LAW NO. 20,720 REPLACES THE INSOLVENCY REGIME IN FORCE WITH A LAW OF REORGANIZATION AND LIQUIDATION OF COMPANIES AND INDIVIDUALS, AND PERFECTS THE ROLE OF THE SUPERINTENDENCE OF THE BRANCH. Bill of Law: " CHAPTER I GENERAL PROVISIONS Article 1.-Scope of the law. This law lays down the general arrangements for the procedures for reorganizing and/or liquidating the liabilities and assets of a Deudora Company, and repacting the liabilities and/or liquidating the assets of a Deudora Person. Article 2.-Definitions. For the purposes of this law, it is understood, in singular or plural, by: (1) Judicial Reorganization Agreement: The One who subscribes between a Deudora Company and its creditors in order to restructure its assets and liabilities, subject to the procedure set out in Titles 1 and 2 of Chapter III. For the purposes of this law, it shall be referred to as "the Judicial Reorganization Agreement" or "Agreement". 2) An Extrajudicial Or Simplified Reorganization Agreement: the one who subscribes between a Deudora Company and its creditors for the purpose of to restructure its assets and liabilities, and which is subject to judicial approval subject to the procedure laid down in Title 3 of Chapter III. For the purposes of this law, it will be referred to as "Extrajudicial Or Simplified Reorganization Agreement" or "Simplified Agreement". 3) Tax Value: The price of the real estate fixed by the Internal Revenue Service for the purposes of the payment of the territorial tax. (4) Initial Hearing: A hearing held in the competent court with the presence of the debtor, if he appears, in a procedure of Forced Settlement, in the terms laid down in Article 120. 5) Trial Hearing: That which is verified in the context of an opposition judgment, in which the evidence offered in the Initial Hearing is rendered, in the terms set out in Article 126. 6) Failure hearing: That in which the final judgment is served, by the end of the judgment of the opposition, in the terms laid down in Article 127. 7) "Newsletter": Electronic platform in charge of the Superintendence of Insolvency and Reentrepreneurship, free access to the public, free, in which will be published all the resolutions that are dictated and the actions to be carried out in the procedures, unless the law orders another form of notification. 8) "Nomination Certificate": that issued by the Superintendency of Insolvency and Reentrepreneurship, in which the nomination of the Veedor or Liquidator, holder and alternate is made. 9. "creditors ' committee" shall mean that which may be designated in a Reorganization Procedure of Reorganization with the objective of monitoring compliance with the Judicial Reorganization Agreement, with the privileges and duties that the agreement indicates; or the one that can be designated in a Liquidation Insolvency Procedure to adopt the agreements that the Board of Creditors delegates to it. 10) E-mail: means of electronic communication that allows the sending and receiving of information and electronic documents. 11) Final account of the administration: Aquella accountability of its management to be carried out by both the Veedor and the Liquidator in the opportunity provided for in the law, before the court, in which the accounting, tax and tax rules will have to be observed Financial and financial assistance, as well as that of this law. 12. "debtor" means any debtor or Deudora person, who has been served by the insolvency proceedings in question and the nature of the provision to which he relates. 13. "Deudora Company" means any private legal person, with or without a profit, and any natural person who is a first class taxpayer or number 2) of Article 42 of Decree Law No. 824 of the Ministry of Finance of 1974, which approves the law on income tax. 14) Report of the Veedor: The one concerning the Judicial Reorganization Agreement, regulated in Article 57 (8) of this Law. 15. Board of Creditors: a court of insolvency constituted by the creditors of a debtor subject to a bankruptcy procedure, in accordance with this law. They shall be called, as appropriate, Constitutive Board, Ordinary Board or Extraordinary Board, or indistinctly "Board of Creditors" or "Board". 16) Act: Law on the Reorganization and Settlement of Assets of Companies and Persons. 17) Forced Settlement: Claim filed by any creditor of the Debtor, pursuant to Chapter IV, Title 1, Paragraph 2 of this Act. 18. Voluntary Settlement: The one requested by the Debtor, in accordance with Paragraph 1 of Title 1 of Chapter IV of this Law. 19) Liquidator: That natural person subject to the supervision of the Superintendency of Insolvency and Reentrepreneurship, whose main mission is to carry out the debtor's assets and to promote the payment of the credits of its creditors, according to established in this law. 20) "Marker": " The public martyr who voluntarily submits to the oversight of the Superintendence of Insolvency and Reentrepreneurship, whose main mission is to make the assets of the debtor, in accordance with the mandate given by the Board of Creditors and in accordance with the provisions of this law. 21) Nomina de Veedores: public register composed of natural persons appointed as Veers by the Superintendence of Insolvency and Reentrepreneurship, in accordance with Paragraph 1 of Title 1 of Chapter II of this Law. 22) Liquidators ' Nomina: Public registry composed of natural persons appointed as Liquidators by the Superintendency of Insolvency and Reentrepreneurship, in accordance with Paragraph 1 of Title 2 of Chapter II of this Law. 23) Nomina of Referees: Public registry composed of natural persons named as Referees Conformed by the Superintendence of Insolvency and Reentrepreneurship, in accordance with Chapter VII of this Law. 24) Nomina de Martireros Consujós: public record carried by the Superintendence of Insolvency and Reentrepreneurship that integrates the public martyrs who comply with the requirements of Article 213 of this law. (25) Person Deudora: Any natural person not included in the definition of a Deudora Company. 26) Related Person: Persons relating to one or more persons or their representatives shall be considered as: (a) The spouse, ascending, descendants and collaterals by consanguinity or affinity up to and including the sixth grade and the companies in which they participate, with the exception of those registered in the Registry of Securities. (b) Persons who are in any of the situations referred to in Article 100 of Law No 18.045, of the Market of Securities. 27) Insolvency proceedings: any of those regulated in this law, so called, interchangeably, Procedure Bankruptcy of the Deudora Company, the Liquidation Procedure of the Deudora Company, the Renegotiation Procedure of the Renegotiation of the Deudora Person, and the Liquidation Procedure of the Settlement of the Settlement of the Assets of the Deudora Person. 28) "Settlement of Liquidation": The one regulated in Chapter IV of this Law. 29) Reorganization's Insolvency Proceedings: The one regulated in Chapter III of this Law. 30) Renegotiation Procedure: The one regulated in Chapter V of this law. 31) Financial Protection of Insolvency: The period that this law grants to the Debtor who submits to the Reorganization Procedure of Reorganization, during which time it cannot be ordered or declared its liquidation, nor can it be initiated against them. executives, executions of any kind or refunds in the lease trials. This period shall be between the notification of the Reorganization Resolution and the Judicial Reorganization Agreement, or the time limit set by the law if the latter is not agreed. 32) Special Quorum: A two-thirds of the total liability with the right to vote verified and/or recognized, as appropriate, in the respective Insolvency Proceedings. 33) Qualified Quorum: The one made up of the absolute majority of the total liability with the right to vote verified and/or recognized, as appropriate, in the respective Insolvency Proceedings. 34) Quorum Simple: The form of the majority of the liability verified and/or recognized, as applicable, with the right to vote, present in the Board of Creditors, in the respective Insolvency Proceedings. 35) Resolution of Admissibility: Aquella administrative resolution dictated by the Superintendence of Insolvency and Reentrepreneurship under Article 263, which produces the effects of Article 264, both of Chapter V of this law. 36) Settlement Resolution: The judgment of the Court of Justice of the Court of Justice of the Court of Justice of the Court of Justice of the European Union. (37) Reorganization's Resolution: The judgment of the Court of Justice of the Court of Justice of the Court of Justice of the Court of Justice. 38) Public Utility Services: Those considered to be basic consumption, whose providers are regulated by special laws and subject to the supervision of the authority, such as water, electricity, gas, telephone and internet. 39) Superintendence: The Superintendence of Insolvency and Reentrepreneurship. 40) Veedor: Aquella natural person subject to the supervision of the Superintendence of Insolvency and Reentrepreneurship, whose main mission is to promote the agreements between the Debtor and its creditors, to facilitate the proposal of Agreements of Judicial Reorganization and to safeguard the interests of the creditors, requiring the precautionary measures and the conservation of the assets of the debtor, according to the established in this law. Article 3.-Competition. The Contain Procedures referred to in this the law will be of jurisdiction of the court of letters corresponding to the domicile of the debtor, being able to interject the incident of incompetence of the court, according to the general rules. In the cities seat of the Court the distribution will be governed by an agreed order issued by the Court of Appeals respective, considering especially the preferential radication of causes conforte in the courts that have the training to referred to in the following paragraph. The judges who are the holders and the secretaries of the courts of letters which they may be familiar with, shall be entitled, in particular, to the provisions of this law and of the special laws governing them. materials. Each Court of Appeal shall take the appropriate measures to ensure the specialisation referred to in this provision. However, the other competent courts shall be entitled to know of matters within the framework of their powers if, exceptionally and under circumstances arising from the system of distribution of work, this is necessary. The court to which it is appropriate to know of a Insolvency Procedure of those referred to in this law, shall not lose its competence for the fact of existence between the creditors and the debtor persons who enjoy of special jurisdiction. For the purposes of this article, the Judicial Academy will coordinate the dictates of the courses necessary for the training in the court of judges of the right holders and secretaries of the courts of letters within the program of improvement of members of the judicial branch established in law No. 19.346, which creates the Judicial Academy. Article 4.-Resources. The judgments delivered in the Reorganization And Settlement Procedures laid down in this Law will only be subject to the following resources: 1) Reorder: (a) which may be subject to the general rules and may be brought within three days from the date of notification of the application, and may be settled from the court or after the incidental processing, as determined by the court. No recourse shall be made against the resolution to be resolved. 2) Appeal: It shall be against the resolutions that this law expressly states and shall be brought within the five-day period from the notification of those decisions. It will be granted in the only effective effect, except for the exceptions that this law points out and, in both cases, will be preferred for inclusion in the table and for its view and failure. In the case of decisions which may be used for replacement and appeal, the second shall be placed on the basis of the first allowance, in accordance with the general rules. 3) Appeal: It shall proceed in the cases and in the forms laid down in the law. Article 5.-Incidents. Incidents may only be promoted in those areas where the law expressly permits them. They shall be processed in accordance with the general rules laid down in the Code of Civil Procedure and shall not suspend the Insolvency Proceedings, unless this law provides otherwise. Article 6.-Of the notifications. Whenever the court orders a decision to be notified by notices, it must be carried out by means of a publication in the Bulletin, which has been notified from the date of its insertion into the Bulletin. The notifications made in the Insolvency Bulletin will be of a public nature and must be made by the Veedor, the Liquidator or the Superintendence, as appropriate, within two days of the respective resolutions, unless the relevant rule has a different time limit. Any decision which does not have a different form of notification shall be understood by means of a publication in the Bulletin. As a general rule, the Superintendence will establish the way to carry out the publications, the technical requirements for the operation and security of the Bulletin and the obligation to update it on a daily basis. Each time it is established that a resolution must be notified by e-mail, it will be in accordance with the general rule as to how to carry it out. In any event, in the first action before the court or the Superintendence of Insolvency and Reentrepreneurship, as appropriate, in the Confederal Procedures, the Debtor, the creditors and the interested third parties shall indicate a the valid e-mail address to which the notifications must be made in accordance with the preceding provisions. The e-mail notification sent to the address indicated by the notified respective shall be valid, even if the notification is not in force, is in disuse or does not permit its receipt by the recipient. The addressee shall be deemed to be notified from the sending of the e-mail to that address. In cases where it is not possible to notify by e-mail, it shall be notified by registered letter and such notification shall be taken on the third day following that of its receipt at the post office. Any notifications under this Article shall be made in writing on the record, without any need for certification in this respect. Each time the law orders the debtor to point out the e-mail of its creditors, it is understood that it must indicate the legal representatives of those. Once the Confederal Procedures have been completed, in the manner prescribed in this law, the Superintendence shall proceed to the elimination, modification or blocking of the data of the Debtor in the Concourse Bulletin, in accordance with the provisions of the Law No. 19,628, on the protection of private life. Article 7-Computation of time limits. The time limits for the days laid down in this law are business days, on the basis of days on Sundays and holidays, unless it is established that a specific period of time is a matter of days. The time limits shall be computed from the day following the day on which the decision or the respective act is notified. Where this law provides for a period of time for action to be taken before a given date, it shall be drawn back from the day immediately preceding the date of the action. Article 8.-Enforceability. The rules contained in special laws shall prevail over the provisions of this law. Those matters which are not expressly governed by special laws shall be governed by the provisions of this law. CHAPTER II OF THE VEEDOR AND LIQUIDATOR Title 1. From The Vedent Paragraph 1. From the Nomina of Veers Article 9th.-Structure. The Veedores Payroll will be made up of the natural persons appointed in the position of Veedor by the Superintendence, which will keep it duly updated and available to the public through its website. Article 10.