judge may suspend foreclosures and/or foreclosures for up to two (2) years.

ARTICLE 22. Incorporate as the last paragraph of article 196 of Law 24.522 and its amendments, of contests and bankruptcies, the following:

The preceding paragraph shall not apply in the event that the continuation of the exploitation is carried out by a worker cooperative or working cooperative.

ARTICLE 23. Incorporate as the last paragraph of article 197 of Law 24.522 and its amendments, of contests and bankruptcies, the following:

This article shall not apply in cases of continuation of the exploitation by a worker cooperative or subject of law constituted by workers of the failure.

ARTICLE 24. Replace article 199 of Law 24.522 and its amendments, of contests and bankruptcies, with the following:

Article 199: Work obligations of the company acquirer. The acquisition of the company whose exploitation has continued will only be considered as a successor to the competition regarding the labour rights of the workers whose relationship was maintained during this period. Consequently, it is not a successor to the failed but in that concept and the amounts owed prior to bankruptcy will be subject to verification or payment in the contest.

In the event that the acquirer is the co-operative of work, it must be subject to the law 20,337.

ARTICLE 25. Amend article 201 of Act No. 24,522 and its amendments, of competitions and bankruptcies, which shall read as follows:

Article 201: Control Committee. Within ten (10) days from the resolution of article 36, the syndicate must promote the establishment of the control committee that will act as a controller of the liquidation phase. To that end, it shall submit written communication to all workers who integrate the company ' s staff plant and to the creditors verified and declared admissible, for the purpose that, by a majority of capital, the members of the committee shall designate.

ARTICLE 26. Amend article 203 of Act No. 24,522 and its amendments, of competitions and bankruptcies, which shall read as follows:

Article 203: Opportunity. The realization of the goods is done by the syndicate and must begin immediately unless a remedy of replenishment has been filed against the bankruptcy sentence, the judge has been admitted to the conversion in the terms of article 90, or the continuation of the exploitation has been resolved in accordance with articles 189, 190 and 191.

ARTICLE 27. Incorporate as article 203 bis of Law 24.522 and its amendments, of contests and bankruptcies, the following:

Article 203 bis: Workers assembled in a working cooperative are entitled to request the acquisition in accordance with article 205, subparagraphs (1) and (2), and may assert in that procedure the compensation with the credits provided to the workers of the deceased, in accordance with articles 241, paragraph (2) and 246, paragraph (1) of the agreement law, not applicable in this case the prohibition of article 211. The amount of compensation shall be calculated, for the purposes of compensation, in accordance with article 245 of Act 20,744 (t. 1976), special statutes, collective agreements or individual contracts, according to which it is more favourable to workers. To that end, all or part of the labour credits of those who voluntarily grant them to the cooperative may be used. The cession will materialize in audience to be held before the bankruptcy judge with the intervention of the legitimate trade union association. The payment period of the price may be stipulated at the time of the sale.

ARTICLE 28. Replace article 205 of Law 24,522 and its amendments, of contests and bankruptcies, with the following:

Article 205: Disposal of the company. The sale of the company or one or more establishments is made according to the following procedure:

(1) The person designated for disposal, a rate which is intended to be sold on the basis of its probable market value; of that valuation, the worker cooperative is seen in the event that it has been formed and the syndicate who will also report the value referred to in article 206;

(2) In all cases covered by this article, the co-operative may make an offer and require the award of the company to the valuation value in accordance with the preceding subparagraph;

(3) The sale must be ordered by the judge and can be made at public auction. In that case, the formalities of article 206 and those set out in paragraphs (4), (5) and (6) of this article should be fulfilled, as appropriate;

(4) If the judge orders the sale, without resorting to public auction, it is up to the syndicate, with the assistance of the person who has been designated for disposal, to project a solicitation documents in which he must express the basis of the price, which will be that of the taxation made or that arising from article 206, which is greater, succinct description of the goods, circumstances related to the location in the case where the deceased is considered,

The proposed base cannot be lower than the rate provided for in paragraph (1). The outstanding credits, linked to the company or establishment to be sold, may be included, in which case the basis should be increased prudently. The condition of sale must be in cash, and the price must be fully paid prior to the inauguration, which may not exceed twenty (20) days after the notification of the resolution approved by the award.

