Competitions And Bankruptcies

Original Language Title: CONCURSOS Y QUIEBRAS LEY N

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image start infoleg site The Ministry of Justice and Human Rights
CONTESTS AND BANKRUPTCIES

Law 27170

Law No 24,522. Amendment.

Sanctioned: July 29, 2015

Enacted: August 31, 2015

The Senate and Chamber of Deputies of the Argentine Nation, meeting in Congress, etc.

Law:

ARTICLE 1- Amend Article 32 of Law 24,522, which shall be worded as follows:

Verification Process

' Article 32.-Application for verification. All creditors for reasons or title prior to the filing and their guarantors, must submit to the receiver the order for verification of their credits, indicating amount, cause and privileges. The request must be made in writing, in duplicate, accompanied by the supporting evidence, with two (2) copies signed and must express the address that constitutes all the effects of the trial. The receiver returns the original titles, leaving them on record of the order of verification and their date. You may require the originals to be presented when you consider it appropriate. The omission of presenting them obst to the verification.

Effects: The order of verification produces the effects of the court order, interrupts the prescription and prevents the expiration of the right and the instance.

Tariff: For each credit verification request that is filed, the creditor, whether it is fearful, incidental or late, will pay the receiver a tariff equivalent to ten percent (10%) of the minimum living and mobile salary that will be added to that credit. The receiver will affect the amount received for the expenses that the process of verification and confection of the reports will demand, with a charge of timely accountability to the court remaining the remnant as a sum to account of the fees to be regulated by its own action. Exclude from the tariff on labour-related claims, and equivalent to less than three (3) vital and mobile minimum wages, without the need for a judicial declaration. '

ARTICLE 2- Amend Article 200 of Law 24,522, which shall be worded as follows:

' Article 200.-All creditors for reasons or title prior to the declaration of bankruptcy and their guarantors, must submit to the receiver the order for verification of their claims, indicating amount, cause and privileges. The request must be made in writing, in duplicate accompanying the supporting titles with two (2) signed copies; it must express the address, which constitutes all the effects of the judgment. The receiver returns the original titles, leaving them on record of the order of verification and their date. It may require the presentation of the originals, when deemed appropriate. The omission of presenting them obst to the verification.

Effects: The order of verification produces the effects of the court order, interrupts the prescription and prevents the expiration of the right and the instance.

For each credit verification request submitted, the creditor shall be subject to a late, incidental or late payment, and shall pay a fee equal to 10% (10%) of the minimum living and mobile salary to be added to that credit. The receiver will affect the amount received for the expenses that the process of verification and preparation of the reports will demand, with a charge of timely accountability to the court, remaining the remainder as a sum to account of the fees to be regulated by its action. Exclude from the tariff on labour-cause credits, and equivalent to less than three (3) vital and mobile minimum wages, without the need for a judicial declaration.

Powers of information: The receiver must make all necessary compulsas in the books and documents of the failed and, as appropriate, in those of the creditor. It can also be used for all the elements of judgment which it encourages and, in the event of refusal to supply them, to request the appropriate measures from the judge.

It must form and retain the bequeers for creditors who request the verification of their claims. In those files, the receiver must leave the record of the measures taken.

Period of credit observation: Due to the time limit for requesting the verification of the claims against the receiver by the creditors during the period of ten (10) days, counted from the due date, the debtor and the creditors which have been applied for verification may be present at the address of the receiver for the purpose of reviewing the files and make written submissions and observations in respect of the requests made under the arrangements provided for in Article 35. These challenges must be accompanied by two (2) copies and the corresponding file will be added, giving the receiver the person who is aware that the reception is accredited, indicating the day and time of the presentation.

Within forty-eight (48) hours of the expiry of the period laid down in the preceding paragraph, the liquidus shall submit to the court an (1) set of copies of the objections received for incorporation into the file provided for in Article 279.

The receiver must submit the reports referred to in Articles 35 and 39 separately in respect of each of the breaks.

The provisions of Articles 36, 37, 38 and 40 are applicable to this Chapter. '

ARTICLE 3- Amend Article 288 of Law 24,522, which shall be worded as follows:

Chapter IV

Of the small contests and bankruptcies

Concept:

Article 288: For the purposes of this law, small contests and bankruptcies are considered to be those in which one of these circumstances is present, in an indistinct manner:

1. That the reported liability does not reach the equivalent of three hundred (300) vital and mobile minimum wages.

2. That the process does not present more than twenty 20) chiropractic creditors.

3. That the debtor does not have more than twenty (20) workers in relation to dependency without the need for a judicial declaration.

ARTICLE 4 °- Contact the national executive branch.

GIVEN IN THE SESSION HALL OF THE ARGENTINE CONGRESS, IN BUENOS AIRES, AT THE TWENTY-NINE DAYS OF THE MONTH OF JULY OF THE YEAR TWO THOUSAND FIFTEEN.

-REGISTERED UNDER NO 27170-

BELOVED BOUDOU. -JULIAN A. DOMINGUEZ. -Juan H. Estrada. -Lucas Chedrese.