-Application for registration. Any natural person interested in being named Veedor will be able to apply to the Superintendence. It shall express whether it shall carry out the charge at national or regional level, accompanying a record of compliance with the requirements referred to in Article 13 and an affidavit stating that it is not affected by the prohibitions referred to in Article 17. Article 11.-Inclusion in the Nomina of Veers. The Veedor will be incorporated in the corresponding payroll by resolution dictated by the Superintendence, once verified the compliance with the requirements mentioned in article 13. Article 12.-Mentions of the Nomina of Veers. This Nomina shall contain the following entries in respect of each Veedor: (1) Full name, profession, address, contact details and regions in which it shall perform its duties. 2. Qualifications obtained during the last five years in the examination referred to in Article 14. 3. the total number of the Reorganization Procedures of the Reorganization in which it has intervened, with the mention of those in which the Reorganization Agreement has been approved, of the five main creditors and the sector or of the Debtors in each one of them. 4) Perceived average honorarium. 5) Registration of the penalties applied. Paragraph 2. Of The Veedor Article 13.-Requirements. Any natural person who complies with the following requirements may apply for inclusion in the Nomina of Veers: 1) Contar with a professional title of accountant or a profession of at least ten semesters of duration, awarded by or recognized by universities of the State, or by the Supreme Court, where applicable; 2) Contar with at least five years (3) To approve the examination for the Veers referred to in the following Article; (4) Not to be affected by any of the prohibitions laid down in Article 17; and (5) to grant, in time and form, the guarantee indicated in Article 16. Article 14.-The examination of knowledge. The Superintendence will convoke an examination of knowledge to the following persons: 1) Postulants to integrate the Nomina of Veers. 2) Veers who would not have assumed Reorganization Procedures of Reorganization in a period of three years since its last examination rendered and approved. (3) Veers who have re-tested the examination in accordance with the provisions of this Article. The Veedor who has retried the examination may give it up again in the following period of examination, at the date, time and place of the Superintendence. Unjustified inassistance shall be understood as a reprobation for all legal purposes. The Veedor who has retried the review of repetition will be suspended in full right to assume new Procedures Confederal of Reorganization, au n as a financial controller, for a period of 12 months from the date of notification of his or her reprobation by e-mail, and until a further examination is approved, and shall be submitted after the end of the period of suspension, on the date of corresponding examination. If you re-test the replay exam, you will be excluded from the Veers ' Nomine. The examination of the knowledge referred to in this article will be called twice in each calendar year and will be regulated by the Superintendence through general rules. Article 15.-Liability. The Veedor's civil liability will be up to the fault of the person and may be pursued where appropriate, in which case the rules of the summary judgment will apply, once the final Account of the Administration has been filed, in accordance with the provisions of the Paragraph 2 of Title 3 of Chapter II of this Law, and without prejudice to the legal liability in which you may incur. Without prejudice to the foregoing, if the Veedor does not surrender its Final Management Account within the time limit laid down in Article 29, its civil liability may also be pursued from the expiry of that period. Article 16.-Guarantee of faithful performance. Every Veedor will keep in the Superintendence and, as long as its responsibility, a guarantee for an amount of 2,000 units of promotion, with a minimum term of three years, renewable for the same period. In case of not granting it in time and form, the Veedor will not be able to assume in new Reorganization Procedures of Reorganization. The guarantee may consist of a bank of guarantee, insurance policy or any other that the Superintendence determines by standard of general character, which will also establish the way to render it, its deadlines, return, renewal and other applicable specifications. The guarantee referred to in this article is aimed at cautioning the faithful performance of the Veedor's activity and ensuring the correct and proper fulfilment of all its obligations, including the eventual compensation to be condemned in case to make their civil liability effective and the payment of the administrative fines imposed against them. The Superintendence will make the guarantee effective and will give its amount at the request of the court that has declared the Veedor's civil liability, provided that the conviction is firm and enforceable. In the case of fines imposed by the Superintendence itself, the resolution shall indicate the period within which the Veedor shall pay the fines, which shall not be less than 20 days. This time limit will be counted from the fact that the resolution is firm and enforceable. After the end of the previous term without verifying the payment, the Superintendence will make the guarantee effective and will impute the funds to the respective fine, restoring the balance to the Veedor, if it corresponds. Without prejudice to the foregoing, if the Veedor's warranty is executed in accordance with the foregoing paragraph, and once the balance has been restored to it, it shall be deemed to be suspended to assume new Reorganization Procedures of Reorganization, and shall have a Twenty-day period to constitute a new guarantee in the terms provided for in this Article, maintaining the said suspension as long as it does not grant it. Article 17.-Bans. The following persons may not be Veers: 1) Those who have been convicted of crime or simple crime. 2) The officials of any organ of the State Administration, the members of the public companies created by law, those who exercise positions of popular choice, and those who provide any kind of services paid or not Superintendence. However, it will not govern this incompatibility with respect to persons carrying out teaching duties in higher education institutions. However, no teaching tasks shall be considered as those corresponding to the senior management of an academic entity, in respect of which the incompatibility referred to in this numeral shall govern. 3) Those who have physical or mental incapacity to exercise the office. (4) Those who have ceased to integrate the Nomina of Veers by virtue of the causes of exclusion from the following Article and without prejudice to the provisions of the final paragraph of the same. Article 18.-Causals of exclusion of the Nomina of Veers. The Veers will be excluded from their respective Nomina in the following cases: 1) For having been appointed in contravention of the provisions of this Title. 2) For failing to meet the requirements listed in Article 13 of this Title. 3) For acquiring for himself or for third parties, either as a natural person or through a person the legal entity in which the Veedor is a partner or a Related Person, any good or obtain for itself any economic advantage in the Conjugable Procedures in which they intervene as Veedor. 4) By alienating or authorizing the disposal of any good in the Procedures Contain in which you intervene as Veedor to: a) Your Related Persons. (b) any legal person with direct or indirect economic interest. (c) Partners or shareholders of a company in which the Veedor is a party, or of the companies in which it has a holding, except those that are registered in the Registry of Securities and make public offer of them. (d) Persons with whom he owns property in a community, with the exception of the co-owners referred to in Law No 19.537, on property co-ownership. (e) Its dependents. (f) Professionals or technicians who provide services to them, whether these are sporadic or permanent, whatever form they may be. (5) For having been declared judicially, by means of a firm and enforceable judgment, its civil or criminal liability in accordance with Article 27. 6) By resignation filed with the Superintendence, without prejudice to the duties and responsibilities for the functions that it has already assumed. 7) By a firm and enforceable judgment rejecting the Final Account of Administration that it must present in accordance with this law. 8) By application of Article 339 (c). (9) The final review of the examination of knowledge referred to in Article 14. 10) By death. Produced some of the circumstances outlined in the preceding numbers, the Superintendence will dictate the respective exclusion resolution. Without prejudice to the foregoing, in the event that some of the circumstances set out in the numerals 1), 2), 3), 4) and 8 above occur, the Superintendence shall pre-represent it to the Veedor to be present in its discharge, within the following five days. Due to the time limit indicated without any disclaimer, the Superintendence will dictate the corresponding exclusion resolution. If the Veedor presents its discards, the Superintendence will be able to accept or reject them dictating the corresponding resolution. Persons excluded from the Nomina of Veers for the causes of numbers 1), 2) and 6) may apply, after five years after the date on which the administrative act of exclusion is signed, to reinstate them in the referred to the provisions of this Title. Persons excluded from the Nomina of Veers for any other causal may not be able to reapply for their registration in it. The foregoing shall be without prejudice to the civil and criminal liability which may be liable to them in accordance with the law. Article 19.-Claim of exclusion. The Veedor may claim to be excluded from the respective payroll before the court of letters with jurisdiction in the civil service of its domicile within the ten-day period from the notification by registered letter of the decision to which it decides. exclusion. The competent court shall hold the complaint to the rules of the summary procedure in accordance with Article 341. As long as the exclusion claim is pending, the Veedor will not be able to assume new Confederal Procedures. Excluding the Veedor of the Nomina of Veers, the obligation to render account of its management, as well as the legal responsibility in which it could have incurred, will remain. Article 20.-Designation of the Veedor in the Confederal Procedures. You can only appoint Veedor to whom you integrate the Nomina of Veers to the time of the decision of the Resolution of Reorganization or of the Resolution of Settlement, as appropriate. Article 21.-Inabilities. May not be nominated or appointed Veers in a Reorganization Procedure of Reorganization: 1) Persons Related to the Debtor. 2) Debtors and creditors of the Debtor or its representatives, and all who have a direct interest or indirect in the respective procedure. 3) Those who have objected to their Final Account of Administration in a Bankruptcy Procedure, provided that they have insisted on one or more qualms. (4) Those who are suspended in accordance with the provisions of Article 14 or according to Article 337 (5) of this Law. Article 22.-Nomination of the Veedor. Once the Superintendence receives the background indicated in Article 55, it will notify the three largest creditors of the Debtor according to the information given, within the next day and by the most expeditious means. This notification will be certified by the Minister of Faith of the Superintendence for all legal effects. Within the second day following that notification, each creditor shall propose in writing or by e-mail to an incumbent Veedor and an alternate Veedor in force in the Veers ' Nomina. For these purposes, each creditor shall be individually considered without distinction of the amount of his/her credit. Within the day following the preceding paragraph, the Superintendency shall nominate as the holder of the title to which the first majority of the proposed for the position of holder by the creditors has obtained, and as a substitute Veedor to the one who has obtained the first majority of the proposed for that office. If only one creditor responds, his proposal will be addressed. If all or two of them are answered and the proposal recesses in a number of persons, the creditor whose credit is higher shall be the one. If no proposals are received, the nomination shall take place by means of a drawing before the Superintendence, in which the Veers who integrate the terna proposed by the Debtor in the application referred to in Article 54 or, failing that, shall participate. all the Veers in force in the Nomina of Veers to that date. The drawings carried out by the Superintendence shall be regulated by means of a general rule. Exceptionally, if from the background referred to in Article 55, it is credited that a single creditor represents more than 50% of the debtor's liability, the Superintendence shall nominate the Holder and the Alternate Vetor proposed by that creditor. In the event that the creditor does not propose to the Holder and the Substitute Veedor, the general rules established in the previous incisements will be in place. The titular Veedor and the nominated alternate Veedor will be immediately notified by the Superintendence by the most expeditious means. The nominee Veedor shall show to the Superintendence if it accepts the charge no later than the day following its notification and shall swear or promise to perform it faithfully. Upon accepting the charge, you must declare your relations with the Debtor or the creditors of the debtor, if you have them, and that you have no impediment or inability to perform the office. Accepted the position, the Superintendence will issue the Veedor's Certificate of Nomination, which will be referred directly to the competent court, within the day following its issuance, for this to appoint a Veedor nominated in the Resolution of Reorganization. The Veedor may be excused from accepting a nomination before the Superintendence, and must express in writing and in writing its justification the day after its notification. The Superintendence will resolve within the next two days with the background provided by the Veedor and without further recourse. If the excuse is dismissed, the Veedor must assume as such in the Insolvency Proceedings, it is legally understood that the charge has been accepted since the excuse is resolved and the corresponding Certificate of Nomination is issued. If the excuse is accepted, the Superintendence will nominate the alternate Veedor as the holder, nominating a new alternate Veedor by drawing. Article 23.-Of the cessation in office. The Veedor shall cease to be in the position for the term of the Reorganization Procedure of Reorganization or for an early termination thereof. Without prejudice to the foregoing, it shall remain liable until the approval of its Final Account of Administration. Article 24.-From the early retirement in office. For the purposes of this law, the Veedor shall be deemed to cease in advance in his post: 1) For the revocation of the Board of Creditors. 2) For removal decreed by the court. 3) By resignation accepted by the Board of Creditors or, failing that, by the court, which must be founded in a serious cause. 4) For having ceased to be part of the Nomina of Veers, without prejudice to continue in the position until the Alternate Veedor or the one who is appointed is assumed. 5) For over-coming inability. The Veedor will have to give the court and the Superintendence, within three days, the inability to affect him. Failure to comply with this obligation shall be a matter of serious misconduct for the purposes of Article 18 (8). The alternate Veedor will assume within two days of the cessation in the position of the titular Veedor, whatever the cause of the cessation. The Veedor who has ceased in advance in his position shall be accountable for his management and shall give the background of the Insolvency Proceedings to the Deputy Vestor, within 10 days of the date on which the latter has taken office. In the event of non-compliance, the competent court, on its own initiative or at the request of any interested party, shall require compliance as provided for in Article 238 of the Code of Civil Procedure, in which case the fine shall be 10 to 200 units. monthly taxes. Without prejudice to the above, the Superintendence may apply the appropriate penalties. Article 25.