The judge must decide on the final content of the plea, through a well-founded resolution. To this end it may require the advice of specialists, investment banks, consulting firms, or other entities qualified in technical, economic, financial and market aspects.

This resolution must be issued within twenty (20) days after the submission of the Syndic draft;

(5) Once the text has been drafted, edicts must be published for two (2) days, in the journal of legal publications and in another of great circulation in the jurisdiction of the court and, in its case, in which it has equal characteristics in the places where the establishments are located.

Edicts should summarily indicate the location and destination of the establishment, sales base and other conditions of the operation; the time limit within which closed bids can be made to the court and the day and time on which it will be opened. The judge may have greater publicity, in the country or abroad, if he deems it appropriate;

6) Offers must be filed in closed envelope, and contain the name, royal and special address constituted within the jurisdiction of the court, profession, age and marital status. You must express the price offered. In the case of societies, authentic copies of their social contract and documents that credit the personry of the signatory must be accompanied.

The offerer must accompany guarantee of supply maintenance equivalent to ten percent (10%) of the price offered, in cash, in public securities, or bank bond required on first demand;

7) The envelopes containing the offers must be opened by the judge, at the time fixed, in the presence of the syndicate, offerers and creditors that attend. Each offer must be signed by the secretary for his individualization, opening himself a record. In case of a tie the judge may call for better offers.

The proceedings referred to in subparagraphs (1) to (7) of this article must be completed within four (4) months of the date of the bankruptcy, or since the termination of the bankruptcy, if the replenishment appeal was filed or since the completion of the continuation as appropriate for each case. The judge may, by a well-founded decision, extend the term by 90 days;

8) For the purposes of the award, the judge will give special consideration to ensuring the continuity of business exploitation, through the relevant business plan and the extent of the staff plant that is maintained as an effective guardianship of the source of work. The time limit for the payment of the price may be stipulated in the solicitation documents;

9) Within twenty (20) days, from the notification of the final decision to approve the award, the offeror must pay the price, depositing the amount. Pursuant to this requirement, the judge must order that the relevant registrations be carried out, and that the possession of the sold should be granted. If the time limit expires, the awarde does not deposit the price, he loses his right and the guarantee of supply maintenance. In that case, the judge awards the second best offer that exceeds the base;

10) Failed by the first tender, in the same act the judge will convene a second tender, which will be called without basis.

ARTICLE 29. Replace article 213 of Act No. 24.522 and its amendments, of competitions and bankruptcies, with the following:

Article 213: Direct sale. The judge may arrange for the direct sale of goods, in view of the syndicate, to the co-operative of work in the event that it is continuous of the exploitation, when by its nature, its low value or the failure of another form of alienation becomes evidently useful for the contest.

In this case, it determines the form of alienation, which can entrust the syndicate or a specialized intermediary, institution or market. The sale they make requires subsequent judicial approval.

ARTICLE 30. Replace the first paragraph of article 217 of Law 24.522 and its amendments, of competitions and bankruptcies, with the following:

Article 217: Target. The disposals provided for in articles 205 to 213 and 214, final part, must be carried out within four (4) months of bankruptcy, or since it is firm, if a replenishment remedy was filed. The judge may extend this period in 90 days, by a well-founded decision. In the event of continuation, the time limit set out in article 191, paragraph (2) shall apply.