-The Veedor's Duties. The main function of the Veedor is to promote the agreements between the Debtor and its creditors, facilitating the proposal and negotiation of the Agreement. For these purposes, the Veedor may cite the Debtor and its creditors at any time since the publication of the Reorganization Resolution until the date on which the report regulating the numeral 8) of the Article 57, with the purpose of facilitating agreements between the parties and promoting the conclusion of a Judicial Reorganization Agreement in the terms governed by this law. In the exercise of his duties he shall in particular: 1) Imposition himself from the books, documents and operations of the Debtor. 2) Inform and publish in the Bulletin Bankruptcy copy of all the antecedents and resolutions that this law orders him. (3) Make the inscriptions and notifications provided for in the Resolution of Reorganization. 4) Carry out the tasks of supervision and recovery imposed on them in Articles 72 and following, concerning the continuity of supply, for sale The need for assets and for new resources. (5) Arbitration the necessary measures in the procedure for determining the liability laid down in Articles 70 and 71. 6) To perform the qualification of the powers to appear in the Creditors ' Boards and to inform the competent court of the legality of these, where appropriate. 7. To impose the precautionary measures and the preservation of the assets of the debtor that are necessary to protect the interests of the creditors, without prejudice to the agreements they may adopt. (8) Give the competent court and the Superintendence of any act or conduct of the debtor that means a negligent or intentional administration of his business and, with the authorization of the said court, to take the necessary measures to maintain the integrity of the assets, where appropriate. 9) To render monthly account of his performance and of the business of the Debtor to the Superintendence, and to present the observations that merit the administration of that. This account will also be sent by email to each of the creditors. 10) Execute all the acts entrusted to you by this law. Article 26-Delegation of duties. The Veedor will only be able to delegate its functions, maintaining its responsibility and at its cost, in other Veers in force in the Nomina of Veers, with equal territorial competence. This delegation shall be made by a public instrument, which shall include the acceptance of the delegate, which shall be added to the file and notified by publication in the Bulletin. Article 27.-Pre-concert. The Veedor to be arranged with the Debtor, with any creditor or third party to give him any undue advantage or to obtain it for himself, shall be sanctioned in accordance with the provisions of Paragraph 7 of Title IX of the Second Book of the Code Penalty. Article 28.-Fees of the Veedor. The Veedor's fees shall be agreed between the latter, the three principal creditors and the debtor and shall be the latter's charge. These fees shall enjoy the preference laid down in Article 2472 (4) of the Civil Code, without prejudice to Article 118 (3) of this Law. Article 29.-Of The Final Account. The Veedor will give final account of its management within thirty days of the Resolution approving the Judicial Reorganization Agreement or the Settlement of Settlement, if any. In this respect, the provisions of Chapter II of Title 3 of Chapter II of this Law shall be fully applicable. Title 2. Of The Liquidator Paragraph 1. From the Liquidator Payroll Article 30.-Structure. The Payroll of Liquidators shall be composed of all natural persons named as such by the Superintendence, which shall keep it duly updated and available to the public through its website. Article 31.-General rule. The Liquidators shall be applicable to the provisions of Title 1 of Chapter II of this Law in respect of the Veers, in any case which is not expressly governed by this Title and, in any case, provided it is not contrary to the provisions of this Title. nature of the role they play. Article 32.-Requirements. You may be a Liquidator and apply for inclusion in the Liquidator Nomine, any natural person who meets the following requirements: 1) Contar with a professional title of auditor or a profession of at least ten semesters of duration, granted by state universities or recognized by the State, or by the Supreme Court, where appropriate. (2) Contar with at least five years of exercise of the profession which it claims. 3) Approve an examination of knowledge for Liquidators, in the terms of Article 14. (4) Not to be affected by any of the prohibitions laid down in Article 17. (5) Grant, in time and form, the security referred to in Article 16. Article 33.-Mentions of the Liquidator's Nomine. In addition to the particulars referred to in Article 12, the Liquidator Nomine shall contain the fee discount scheme offered by the Liquidator and its respective validity, in respect of the table in Article 40. It shall also indicate the number of Settlement Procedures in which each Liquidator has intervened, the list of the five main creditors in each of them, the percentage of the Concourse Procedures is a Liquidation with a Final Account of approved Administration and the sector or item of the Debtor in each of these procedures. Article 34.-Causals for the exclusion of the Liquidator's Nomine. In addition to the grounds for exclusion referred to in Article 18, it shall be excluded from the Liquidators ' Nomina, which shall refuse to assume a Liquidation Insolvency Proceedings without justified cause. For these purposes, the reasons set out in this law shall be deemed to be justified. Paragraph 2. Of The Liquidator Article 35.-Liability. The civil liability of the Liquidators shall be up to the fault of the day and may be pursued, where appropriate, in summary judgment after the final Account of Administration has been filed, as provided for in Articles 49 and this law, and without prejudice to the legal liability in which it may incur. Without prejudice to the foregoing, if the Liquidator does not surrender its Final Management Account within the time limit laid down in Article 50, its civil liability may also be pursued from the expiry of that period. Article 36.-Duty of the Liquidator. The liquidator represents the general interest of the creditors and the debtor's rights as soon as they may be interested in the mass, without prejudice to the powers of those who are determined by this law. In the performance of his duties, the Liquidator shall in particular, in accordance with this law: 1) Inform and make up the assets of the debtor. 2) liquidate the assets of the debtor. 3) Make the payment of funds to the creditors in the form prepared in Paragraph 3 of Title 5 of Chapter IV of this Law. (4) To collect the credits from the debtor's assets. 5) To contract loans to settle the expenses of the Liquidation Insolvency Procedure. 6) To demand accountability of anyone who has administered the debtor's assets. 7) To claim from the Debtor the the delivery of the necessary information for the performance of his/her duties. 8) Register your actions and publish the decisions that are given in the Insolvency Proceedings in the Insolvency Bulletin. 9) Deposit interest in a financial institution to the funds you receive, in a separate account for each The settlement procedure and the name of the settlement, and open a current account with the funds to solve it. (10) To execute the agreements legally adopted by the Board of Creditors within the scope of its jurisdiction. 11) Close the debtor's business books, thus being held liable to third parties since the settlement of the Settlement Resolution. 12) Translate and reconcile the labor credits with the agreement of the Board of Creditors, as available Article 246 of this Law. (13) To exercise the other powers and to fulfil the other obligations entrusted to it by this law. Article 37.-Nomination of the Liquidator. A request for the commencement of the Insolvency Proceedings before the competent court, the Superintendence shall nominate the Liquidator in accordance with the procedure laid down in this Article, except in the case provided for in issue No 3. Article 120. In the case of a request for Voluntary Settlement, the debtor shall accompany the Superintendence of the respective application by the competent court or the corresponding Court of Appeals and copy of the payroll of creditors and their appropriations, in accordance with Article 115 of this Law. In the case of an application for Forced Settlement, the creditor shall accompany the Superintendence of the respective application by the competent court or the corresponding Court of Appeals and copy of the creditors and their claims which the debtor has accompanied, where appropriate, in accordance with Article 120 of this Law. Accompanied by the above mentioned antecedents, the Superintendence will notify the three largest creditors of the Debtor, other than Related Persons, according to the information given, within the next day and by the most expeditious means, will be certified by a minister of faith of the Superintendence. Within the second day following that notification, each creditor shall propose in writing or by e-mail to an incumbent Liquidator and an alternate Liquidator in force in the Liquidator Nomine. For these purposes, each creditor shall be individually considered, without distinction of the amount of his/her credit. Within the day following the preceding paragraph, the Superintendence shall nominate as the titular Liquidor to which it has obtained the first majority of those proposed for that charge by the creditors, and as an alternate to that which has been obtained the first majority of those proposed for this position. If only one creditor responds, his proposal will be addressed. If all or two of them are answered and the proposal recesses in a number of persons, the creditor whose credit is higher shall be the one. In the event that no proposals are received, the nomination will take place by means of a sweepstakes to the Superintendence, in which all the Liquidators in force in the Liquidator Nomina will participate to that date. The drawings carried out by the Superintendence shall be regulated by means of a general rule. Exceptionally, if from the background accompanied by the Superintendence by the Debtor Debtor or creditor, as appropriate, it is credited that a single creditor represents more than 50% of the liability of the debtor, the Superintendence will nominate the Liquidator the holder and the alternate proposed by that creditor. If the creditor does not propose to the holder and to the alternate, the general rules laid down in the preceding paragraphs shall be in accordance with the rules laid down in the preceding paragraph. The nominated titular and alternate liquidators shall be immediately notified by the Superintendence by the most expeditious means. The nominated titular liquidator shall show to the Superintendence no later than the day following its notification if he accepts the charge and shall swear or promise to perform it faithfully. Upon accepting the charge you must declare your relations with the debtor and the debtor's creditors, and you have no impediment or inability to perform. The liquidator may be excused from the Superintendence of accepting a nomination, and must express in writing and in writing its justifications, the day after its notification. The Superintendence will resolve within the next two days with the background provided by the Liquidator and without further recourse. If the excuse is dismissed, the Liquidator must assume as such in the Liquidation Insolvency Procedure, it is legally understood that the charge has been accepted since the excuse is resolved and the corresponding Certificate of Nomination is issued. If the excuse is accepted, the Superintendence will nominate the alternate Liquidator as the holder, nominating a new Alternate Liquidator by drawing. Accepted the position, the Superintendence will issue the Certificate of Nomination of the Liquidator, which will be sent directly to the competent court, within the day following its issue, for this to designate as Liquidator in character of Provisional Regulation on the settlement of the settlement. Article 38-Cese anticipated in office. The Liquidator shall cease in advance in the position for not having confirmed his nomination by the Board of Creditors; for having approved a Judicial Reorganization Agreement or a Simplified Reorganization Agreement that ends with the Procedure Settlement of Liquidation, or the provisions of Articles 23 and 24, which shall apply, as appropriate, to the Liquidator. If the incumbent Liquidator ceases in advance in the position, he shall assume the alternate, without prejudice to the ability of the Board of Creditors to designate a new one. If it is not possible to assume the alternate Liquidator, the Superintendence shall quote an Extraordinary Board of Creditors for the purpose of designating a titular Liquidator and an alternate, if the creditors have not appointed them. If such a meeting is not held for lack of quorum, the Superintendence shall make the designation by lot. The Liquidators who are appointed in accordance with this Article must assume even when the Liquidation Procedure does not have any goods or funds to be distributed. Article 39.-Fees of the Liquidator. The fees to be charged by the Liquidators in the Settlement of Settlement Procedures shall be subject to the following provisions: 1) They shall be determined in accordance with the progressive table by instalments provided for in the following Article. (2) They shall have the sole remuneration and administrative expense nature of the Liquidation Insolvency Procedure for all legal purposes to which it occurs. The Liquidator shall be responsible for all the expenses associated with the exercise of his office, as well as the fees of all his legal, technical, administrative or other advisors who have contracted for the development of his or her activity. If the debtor's domicile is different from that of the Liquidator, the transfer costs and other necessary for the Liquidation Procedure shall be considered as administrative expenses and shall be ratified by the Board or, in subsidy, by the competent court. (3) Those fees payable in the event of the continuation of the debtor's economic activities in the terms of Articles 232 and 233 of this Law shall not be included. 4) Additional fees may be paid only if the creditors agree to the Board of Creditors. The payment of this increase shall be the sole responsibility of those creditors who have voted in favour of it. (5) Fees shall be calculated in the light of the amounts reserved in accordance with Article 247 (2) and (3), but only those corresponding to the funds actually allocated shall be paid out the progressive table by instalments provided for in the following Article. 6) The Liquidator must retain in fixed income instruments, in the name of the Debtor subject to a Liquidation Insolvency Procedure, 10% of the fee that would correspond to him in each distribution. These fees may only be entered into the Liquidator's assets after the final Management Account has been filed, in accordance with the provisions of Articles 49 et seq. If the notice is rejected by a firm judgment, these funds will be returned to the mass, and must be destined for the payment of the fees of the new Liquidator designated in case there is no funds to be distributed. 7) The Board of Creditors may agree with Quorum Simple, advances of fees to the Liquidator, which may not exceed 10% of the income in cash that the Liquidation Procedure has produced at the time of the advance. (8) If the Liquidator ceases to be in charge in accordance with Article 38, his or her fees and those to replace it shall be agreed between the respective Liquidator and the Board of Creditors. This agreement shall be decided by the competent court without further appeal. 9) The Liquidator or its Related Persons shall be prohibited from receiving any other payment other than those regulated in this Article by any creditor or its Related Persons. Article 40.-Table of Fees. The single fee referred to in the preceding Article shall be paid to the Liquidator at its equivalent in pesos at the date of the respective allocation, in accordance with the progressive table below: (1) On the part exceeding 0 and do not exceed 2,000 units of promotion, 20%. 2) On the part exceeding 2,000 and not exceeding 4,000 units of promotion, 15%. 3) On the part exceeding 4,000 and not exceeding 8,000 units of promotion, 11%. 4) On the part exceeding 8,000 and not exceeding 16,000 units of promotion, 8%. 5) On the part exceeding 16,000 and not exceeding 32,000 units of promotion, 6%. 6) On the part exceeding 32,000 and not exceeding 64,000 units of promotion, 4%. 7) On the part exceeding 64,000 and not exceeding 130,000 units of promotion, 3%. 8) On the part exceeding 130,000 and not exceeding 260,000 units of promotion, 2.25%. 9) On the part that exceeds 260,000 and does not exceed 520,000 units of support, 1.75%. 10) On the part exceeding 520,000 and not exceeding 1,000,000 units of promotion, 1,5%. (11) On the part exceeding 1,000,000 units of promotion, 1%. The first tranche shall be calculated on the proceeds of the Liquidation Insolvency Procedure where there are no objections or, if there are objections, the Liquidator shall be The fee shall be less than 30 units of promotion and in this case the fee may not exceed that amount. For the determination of the fee corresponding to the Liquidator in each distribution, the amount that corresponds to the fees must be calculated in advance and then the preceding table is applied in the progressive form described, from the respective section. Consequently, for the application of the table and the determination of the percentage of the honorarium corresponding to each distribution, the total amount distributed in previous repair must be considered. If after practice the diligence of seizure and inventory making referred to in Article 163 (2), it shall be established by the Liquidator that the debtor has no property, or that these are insufficient for the payment of the fees which may correspond, the latter shall be entitled to a remuneration of 30 units of promotion, which shall be paid by the Superintendence from its budget. Article 41.-Specialized contracts. Notwithstanding the provisions of the previous article and prior agreement adopted in the Board of Creditors with Qualified Quorum, the Liquidator may contract, in charge of the expenses of the Liquidation Procedure, natural or legal persons for which carry out specialised activities duly qualified as such by the Board of Creditors. However, they may be hired even before the Constitutive Board, as long as it is strictly necessary, subject to the authorization of the court. Specialized activities shall refer directly to the care and maintenance of the debtor's assets, to the recovery and performance of the debtor and to his material delivery. The procurement shall be made after the Liquidator's report, which shall contain the basis of the Liquidator, the extent and extent of the activity, and the manner in which the creditors will benefit or the assets seized shall be avoided. The Liquidator, or its Related Persons, may not have any participation in the acts or contracts that are executed or concluded in accordance with this Article, except in respect of its activities as a Liquidator in the Insolvency Proceedings Liquidation, and neither will they be able to participate as partners, shareholders, workers or advisors of the legal persons who are hired for the activities or reports indicated. The infringement of this prohibition will constitute a serious cause for the purposes of Article 339 (c). Title 3. From the provisions common to the Veedor and Liquidator Article 42.-General Rule. The same natural person may not be registered in the Veers ' Nomina and the Liquidator's Nomina. Article 43.-Of the inclusion in the Nomina of Veers and in the Nomina of Liquidators. The registration of a person in the Veers ' Nomine, will not matter their inclusion in the Liquidator's Nomine, nor vice versa. Article 44.-Relative prohibitions of the Veedor or Liquidator. Without prejudice to the other prohibitions laid down in this law, the Veers and Liquidators shall not be allowed to intervene in Reorganization Or Settlement Processes in which they have not been designated, except for the actions that correspond to them. as a creditor prior to the respective Insolvency Proceedings, of a legal representative in accordance with Article 43 of the Civil Code, and of the provisions of Article 26 of this Law. The violation of this prohibition constitutes a serious infringement for the purposes of Article 18 (8). Also, the Veers and Liquidators shall not be able to contract by themselves, through third parties or a legal person in which they are members or Related Persons, with any Debtor submitted to a Bankruptcy Procedure. Article 45.-Of the exclusion of the Nomina Veedores and the Nomina of Liquidators. The exclusion of the Nomina de Veedores will necessarily be an impediment to joining the Liquidator's Nomina, and vice versa, unless it merges in Article 18 (6), in which case, exceptionally, the entry into force of the the other payroll, before the deadline of 5 years indicated in the fourth indent of the article, prior authorization of the Superintendence. Paragraph 1. Of the provisional accounts Article 46.-Content. The Superintendence, by means of a general rule, shall determine the form and the compulsory contents of the provisional accounts to be paid by the Liquidator, which shall include at least a detailed breakdown of the revenue and expenditure during the Last three months, with compliance with the applicable accounting, tax and financial rules. Article 47.-Opportunity and review. The provisional accounts shall be published monthly in the Bankruptcy Bulletin and shall be submitted to the respective Board of Creditors, which shall approve or reject them in that same session. On the basis of the publication indicated in the foregoing paragraph, the creditors may submit to the Superintendence their observations to the published provisional account, in order for the latter to include them in the Bankruptcy Bulletin within the five-day period from the reception of those. The Liquidator shall respond to the observations in the next Meeting of Creditors and shall then be resolved to approve or reject it. The approval of the provisional account by the Board of Creditors shall not prevent, where appropriate, objecting to the Final Account of Administration, in respect of the items included therein. Article 48.-Non-celebration of the Board of Creditors. If the Board of Creditors is not held for lack of a quorum, the Liquidator shall notify that circumstance in the Bankruptcy Bulletin within two days. Paragraph 2. Of the Final Account of Administration Article 49.-Content. The Superintendence will determine the form and mandatory contents of the Final Account of Administration by general rule, with observance of the applicable accounting, tax and financial regulations. Article 50.-Opportunity. The Liquidator must accompany the Court and the Superintendence of its Final Account of Administration within thirty days following the verification of any of the circumstances mentioned below: 1) Expiration of the deadlines legal for the realization of goods. 2) Exhaustion of funds or full payment of recognized credits. 3) Cese advance of his position. Article 51.-surrender of the Account. Once you have accompanied your Final Administration Account to the competent court and the Superintendence, the Liquidator must quote the Board of Creditors for the purpose of rendering it, explaining its contents, the conclusions and accrediting the retention of the percentage. of fees to be charged in accordance with Article 39 (7). The Superintendence may participate in such a Board with a right to speak. The summons must be published in the Bankruptcy Bulletin within five days of the decision which was accompanied by the Final Account of Administration before the Court, and shall include the day, hour and place of the Board of Directors. Creditors. Between the date of publication of the ictaci on and holding the Board of Creditors shall be held no less than ten and no more than twenty-five days. The citation will also include a copy of the Final Administration Account. Such Board shall be held with the creditors who attend. Article 52.-Of the objection. The debtor, any creditor and the Superintendence may object to the final account of the Liquidator's Administration. Objections shall be filed with the Superintendence within five days of the date on which the respective Board of Creditors was held or due to be held. If the objector is the Superintendence, his objection will be published in the Bulletin Insolvency in the same period. In the event of no timely objection, the Liquidator or Superintendence shall request the competent court to have the final Administrative Account approved for all legal purposes. If objections are raised, the following rules shall be observed: (1) After the expiry of the period referred to in the second subparagraph, the Superintendence shall require the Liquidator to inform the Liquidator of all objections submitted or published in a single resolution; The Liquidator shall be notified by e-mail and published in the Insolvency Bulletin. 2. The Liquidator shall have ten days from the notification of the resolution indicated above to answer in a single filing all the objections raised. In its submission, the Liquidator may include corrections to the Objected Administrative Final Account, in which case it will accompany the final text that reflects them. (3) If the Liquidator does not make any presentation within the period indicated above, it shall be deemed to be suspended in full right to assume in the proceedings governed by this law as long as the objection or objections are not resolved. (4) After the deadline specified in issue 2), the Liquidator's report has been submitted or not, the objectors will have three days to insist on their objections. (5) If insistences are not presented, the final account shall be approved. 6) In the event of insistence, the Superintendence shall forward to the competent court within 10 days a report containing the objections. raised, the Liquidator's reply if any, and its opinion as to whether the facts affect the assets in question decisively, if they involve a serious injury to the creditors and/or the debtor, or if they reflect a manifest and inexcusable Failure to observe the Liquidator's duty of care. The report will establish whether the Liquidator will be suspended to assume in new Procedures Contain. 7) The competent court will appreciate the background provided according to the norms of the sound criticism and will decide its resolution within 15 days of the delivery of the report indicating the previous number. (8) If the judgment in all its parts is dismissed or the objections deducted, it shall condemn the party or the objectors to the costs, who shall respond jointly and severally to them, unless the competent court considers that there was a plausible reason for litigating. The same rule shall apply if the decision rejects one or more objections and provides for other objections, jointly and severally responding to all the parties to the costs. In the case of the debtor, they will respond jointly and severally to their sponsoring lawyer and their judicial representatives. (9) The decision of the competent court to lodge one or more objections shall indicate the measures that the Liquidator shall implement to remedy, repair or correct the defects. If the resolution rejects the Final Account of Administration, it shall appoint the alternate Liquidator as the holder, in accordance with the second paragraph of Article 38. The appeal, which shall be granted in the only return effect, shall be brought against this decision. No action shall be taken against the decision rejecting one or more objections. Once the judgment rejecting the Final Account of Administration is signed, the Superintendence will exclude the Liquidator from the Liquidator's Nomina, in accordance with the provisions of Article 34 of this Law. Article 53-Enforcement of decisions rejecting the Final Account of Administration. The execution of these resolutions will be subject to the following rules: 1) If the resolution orders the Liquidator to whom the Account is refused to return to the mass a sum of money, it will proceed as follows: a) It will have the deadline of thirty days, extendable for the same period, since the resolution is firm and executed to comply with the resolution. (b) If the refund is not made, the competent court shall certify that omission, either on its own initiative or at the request of a party, and shall communicate such circumstances to the Superintendence. c) With that certification, the Superintendence will make effective the guarantee of faithful performance referred to in article 16 of this law, by entering the funds in the competent court. 2) If the resolution orders the Liquidator whose Account was rejected a measure other than that of restituting to the mass a sum of money, it will proceed as follows: a) The Liquidator whose Account was rejected will execute the resolved within the same period indicated in the preceding number or in the number fixed by the court in its decision. (b) The fee of the newly appointed Liquidator shall be determined by common agreement with the Board of Creditors or, failing that, by the competent court, and shall be paid in accordance with Article 39. In all cases mentioned in this article, the Liquidator whose account was rejected may request an extension before the competent court, for a single time and for a maximum of thirty days, to comply with the resolved. CHAPTER III OF THE RESTRUCTURING INSOLVENCY PROCEEDINGS Title 1. From the beginning of the Bankruptcy Procedure of Judicial Reorganization Article 54.-Scope of application and the beginning of the Judicial Reorganization Procedure. The Judicial Reorganization Procedure will be applicable only to the Deudora Company, which for the purposes of this Chapter will be called indistinctly Deudora or Debtor Company. The Bankruptcy Procedure of Reorganization shall be initiated by the filing of an application by the Deudora Company before the court corresponding to its domicile. A model of such a request will be regulated by the Superintendence by a general rule, which will be available in its premises, on its website and on the premises of the courts with jurisdiction in Consujós de Article 55.