ARTICLE 31. Amend article 260 of Act No. 24,522 and its amendments, of competitions and bankruptcies, which shall read as follows:

Article 260: Controller. Control Committee. The supervisory committee in the contest is an information and advisory body. The final committee is the necessary controller at the stage of compliance with the preventive agreement, and in the liquidation of the bankruptcy. Its members are elected by creditors by majority of capital, and the committee must be composed of a minimum number of three (3) creditors. It must also be composed of representatives of the workers, chosen by the workers of the council or failed. The proposed preventive agreement should include the formation and constitution of the final control committee. The committee constituted to control compliance with the agreement maintains its functions in the event of a bankruptcy declaration as a result of non-compliance with the agreement.

The committee, provisional or final, has broad powers of information and advice in the contest. It may require information to the syndicate and the concursado; demand the display of books; legal and accounting records; propose plans for the custody and preservation of the estate of the concursado; request hearings before the intervening judge, and how much further action it deems appropriate at the procedural stage of its action. At the liquidation stage in the bankruptcy, the committee may propose measures, suggest to whom the assets or part of the assets should be disposed of, based on their proposal for reasons of convenience for the best realization of the assets; to require information to the contestants; to request hearings from the intervening judge and how much further action it deems appropriate at the procedural stage of its performance.

It must report its management to creditors and workers of the contested or failed with the periodicity specified in the agreement, which should not be less than four (4) months, and monthly in bankruptcy, making and making available to them the report in the domicile that they constitute in the file.

The committee shall render an opinion for the lifting of the inhibition of those who are in compliance with the preventive agreement, in cases where this is necessary in the terms of article 60.

The remuneration of the committee, if foreseen, shall be regulated in the agreement. In case of bankruptcy, it will be fixed by the judge taking into account the nature and extent of the functions performed.

The provisional committee, provided for in article 14, paragraph 13, shall carry out information and control functions in the process of preventive agreement until its replacement by the control committee established in the agreement. During its performance, it shall have the powers provided for in paragraph 2 above, part one of this article.

Recruitment of professional advisers. The control committee will be able to hire professional lawyers, accountants, auditors, evaluators, estimators, appraisers and anyone else it deems appropriate to assist him in his task under the costs of the contest. The remuneration of such professionals shall be fixed by the judge at the time of the approval of the agreement, of the compliance of the preventive agreement, or of the completion of the liquidation .as it has been the case of the performance of such professionals. in relation to the performance performed and the work carried out, not being able to result such remuneration, as a whole for all the intervening, more than the average per cent (0.50%) of the amount of the claims of those of those who are members Removal. Replacement. The removal of the members of the control committee is governed by article 255. Without prejudice to this, its members may be replaced at any time by the creditors, under the same rule of majority of their designation, except the representatives of the workers, who may be replaced at any time by the same procedure by which they were elected. ARTICLE 32. Amend article 262 of Act No. 24,522 and its amendments, of competitions and bankruptcies, which shall read as follows:

Article 262: Assessors. The valuation of shares or shares of the capital in the case of Article 48 shall be carried out by investment banks, financial entities authorized by the Central Bank of the Argentine Republic, or audit studies with more than 10 years old.

Every four (4) years the Appeals Chamber will form a list of evaluators.

From the above list, the control committee will propose a tender of evaluators, on which the judge will choose.

If there is no such list for lack of registration, the control committee shall suggest to the judge, two or more evaluators, who meet similar requirements as set out in paragraph 1 of this article, the judge shall make the appointment on that proposal.

The remuneration of the evaluator shall be determined by the judge at the same time as to regulate the fees of the other officials and lawyers, and shall be made on the basis of the work actually performed, without consideration of the amount of the valuation.

ARTICLE 33. Contact the national executive branch.

IN THE SESSION OF THE ARGENTINE CONGRESS, IN GOOD AIRES, TO A DAY OF JUNE FOR THE YEAR DOS MIL ONCE.

_

EDUARDO A. FELLNER. . JOSE J. B. PAMPURO. . Enrique Hidalgo. . Juan H. Estrada.