-Background to the nomination of the Veedor. For the purposes of the nomination of the titular and alternate Veedores, the Debtor must present to the Superintendence a copy of the document indicated in the previous article, with the respective charge of the competent court or the Court of Appeals corresponding. In addition, it must accompany a certificate issued by an independent auditor to the Debtor, registered in the Registry of External Auditors of the Superintendence of Securities and Insurance. This certificate shall be extended in accordance with the information available to the debtor and shall contain a statement of its debts, with the expression of the name, address and e-mail of the creditors or their legal representatives, in their case; of the nature of the respective securities, and of the amount of their claims, indicating the percentage that each represents in the total of the liabilities, with the expression of the three largest creditors, excluding the Persons Related to the Debtor. The nomination of the titular and alternate Veedores shall be carried out in accordance with the procedure laid down in Article 22 and, upon completion, the Superintendence shall extend the respective Nomination Certificate referred to in that provision. Article 56-Background to be accompanied by the Debtor. Accepted the nomination by the titular and alternate Veedor, the Superintendence will forward to the competent court the corresponding Certificate of Nomination. In parallel, the debtor shall accompany the following: (1) the relationship of all his goods, with the expression of their commercial value, the place in which they are located, and the taxes that affect them. It must also point out which of these goods have the quality of essential for the rotation of the Deudora Company; 2) the relation of all the goods of third parties constituted in guarantee in favor of the Debtor. It must also point out which of these goods have the quality of essential for the rotation of the Deudora Company; 3) the relation of all goods which are held by the debtor in a quality other than that of the owner; 4) The certificate to which Article 55 refers to the determination of the liability for the Judicial Reorganization Agreements. The liability to be established in this certificate shall consider the debt status of the debtor, with a closing date not exceeding forty five days prior to this filing, with an express indication of the claims guaranteed by a pledge or mortgage and the commercial value of the goods on which the securities are placed. This certificate shall serve as a basis for determining all the quorum of creditors required for the adoption of any agreement, until the list of recognised appropriations is drawn up, in accordance with the procedure laid down in paragraph 2 of the Title 1 of Chapter III of this Law, with their respective extensions or amendments, if they exist, and (5) If the debtor takes full accounting, it shall present the balance sheet corresponding to its last financial year and a provisional balance sheet containing the financial and accounting information, with a closing date not exceeding forty-five days prior to this presentation. If it is a legal person, the They will be signed by their legal representatives. Article 57-Resolution of Reorganization. Within the fifth day of the presentation referred to in the preceding article, the competent court shall give a decision designating the appointing and alternate Veers in the form laid down in Article 22. In the same judgment, the following shall provide: (1) That the debtor shall be entitled to a financial protection in accordance with the provisions of Article 58 during the period of 30 days following the notification of this decision, which may be extended in accordance with Article 58. by virtue of which: (a) A Insolvency Settlement Procedure may not be declared or initiated against the Debtor, nor may executive judgments, executions of any kind or restitution in lease trials be initiated against the debtor. The foregoing shall not apply to judgments of work on obligations of first class preference, in this case being suspended only in respect of the execution and execution of the debtor's assets, except in the case of such work trials as the The debtor has such a character in favor of his spouse, his relatives, or the managers, administrators, proxies with general power of administration or other persons who have interference in the administration of their business. For these purposes, relatives of the Debtor or its legal representatives shall be understood to be descendants, descendants, and collaterals up to the fourth degree of consanguinity and affinity, including. (b) The processing of the procedures referred to in point (a) above and the time limits for the limitation of limitations shall be suspended. (c) All contracts entered into by the Debtor shall remain in force and conditions of payment. Consequently, they will not be able to terminate in advance in a unilateral way, to demand their fulfillment in advance or to make effective the guarantees contracted, invoking as a causal the beginning of a Reorganization Procedure of Reorganization. The creditor's credit which will contravene this prohibition shall be postponed until all creditors are paid to whom the Judicial Reorganization Agreement, including the debtor's Related Persons of the Debtor, will affect them. In order to make the postponement indicated in the previous paragraph effective, your statement must be requested in an incidental manner before the court that is aware of the Reorganization Procedure. (d) If the debtor forms part of a public record as a contractor or provider of any service, and whenever he/she finds himself/herself in contractual obligations with the respective mandant, he/she may not be eliminated or deprived of participate in bidding processes based on the initiation of a Reorganization Procedure. If the public entity removes it from its records or discriminates against its participation, based on the opening of a Reorganization Procedure of Reorganization, despite meeting the day in its obligations with the respective mandante, it must indemnify the (2) The following precautionary and restraining measures shall be applied to the debtor during the Insolvency Financial Protection: (a) It shall be subject to the intervention of the titular holder designated in the same resolution, which shall have the duties set out in Article 25; (b) it shall not tax or dispose of its assets, except for those whose disposal or sale is its own or which are strictly necessary for the normal development of their activity; and in respect of other assets or assets, the provisions of Article 74, and (c) Treaty of legal persons shall not be permitted to amend their covenants, statutes or statutes. social or powers. The registration of any transfer of shares of the Deudora Company in the relevant social records shall require the approval of the Veedor, which shall extend it to the extent that it does not alter or affect the rights of the creditors. The foregoing shall not apply to public limited liability companies that make public offer of their securities. (3) The date on which the Insolvency Financial Protection expires. 4) The order of the debtor to make it through the Veedor to publish in the Bankruptcy Bulletin and to accompany the competent court, at least ten days before the date fixed for the Board of Directors Creditors, your proposal for a Judicial Reorganization Agreement. If the debtor does not comply with this order, the Veedor will certify this circumstance and the competent court will issue the Settlement Resolution, without further processing. (5) The date, place and time at which the Board of Creditors is to be made known and to decide on the proposal for a Judicial Reorganization Agreement that the Debtor submits. The date of such Board shall be the date on which the Financial Protection expires. 6) That within 15 days from the notification of this resolution, all creditors shall accredit to the competent court their personal business. to act in the Reorganization Procedure of Reorganization, with an express indication of the faculty that they give to their proxies to know, modify and adopt the Agreement of Judicial Reorganization. 7) The order for the Veedor to sign a copy of this resolution in the real estate conservatives corresponding to the margin of registration property of each of the buildings belonging to the debtor. 8) The order to the Veedor to accompany the competent court and publish in the Bulletin Insolvency its report on the proposal of the Judicial Reorganization Agreement, at least three days before the date fixed for the celebration of the Board of Creditors who will vote on such an agreement. This Report of the Veedor shall contain the established rating on: (a) If the proposal is liable to be fulfilled, taking into account the conditions of the Debtor; (b) The probable amount of recovery that would be payable to each creditor in their respective categories, in the case of a Liquidation Insolvency Procedure, and (c) If the proposal for the determination of the claims and their preference indicated by the Debtor are in accordance with the law. If the Veedor fails to submit the report within the stated time limit, the Debtor, any of the creditors or the competent court shall inform the Superintendence of the application of the relevant sanctions. In this case, the Judicial Reorganization Agreement will be voted on without the Veedor Report. 9) That within the fifth day of the notification of this resolution, the debtor and the three largest creditors must attend a hearing. indicated in the certification of the independent auditor referred to in Article 55. This diligence will be carried out with those who participate and will deal with the proposal of fees that the Veedor will formulate. If no such fee and method of payment are agreed upon, or none of the fees are paid, such fees shall be fixed by the competent court without further appeal. 10. The order of the debtor to provide the Veedor copies of all the records accompanied in accordance with Article 56. This background and the copy of the resolution in which this article is addressed shall be published by the Veedor in the Bankruptcy Bulletin within three days of its submission. Article 58.-Extension of the Financial Protection. The period laid down in Article 1 (1) of the preceding Article for the Financial Protection of the Financial Institution may be extended for up to 30 days if the debtor obtains the support of two or more creditors, representing more than 30% of the total liabilities, excluding the credits of Persons Related to the Debtor. Until the tenth day before the expiry of the period referred to above, the debtor may apply for a further extension for a further 30 days if he obtains the support of two or more creditors representing more than 50% of the total liabilities, excluding claims of Persons Related to the Debtor. Without prejudice to the foregoing, the extension of the prescribed period for the financial protection referred to in point (1) of the preceding article may be requested in a single act for up to 60 days if the debtor obtains the support of two or more creditors representing more than 50% of the total of the liabilities, excluding the claims of the Persons Related to the Debtor. Mortgage creditors and lenders who lend their support to the extension of the Financial Protection Protection will not lose their preference and will be able to impose the conservation measures that they do. Article 59.-New date and time of the Board of Creditors called to know and decide on the proposed Judicial Reorganization Agreement. In order to achieve the extension provided for in the previous article, the debtor shall submit to the competent court, together with the respective request for an extension, the letters of support of the creditors authorized before a minister of faith, and a certificate extended by an independent auditor to the Debtor, indicating the percentages of the liability to allow the required support. With the extension of the Financial Protection, the competent court must set the new date and time of the Board of Creditors called to know and decide on the proposal of the Judicial Reorganization Agreement. Paragraph 1. The purpose of the proposal of the Article 60 Judicial Reorganization Agreement is the subject of the proposal for a Judicial Reorganization Agreement. The proposal will be able to deal with any object to restructure the liabilities and assets of a Deudora Company. Article 61-Judicial reorganization agreements by classes or categories of creditors. The proposal for an agreement may be separated into classes or categories of creditors and a proposal may be made for vátiv creditors and other creditors for mortgage creditors and creditors. (i) credit is guaranteed with property of the debtor or third party. Mortgage creditors and lenders who vote on the proposal of the Agreement will retain their preferences. The proposal for an Agreement shall be equal for all creditors of the same class or category, unless otherwise agreed, in accordance with the provisions of Articles 64 et seq. Mortgage and other creditors whose claims are secured by property of the debtor or third parties may vote on the proposed agreement which is formulated for the guarantor of the guarantor if they give up the preference for their claims and may not vote on the proposed Agreement for the class or category of mortgage or mortgage creditors, unless such waiver is partial and expressly stated. If the mortgage creditors and the lenders vote on the proposed agreement of the valist creditors, the amounts of their preferential loans shall be deducted from the liability of their class or category and shall be included in the liability of the class or category of the creditors. (a) a valist creditor for the purposes of the calculation referred to in Article 79 for the sums to which the waiver has been reached. Article 62-Alternative proposals for the Judicial Reorganization Agreement. In each of its classes or categories, the proposed Agreement may contain a main proposition and other alternatives for all creditors of the same class or category, in which case they shall choose to be governed by one of them, within 10 days of the date of the Board of Creditors called to know and to rule on the proposed Agreement. Article 63.-Posposition of payment to creditors Related Persons. Creditors Persons Related to the Debtor, whose credits are not properly documented 90 days before the start of the Reorganization Procedure, will be postponed in the payment of their credits, until they are paid in full the appropriations of the other creditors to which the Judicial Reorganization Agreement will affect them. Without prejudice to the foregoing, the Agreement may make applicable to other creditors persons related to the Debtor, whose claims are duly documented, after the Veedor's well-founded report. This position shall not apply to claims arising under Articles 72 and 73. It shall also not apply to claims arising under Article 74, in so far as it is authorised by creditors representing more than 50% of the liabilities of the debtor. Article 64.-Differences between creditors of the same class or category. In the proposals for the Judicial Reorganization Agreement, more favourable conditions may be established for some of the creditors of the same class or category, provided that the other creditors of the respective class or category agree with Special quorum, which will be calculated only on the amount of the credits of the latter. Article 65.-Constitution of guarantees in the Agreements of the Judicial Reorganization. The Agreements may provide for the provision of guarantees to ensure compliance with the obligations of the debtor. These guarantees may be established in the same Agreement or in separate instruments. For these purposes, creditors may designate one or more of them to represent them in the event of the acts which are necessary for the proper establishment of the guarantees. Article 66.-Creditors included in the Judicial Reorganization Agreements. The Agreements shall only affect creditors whose claims originate in advance of the Reorganisation Resolution as referred to in Article 57. The credits that originate later will not be included in the Judicial Reorganization Agreement. Article 67-Prohibition of repair. The Deudora Company is prohibited from handing out sums to its shareholders or shareholders, under no circumstances, either directly or indirectly, either by way of reduction of capital, remission of loans granted and/or payment of dividends before the payment of the 100% of the obligations arising out of the Judicial Reorganization Agreement, unless the creditors expressly authorize it in the manner determined by the Agreement. Article 68.-Arbitration clause in Judicial Reorganization Agreements. In any of the classes or categories of a Judicial Reorganization Agreement, an arbitration clause may be provided, in which case the differences between the debtor and one or more creditors or between them, on the occasion of the application, interpretation, compliance, termination or declaration of non-compliance with the Agreement, shall be subject to arbitration. This shall be binding on all creditors to which the said Agreement is concerned. If the arbitrator declares termination or non-compliance with the Agreement, he shall immediately forward the file to the court competent for the decision of the Settlement of the Settlement in accordance with this law. Article 69.-Interventor and Commission of Creditors. The Judicial Reorganization Agreement shall provide for the appointment of a financial controller for at least one year from the Agreement, which shall be placed on an existing Veedor of the Veers ' Nomina. The appointed financial controller shall have the powers, duties and remuneration which the same Agreement indicates. If they are not specified, they shall be understood to have those referred to in Article 294 of the Code of Civil Procedure. The Veedor will have the obligation to inform, in an informed manner, the breach of the Agreement to the Superintendence and to the creditors that affect them, by means of notification by Email. Without prejudice to the foregoing, the Judicial Reorganization Agreement may appoint a Commission of Creditors to monitor compliance with its stipulations, with the privileges, duties and remuneration that, if any, the Agreement indicates. Paragraph 2. Of the determination of liabilities Article 70.-Verification and objection of claims. Creditors shall have an eight-day period from the date of the notification of the Reorganisation Resolution referred to in Article 57 to verify their claims to the court hearing the proceedings. For this purpose, they shall accompany the evidence of evidence of such evidence, indicating, where appropriate, whether they are covered by a pledge or a mortgage and the commercial value of the goods on which the securities are placed. No verification shall be required if the claims and commercial guarantees of the guarantees are indicated, to the satisfaction of the creditor, in the statement of debts referred to in Article 56 (4), published in the Bulletin. After the period referred to in the preceding paragraph and within two days, the Veedor shall publish in the Insolvency Bulletin all the verifications presented, indicating the claims that are secured by means of a garment or mortgage and the trade in the goods on which the guarantees fall. Within eight days of the publication referred to in the preceding paragraph, the Veedor, the Debtor and the creditors may deduct an objection based on the lack of evidence of evidence of the claims, their amounts, their preferences or the the commercial value of the goods on which the guarantees are based, which are indicated in the statement of debts owed by the debtor, in accordance with Article 56 (4) or in the verifications submitted by the creditors. Those interested will file their objections before the court. After the deadline indicated in the preceding paragraph, and within two days of the following, the Veedor will publish in the Bankruptcy Bulletin all the objections presented. Also, the time limit set out in the above mentioned paragraph is expired without any objections being raised, the claims and the commercial value of the goods on which the uncontested guarantees fall shall be recognised. The Veedor shall draw up the list of recognised claims, which shall indicate the amounts of the claims, if they are secured by means of a pledge or mortgage and the commercial value of the assets on which the securities are placed, accompanying the file within the fifth day of the expiry of the deadline for objecting and publishing it in the Bankruptcy Bulletin, serving as the sole payroll for the vote referred to in Article 78, without prejudice to its subsequent extension or modification according to the following article. Article 71.-Impeachment of appropriations. If objections are raised, the Veedor shall make the necessary measures to remedy them. If they are not remedied, the appropriations and the commercial value of the goods on which the guarantees which are the subject of such objections shall be considered to be contested shall be considered to be contested, and the Veedor shall collect them, issue a report on whether or not there are grounds for such objections. (a) to be considered by the competent court, and shall decide on the commercial property of the good on which the contested guarantee falls. The Veedor shall accompany the competent court with the payroll of the contested claims with its respective report and the list of recognised credits referred to in Article 70, and shall publish them in the case of the insolvency Bulletin within five days of the date of the expiry of the time limit laid down for objecting to the first indent of the previous Article. Added to the file the antecedents that point out the previous paragraph, the court will cite a single and verbal hearing for the ruling of the impeachments. That hearing shall be held within a third day following the notification of the decision which is accompanied by the list of recognised and contested claims. The hearing may be attended by the Veedor, the Debtor, the impeachments and the contested. In this case, the incidents that the parties promote in relation to the challenges must be resolved. The court The competent authority may, if strictly necessary, suspend and continue the subsequent hearing. However, the decision on the contested decision must be made no later than the second day before the date of conclusion of the Board of Creditors, which is called to be known and to rule on the proposal for an agreement. The decision which fails the challenges shall order the incorporation or modification of claims on the list of recognised claims, or the modification of the commercial value of the goods on which the guarantees fall, where appropriate, and shall be Appealable in the only Beneficial Effect. The Veedor must publish the payroll of credits recognized in accordance with the previous resolution in the Concourse Bulletin, no later than the day before the date of the conclusion of the Board of Creditors called to know and decide on the proposal of Agreement. Paragraph 3. From the continuity of supply, the sale of assets and new resources during the Financial Protection Insolvency Article 72.-Continuity of supply. The suppliers of goods and services that are necessary for the operation of the Deudora Company, whose invoices have as a date of issue no less than eight days prior to the date of the Resolution of Reorganization and to the extent that not exceed 20% of the liability referred to in the accounting certificate referred to in Article 55, shall be paid preferably on the dates originally agreed, provided that the respective supplier maintains the supply to the Deudora Company, the circumstance to be credited by the Veedor. In the event of failure to subscribe to the Agreement and, consequently, the Deudora Company Settlement Resolution will be issued, the credits from this supply will be paid with the preference set forth in Article 2472 of the Code. Civil. Article 73.-Foreign trade operations. Those who finance the foreign trade operations of the Deudora Company will be paid preferably on the dates originally agreed, provided that those creditors maintain the financing lines or grant new loans for this type of operations, a circumstance to be credited by the Veedor. If the Judicial Reorganization Agreement is not signed and the Deudora Company Settlement Resolution will be issued accordingly, the credits from these foreign trade operations will be paid with the preference established in Article 2472 of the Civil Code. Article 74.-Sale of assets and contracting of loans during the Financial Protection. In the course of the Financial Protection, the Deudora Company may sell or dispose of assets the value of which does not exceed 20% of its fixed assets, and may acquire loans for the financing of its operations, provided that these do not exceed the 20% of the liability referred to in the accounting certificate referred to in Article 55. The sale, disposal or hiring of loans that exceed the amounts indicated in the previous paragraph, as well as any operation with Persons Related to the Deudora Company, will require the authorization of the creditors representing more than 50% the liability of the debtor. The loans contracted by the Deudora Company under this article will not be considered in the payroll of credits and will be preferentially paid on the agreed dates, provided that they are used for the financing of their operations, the circumstance to be credited by the Veedor. In the event of failure to subscribe to the Agreement and, accordingly, the Deudora Company Settlement Resolution will be issued, these loans will be paid with the preference set forth in Article 2472 of the Civil Code. Article 75.-Sale of goods awarded on a garment or mortgage during the Financial Protection. In the event that the reorganization is not agreed and the liquidation of the Deudora Company is declared, the creditor or mortgage creditor who authorizes the disposal of the goods awarded in a garment or mortgage whose commercial value exceeds the amount of the The amount of your respective credit may be collected from the sale. The above will always ensure that the payment of the first class credits is guaranteed, through the granting of any guarantee instrument that recognizes the laws in force or that the Superintendence authorizes by means of a standard of character general. Article 76.-Valorization of assets and audit of resources. For the purposes of determining the value of the assets to be sold or to be sold, the value of the value of the Veedor shall be determined. The Veedor shall verify that the product of all the acts or contracts which are granted or subscribed for in the operations covered by this paragraph, effectively enters the box of the Deudora Company and is exclusively and exclusively intended for to finance their turn. These acts or contracts shall not be applicable to the provisions of Chapter VI of this Law. Title 2. Of the proposed Agreement on Judicial Reorganization Paragraph 1. Of the general rules Article 77.-Effects of withdrawal of the Agreement. Once the proposal for an agreement has been notified, it may not be withdrawn by the debtor unless it has the support of creditors representing at least 75% of the liability. If the proposed Agreement is withdrawn by the Debtor without the support referred to in the foregoing paragraph, the competent court shall issue the Settlement Resolution. Article 78.-Creditors with the right to vote. Only the creditors whose claims are on the list of recognised credits referred to in Article 70 and those appearing in the extension of this payroll, as provided for in Article 71, have the right to participate and to vote. In both cases, compliance with the requirements of Article 57 (6) concerning the accreditation of persons shall be complied with. Creditors whose claims are secured by way of a pledge or mortgage shall vote in accordance with the commercial value of the assets on which the guarantees are based, as evidenced by the list of recognised credits and their extension or modification, if any. Where the commercial value of the goods on which the guarantees fall exceeds the value of the credit which they guarantee, the creditor shall vote according to the amount of his credit, as evidenced by the list of credits recognised and in his extension or modification, if any. Article 79.-Agreement of the Board of Creditors called to know and to rule on the proposal. Each of the classes or categories of proposals under Article 61 shall be analysed, deliberate and agreed separately on the same board, and may be amended, without prejudice to Article 82. The proposal shall be deemed to have been agreed upon with the consent of the debtor and the assent of two-thirds or more of the creditors present, representing at least two-thirds of the total of the right to vote in respect of the debtor. respective class or category. Persons relating to the Debtor and their claims shall not be eligible to vote. The transferee of credits acquired within thirty days prior to the date of commencement of the Reorganization Procedure of Reorganization, as referred to in Article 54, shall not be allowed to the Board of Creditors to deliberate and vote on the Agreement and neither will they be able to impeach him. The agreement on the proposal of a class or category shall be adopted under the suspenseful condition that the proposal of the other class or category on the same Board of Creditors, or in which it is carried out in accordance with the provisions of the Article 82. Article 80.-Signature registration procedure. In order to obtain the majorities required by the Reorganization Procedure of Reorganization, the Veedor may obtain the vote of any creditor, by subscribing to one or more documents before a minister of faith or by means of advanced electronic signature, in the acceptance of the creditors is recorded. The votes obtained through this system will be considered as votes of creditors present in the Board of Creditors called to know and to decide on the proposal of the Agreement, for the purposes of the computation of the majorities. The debtor's creditors will be able to sign these documents since the publication of the proposed Agreement in the Bankruptcy Bulletin, and up to three days before the date fixed for the Board of Creditors called to know and decide on the said proposal. Article 81.-Absence of the Debtor in the Board of Creditors. If the Debtor does not appear to the Board of Creditors called to know and rule on the proposed Agreement, the competent court shall issue the Settlement Resolution on the same Board. Article 82.-Suspension of the Board of Creditors. The Board of Creditors called to know and to decide on the proposal of the Agreement may agree with, Quorum Qualified, its suspension for no more ten days, fixing to the new effect day and hour for its resumption. The Debtor shall retain the Insolvency Financial Protection until such time as the Board is held. Article 83-Amendment of the Agreement. Amendments to the Agreement shall be made by the debtor and the creditors who have subscribed to it in their respective classes or categories, in accordance with the same procedure and majorities as required by Article 79. Notwithstanding the foregoing, the Agreement establishing the constitution of a Commission of Creditors may empower it to amend it with the quorum of approval that the same Agreement determines, which in no case may be less than the Quorum Simple. The amendment may be based on all or part of the content of the Agreement, except as regards the quality of the creditor, its class or category, differences between creditors of the same class or category, (i) loans, their preferences, and in respect of those matters which the Agreement determines as unchangeable by the Commission of Creditors. In the Boards of Creditors to be held after the approval of the Agreement by the court, the right to vote shall be determined in accordance with Article 78. Creditors who have the quality of Persons Related to the Debtor shall not be entitled to vote. Article 84-Notification of the Agreement. The full text of the Agreement with its amendments, if any, will be notified by the Veedor in the Bankruptcy Bulletin. Paragraph 2. Of the impeachment of the Judicial Reorganization Agreement Article 85.-Causals to contest the Agreement. The Agreement may be challenged by the creditors to which it affects them, provided that it is founded on one of the following grounds: (1) Defects in the forms established for the convening and holding of the Board of Creditors, which have prevented the exercise of the rights of the creditors or the debtor. 2) The error in the computation of the majorities required in this Chapter, provided that it substantially affects the quorum of the Agreement of Judicial Reorganization. 3) Falsity or exaggeration of the credit or incapacity or lack of person to vote of any of creditors who have attended with their vote to form the quorum necessary for the Agreement, if this creditor or the false or exaggerated part of the credit is excluded, the quorum of the Agreement is not achieved. 4) Agreement between one or more creditors and the Debtor for to vote in favour, to abstain from voting or to reject the Agreement, in order to gain undue advantage over the other creditors. 5) The hiding or exaggeration of the asset or liability. 6) To contain one or more stipulations contrary to the provisions of this law. Article 86-Deadline for contesting the Agreement. The Agreement may be contested within five days of its publication in the Court of Insolvency. Challenges presented outside the deadline will be rejected out of hand. Article 87.-Single hearing on the decision of disputes. The challenges to the Agreement will be dealt with as a single incident and will be jointly failed in a single hearing, which the competent court will cite for such an effect, within ten days of the deadline for challenging. This hearing will be verbal and will be held with those in attendance. At the same hearing, the issues to be promoted by the parties should be resolved. The court may, if it considers it, suspend and continue the hearing after that. The decision on the challenges to the Agreement shall be adopted not later than 30 days after the date of conclusion of the said hearing. The resolution that resolves the challenges will be published in the Bankruptcy Bulletin. This resolution shall be appable in the only return effect. Article 88.-New proposal for an Agreement. If the objection to the Agreement by the Causals as set out in Article 85 (1) (1), (2), (3) and (6) is adopted by a firm and enforceable decision, the debtor may submit a new proposal for an Agreement within 10 days of the following Since the date of notification of the contested decision, provided that this new proposal is supported by two or more creditors representing at least 66% of the total liability with the right to vote. In this case, the debtor will enjoy the financial protection of the court until the meeting of the Board of Directors called to know and to decide on the new proposal. The resolution presented by the new proposal of the Agreement will set the date of the Board of Creditors called to know and to decide on said new proposal, which must be held within the next ten days since the Debtor submitted it. If the debtor fails to submit the new proposal for an Agreement which meets the conditions set out in the preceding paragraph, within the time limit set, the competent court shall, on its own initiative and without further processing, dictate the Settlement of the Debtor Company. If an objection to the Agreement is to be found on the grounds laid down in Article 85 (4) and (5), the court, on its own initiative and without further processing, shall order the commencement of the Insolvency Proceedings in the same judgment as the Court of Justice. challenge, and the debtor will not be able to submit a proposal for an agreement again. Paragraph 3. Of the approval and validity of the Article 89 Judicial Reorganization Agreement.-Approval and validity of the Agreement. The Agreement shall be deemed to have been approved and shall begin to apply after the expiry of the time limit for challenging it, without being challenged and the competent court shall declare it of its own motion or at the request of any interested party or of the Veedor. If the Agreement is contested and the disputes are dismissed, the competent court shall declare it approved in the decision to dismiss the dispute or the impeachments, and that decision shall begin to apply from the time that the decision is enforceable. The decisions referred to in the first and second subparagraphs of this Article shall be notified in the Bankruptcy Bulletin. The Agreement shall, however, govern any disputes brought against it. However, if these are filed by creditors of a certain class or category, representing at least 30% of the liability with the right to vote of their respective class or category, the Agreement shall not apply until such time as such disputes were dismissed by a final judgment and enforceable. In this case and in the second paragraph of this Article, the acts and contracts executed or concluded by the Debtor in the time between the Agreement and the date on which the decision to accept the challenges is implemented, shall not be possible. be left without effect. The appeal deducted against the decision of the second instance which disposes of the impugations, shall not suspend the enforcement of that judgment, even if the expired party requests that bail be granted as a result of the victor. If the challenges to the Agreement are accepted by firm and enforceable resolution, the obligations and rights existing between the Debtor and its creditors prior to it shall be governed by their respective conventions. Article 90.-Authorisation of the Agreement. A copy of the minutes of the Board of Creditors on which the favourable vote of the Agreement is recorded and its full text, together with the copy of the judicial decision approving it and its certificate of enforceability, may be authorized by a Minister of Faith or Protocol to a notary public. Once authorized or protocolized, it will have executive merit for all legal effects. Paragraph 4. For the purposes of the Judicial Reorganization Agreement Article 91.-Effects. The Agreement, duly approved, compels the Debtor and all creditors of each class or category of the debtor, whether or not they have attended the Board. Article 92.-Cancellation of entries and entries. The provisions of Article 57 (7) of the Agreement shall be cancelled as approved by the Judicial Reorganization Agreement. Article 93-Effects on appropriations The appropriations which are part of the Judicial Reorganization Agreement shall be construed as remitted, novated or repachted, as appropriate, for all legal purposes. The creditor, taxpayer of the tax of the first category of the Law on Income Tax, contained in article 1 of Decree Law No. 824 of 1974, may deduct as necessary expenditure in accordance with the provisions of Article 31 such law, the amounts corresponding to the remission or remission of debts, interest, readjustments or other amounts which have become due in their favour, provided that they comply with the following conditions: 1. in the case of loans granted or acquired prior to the period of one year since the conclusion of the Judicial Reorganization Agreement; (2) that such remission or remission is provided in detail in the said Agreement or its amendments, approved in accordance with Article 89, and 3) which do not correspond to the claims of persons relating to the debtor or to claims by creditors of persons relating to each other, where they, as a whole, represent 50% or more of the liability recognised with the right to vote. The foregoing is without prejudice to the obligation of the debtor to recognize as income, for tax purposes, those amounts that have become established in favor of the creditor and which are condoned or remitted. Article 94-Of non-essential goods for the continuity of the spin of the Deudora Company. Within eight days of the publication of the Reorganization Resolution referred to in Article 57, the creditor whose credit is secured by a pledge or mortgage may request the competent court to declare that he is that the good on which your guarantee falls is not essential for the turnaround of the Deudora Company. In order to resolve the foregoing, the court may ask the Veedor for a report that will contain the qualification of whether or not the good is essential for the spin of the Deudora Company and the commercial endorsement of the good on which the aforementioned guarantees fall. The court shall, by the second day before the date of conclusion of the Board of Creditors called to know and rule on the proposals of the Judicial Reorganization Agreement, resolve such qualification in a single instance. The creditor whose guarantee falls on a well-qualified as non-essential will be in the class or category of várito creditors, only for the credit balance not covered by the guarantee. The balance covered by the guarantee shall not be considered as a liability of the class or category of secured creditors. The creditor whose claim has not been fully covered by the guarantee may, by means of an incidental procedure, apply to the same court which he has met and (a) the Agreement shall be concluded in respect of the Agreement, as long as the action taken by the Agreement is not prescribed. The surplus resulting from the sale of the non-essential asset, after the payment of the respective credit, shall be used for compliance with the Agreement. Article 95-Effects of the Judicial Reorganization Agreement on the debtor's guaranteed obligations. Such effects shall be as follows: 1. With respect to the obligations of the Debtor with a pledge or mortgage on the property of the debtor or third parties, declared essential for the rotation of the Deudora Company, in accordance with Articles 56 and 94, the terms and conditions shall apply. 2. Regarding the obligations of the Debtor secured with a pledge or mortgage on property of the debtor, declared non-essential for the turnaround of the Company Deudora according to Articles 56 and 94 shall apply as laid down in the second and third subparagraphs of the preceding Article. 3. In respect of the obligations of the Debtor secured with a pledge or mortgage on third-party property, declared non-essential for the rotation of the Deudora Company according to Articles 56 and 94, must be distinguished: (a) If the respective creditor votes in favor of the Agreement, will be subject to the terms and modalities set forth in the said agreement and will not be able to pursue its credit in terms other than those stipulated. (b) If the respective creditor declares his intention not to vote or does not attend the Board of Creditors called to know and rule on the proposed Agreement, his or her credit shall not be deemed to be the right to vote for his class or category, and may charge your credit for the items or mortgages granted by third parties. 4. In respect of the obligations of the Debtor guaranteed with personal caution, it shall be distinguished: (a) If the respective creditor votes in his or her class or category of guarantor in favor of the Agreement, it shall be subject to the terms and conditions laid down in the Agreement. referred to and may not charge their credit in terms other than those stipulated. (b) If the respective creditor declares his intention not to vote or does not attend the Board of Creditors called to know and rule on the proposed Agreement, his or her credit shall not be deemed to be the right to vote for his class or category, and may collect its credit from the guarantor or co-debtor, solidary or subsidiary, or guarantor in the terms originally agreed. The guarantor, co-debtor, solidary or subsidiary, guarantor, third holder of the mortgaged estate or owner of the property which has paid, in accordance with the provisions of point (b) of number (3) or (b) of the preceding number (4), may exercise, as appropriate, their right of subrogation or reimbursement, by means of an incidental procedure, before the same court that met and gave a ruling on the Agreement, requesting that it be fulfilled in their favor, as long as they are not prescribed the actions that he/she is resulting from. Paragraph 5. Rejection of the Agreement on Judicial Reorganization Article 96.-Rejection of the Agreement. If the proposed Agreement is rejected by the creditors for not having obtained the necessary quorum of approval or because the Debtor does not grant its consent, the court will dictate the Resolution of Liquidation, ex officio and without further processing, in the The same Board of Creditors called to know and decide on the Agreement, unless the aforementioned Board has the opposite of Quorum Especial. In this case, the Debtor must, through the Veedor, publish a new proposal of Agreement in the Bankruptcy Bulletin and accompany it to the court ten days before the Board of Creditors that has the object to decide on it. The Debtor shall retain the Financial Protection of the Court until the conclusion of the Financial Protection Board, which shall be held within 20 days of the rejection of the Agreement. If the debtor does not present the new proposal for an agreement within the time limit set, the court will issue the Settlement Resolution, ex officio and without further processing. The Board of Creditors rejecting the first or second proposal of the Agreement shall, where appropriate, nominate the titular and alternate Liquidators, to whom the competent court shall designate as definitive. Paragraph 6. Of the nullity and declaration of failure to comply with the Agreement on Judicial Reorganization Article 97.-Nullity of the Agreement. Other actions against the Agreement than those based on the concealment or exaggeration of the asset or liability and of which knowledge has been taken after the expiry of the time limit for challenging the Agreement shall not be admissible. The declaration of nullity of the Agreement extinguishes the conditions which guarantee it. The actions for the annulment of the Agreement may be brought by any person concerned and shall be prescribed within one year from the date on which he began to apply. Article 98.-Action for non-compliance. The Agreement may be declared non-compliance at the request of any of the creditors to whom it is affected by failure to comply with its provisions. It may also be declared unfulfilled if the bad state of the debtor's business has been aggravated in such a way as to cause fear of injury to those creditors. If the default action is deducted only by the failure to comply with the stipulations of one of the classes or categories of the Agreement, the debtor may force the action in compliance with those provisions within the 60-day period from the date of the notification of the action. The Debtor may be able to power it once for each category or class of the Agreement. The actions for non-compliance with the Agreement shall be prescribed within one year after the failure to comply. The declaration of non-compliance shall cease without effect the Agreement, but shall not extinguish the conditions which have ensured its full or partial implementation. Persons who are bound by the conditions set out in the preceding paragraph and the third holders of the goods taxed under them, as the case may be, shall be heard in the judgment of a declaration of non-compliance and may prevent the continuation of This will be the basis for the action by the implementation of the Agreement within three days of the summons. The amounts paid by the Debtor before the declaration of non-compliance with the Agreement and the product obtained during the Liquidation Procedure of Liquidation shall serve as credit to the debt in case the course extends to the entire sum stipulated. But if you understand only a part of it, it will only serve you to the party that restates the unsanctioned quota. Article 99-Procedure for declaration of invalidity and non-compliance with the Agreement. The nullity or non-compliance with the Agreement shall be subject to the proceedings of the summary judgment and shall be competent to hear the proceedings of the court before which the Agreement was dealt with. The resolution which provides for the actions of nullity or non-compliance with the Agreement shall be appable for both purposes, but the debtor shall be immediately subject to the intervention of a Veedor who shall have the powers of financial controller contained in the numbers 1), 7), 8) and 9) of Article 25. The declaration of invalidity or non-compliance with the Agreement shall have no retroactive effect and shall not affect the validity of the acts or contracts duly concluded in the time between the resolution approving the Agreement and the declaration of invalidity or the breach. Article 100.-Initiation of the Liquidation Insolvency Procedure. Once the resolution declaring the nullity or non-compliance with the Agreement is signed and executed, the same court will dictate the Resolution of the Settlement of the Deudora Company, of its own initiative and without further processing. Article 101.-Designation of the Liquidator. In the case of a claim for nullity or non-compliance with the Agreement, the plaintiff shall propose to a titular Liquidator and an alternate member of the Liquidator Payroll in force, the court having to appoint them in the Settlement of Settlement. If more than one application for a declaration of invalidity or non-compliance with the Agreement is filed, the competent court shall appoint the holder and alternate liquidators nominated in the first application to be lodged. Title 3. From the Extrajudicial Reorganization Agreement or Simplified Article 102.-Legitimation. Any Debtor Company may conclude an Extrajudicial Reorganization Agreement or Simplified with its creditors and submit it for judicial approval, in accordance with the provisions of this Title. For the purposes of this Title, it shall be referred to as either Deudor or Debtor. Article 103.-Competition. He shall be competent to approve the Simplified Agreement by the court which has been competent to hear of a Insolvency Proceedings of the Reorganization of the Debtor in accordance with this law. Article 104.-Fortêldo. The simplified agreement must be granted to a minister of faith or to a minister of faith of the Superintendence, who will certify, in addition, the personeria of the representatives who participate in the granting of this instrument, whose authorized copies they must be added to the respective Agreement. Article 105.-Subject. The simplified agreement may cover any object to restructure the debtor's assets and liabilities. Article 106.-Rules applicable. They shall apply to the Simplified Agreement, where appropriate and provided that they do not contravene the provisions of this Chapter, Titles 1 and 2 of this Chapter, as regards agreements by classes or categories of creditors, liabilities, alternative proposals, differences between creditors of the same class or category, remission or remission of claims, provision of guarantees, arbitration clauses, appointment of the financial controller and appointment of the creditors ' committee. Article 107-Requirements. For approval Court of Justice of the Court of Justice of the Court of Justice of the European Union, the Court of Justice of the Court of Justice of the European Court of Justice of the European Union they have a property effect, with an indication of the court, organ of the State Administration, role or identification number and matters on which these processes are dealt with. In conjunction with the presentation of the Simplified Agreement, a report of a Veedor of the Nomina of Veers, chosen by the Debtor and its two main creditors, must be submitted, which shall contain the established rating of: 1. If the proposal is liable to be fulfilled, taking into account the conditions of the Debtor; 2. The probable amount of recovery that would correspond to each creditor in their respective categories, in the event of a Liquidation Procedure, and 3. If the determination of the credits and their preference, whose proposal accompanied the Debtor, fits this law. Article 108-Resolution of Simplified Reorganization. If the application for judicial approval of the Simplified Agreement and the judicial approval provided for in Article 112 is submitted, the court shall have: (a) the prohibition on the application of the obliging the debtor to be settled and to start against him executive judgments, executions of any kind or restitution in the lease trials. The foregoing shall not apply to judgments of work on obligations of first class preference, in which case only the execution and execution of assets of the debtor, except those which the debtor has, in such a way, in favour of of his or her spouse or of his or her relatives or of the managers, administrators, proxies with general power of administration or other persons who have had or have interference in the administration of their business. For these purposes, relatives are understood to be the ascendants and descendants and the collateral for consanguinity and affinity up to the fourth grade, inclusive. (b) the suspension of the processing of the procedures referred to in point (a) above and the suspension of the time limits for the expiry of the time limit. (c) the prohibition on the debtor to tax or dispose of his assets, except those that are strictly necessary for the continuation of his or her turn. Article 109.-Quorum. The Debtor must present the Simplified Agreement signed by two or more creditors representing at least three-quarters of the total of its liability, corresponding to its respective class or category. Persons Related to the Debtor may not subscribe to a Simplified Agreement, nor shall their claims be considered in the amount of the liability for the purposes of determining the quorum of approval of the said Agreement. The transferee of credits acquired within thirty days prior to the date of filing for judicial approval of the Simplified Agreement shall also not be considered for the quorum referred to in the preceding paragraph. Article 110.-Advertising. Together with the Court of Justice of the Court of Justice of the Court of Justice of the Court of Justice of the Court of Justice of the Court of Justice of the Court of Justice of the European Communities, the Court of Justice by means of emails, if they have it. Article 111.-Impeachment. They may challenge the Simplified Agreement between the dissenting creditors and those who show that they have been omitted from the background provided for in Article 107, provided that the challenge is based on one of the causes established in the Article 85 in respect of the Judicial Reorganization Agreements, or in the existence, the amounts and the preferences of their credits. The challenge shall be brought before the competent court within 10 days of the publication of the Simplified Agreement in accordance with the preceding Article. A copy of the contested challenge and the corresponding antecedents must be published in the Bulletin of the Veedor. Challenges to the Simplified Agreement shall be dealt with as an incident and shall be jointly failed in a single hearing, which the court shall cite for that purpose and which shall be held within 10 days of the expiry of the time limit for challenging. This hearing will be verbal and will be held with those in attendance. The ruling that will rule on the challenges will be published in the Court of Insolvency and will be appealed in the only effective effect. Article 112-Judicial approval. Within 10 days of the publication of the Simplified Agreement, the court may cite all the creditors to whom the Agreement affects them, for acceptance before the court, which shall have the quorum referred to in the Article 109. Once the Simplified Agreement has been accepted, or the period laid down in the preceding paragraph has expired without the court having said, and the time limit for the submission of objections has expired, or if, deducted, it has been rejected by the Court of Justice. (a) a decision which is final and enforceable, the court having jurisdiction, after verification of compliance with the legal requirements, shall give the relevant decision approving the Simplified Agreement, and the Veedor shall publish it in the Bulletin Insolvency. Article 113.-Effects of judicial approval. The simplified agreement judicially approved in accordance with the foregoing provisions shall, where appropriate, produce the effects provided for in Paragraph 4 of Title 2 of this Chapter, provided that it does not contravene the provisions of this Chapter. Paragraph. Article 114.-Nullity and Non-compliance with the Simplified Agreement. In the case of a declaration of invalidity or non-compliance with the Simplified Agreement, the provisions of paragraph 6 of Title 2 of this Chapter shall apply. CHAPTER IV OF THE WINDING-UP INSOLVENCY PROCEEDINGS Title 1. Of the Insolvency Proceedings itself Paragraph 1. From the Voluntary Settlement Article 115.-Scope and requirements. The Debtor Company may apply to the competent letter court for its Voluntary Settlement, accompanied by the following background, with copy: 1) List of its assets, place in which they are located and the charges affecting them. 2) List of the legally excluded assets of the Settlement. 3) Relation of their pending judgments. 4) State of debts, with name, address and contact details of the creditors, as well as the nature of their claims. 5) Nomina of the workers, whatever their contractual situation, with indication of the benefits of the work and the pre-visions due and force in their case. (6) If the debtor takes full accounting, it shall also have its last balance sheet. If it is a legal person, the documents referred to above shall be signed by their legal representatives. For the purposes of this Chapter, it shall be referred to as either Deudor or Debtor. Article 116-Processing. The competent court shall review the presentation of the debtor and, if it complies with the requirements set out in the preceding article, shall proceed within the third day in accordance with Articles 37 and 129, applying the provisions of the Paragraph 4 of this Title. Paragraph 2. Of The Forced Settlement Article 117.-Scope and Causals. Any creditor may sue the commencement of the Liquidation Insolvency Proceedings of a Deudora Company in the following cases: 1) If it ceases to pay an obligation that is enforceable on an executive basis with the applicant creditor. This causal link may not be relied upon to apply for the commencement of the Insolvency Proceedings in respect of the guarantor, co-debtor or subsidiary, or guarantor of the Deudora Company which has ceased payment of the guaranteed obligations for these. (2) If there are two or more expired executive titles, coming from a variety of obligations, at least two executions have been initiated, and no sufficient goods have been presented to answer the benefit of the costs, within four days of the respective requirements. (3) When the Deudora Company or its administrators are not held, and have left their offices or establishments closed without having appointed President with sufficient powers to fulfill their obligations and answer new demands. In this case, the claimant may invoke as a credit even the person who is subject to a time limit or a suspension condition. Article 118.-Requirements. The complaint shall be filed with the competent court, shall indicate the causal claim and its supporting facts and shall accompany the following background: (1) The documents or written records attesting to the causation invoked. 2) A bank account or a bank issued to the court order for a sum equivalent to 100 units of promotion to subvene the initial expenses of the Liquidation Insolvency Procedure. In the event that the corresponding Settlement Resolution is issued, this sum shall be considered as a credit to the applicant creditor, and shall enjoy the preference laid down in Article 2472 of the Civil Code. 3) The creditor may designate a valid Veedor of the Veers ' Nomina, which shall assume in the event that the Debtor objects to the Forced Settlement. Such Veedor shall overmonitor the activities of the Debtor for the duration of the proceedings of the Judgment of Opposition, in accordance with paragraph 3 of this Title, and shall have the powers of financial controller contained in Article 25 of this Law. The Veedor's fees may not exceed 100 units of promotion and shall be the responsibility of the creditor. In addition, the applicant may apply for any of the measures referred to in Titles IV and V of the Second Book of the Code of Civil Procedure in his application. The Veedor will be empowered To request the precautionary measures deemed necessary by the creditor, to ensure the maintenance of the debtor's assets for the duration of the Opposition Trial, the debtor remaining subject to the restrictions indicated in the Article 57 (2) of this Act. 4) The name of the holder and alternate liquidators, in the case that the debtor does not appear or will not make any action in writing in the Initial Hearing provided for in Article 120. The Liquidator or Veedor who would have exercised as such in any Insolvency Proceedings, may not assume in another proceeding with respect to the same Debtor. Article 119.-Review, first providence and notification. The competent court shall, within three days, examine the application of the requirements of the preceding Article. If you consider them to be completed, you will have it presented, you will order to publish it in the Bankruptcy Bulletin and you will quote the parties to a hearing that will take place on the fifth day of the debtor's personal notification or the one made in accordance with the article. 44 of the Code of Civil Procedure, even if it is not at the place of the trial. If not, it shall order the applicant to correct the relevant correction and fix a period of three days for the subsane, under the warning of not having filed the application. Article 120.-Initial Hearing. The initial hearing shall be conducted in accordance with the following rules: (1) The court shall inform the debtor of the application filed against him and of the effects of an eventual Insolvency Proceedings. 2) may propose in writing or in writing any of the actions referred to in the following literals, always stating the name or social reason, address and e-mail of its three creditors, or their legal representatives, who appear in your accounting with the largest credits. If the Debtor does not comply with this requirement, the court shall have for failure to act and immediately dictate the Settlement Resolution, appointing the holder and alternate liquidators, both in the form of provisional, that the creditor the applicant has been appointed in his application, in accordance with the provisions of Article 118 (4). The actions referred to may be: (a) Consigning sufficient funds for the payment of the claim and the corresponding costs. The court shall carry out the consignment, order the settlement of the credit, the regulation and the appraisal of the costs and shall indicate the time limit in which the debtor shall pay them, which shall be counted from the fact that those proceedings are firm. If the Debtor fails to pay within the set deadline, the court will dictate the respective Settlement Resolution. (b) To be written or verbally to the request, in this case the court of the respective Settlement of Settlement. (c) expressly welcome to the Reorganization Procedure of Reorganization referred to in Chapter III of this Law. (d) To apply to the demand for Forced Settlement, in which case the provisions of paragraph 3 of this Title shall be observed. The debtor's opposition may only be founded on the grounds provided for in Article 464 of the Code of Civil Procedure. 3) If the debtor does not appear to be in this hearing, or if he does not make any of the actions mentioned in the number 2 The court shall issue the Settlement Resolution and appoint the titular and alternate Liquidators to be appointed by the requesting creditor in their application, both as provisional, in accordance with the provisions of the Article 118. The minutes of the hearing shall be drawn up, which shall be signed by the court of auditors and the Registrar. Paragraph 3. From the Judgment of Opposition Article 121.-From the Opposition. In his statement of opposition, the Debtor shall: (1) point out the opposing exceptions and invoked defenses, and their grounds for fact and law; (2) Provide all means of proof that they intend to be valerse, in accordance with the provisions of the Next article, and 3) Accompanying all relevant documentary evidence. Article 122.-Of the evidence. To accredit the Debtor's exceptions and defenses, they shall apply to the following rules: (1) Testimonial proof: the statement of opposition shall include the complete individualization of the witnesses they shall place, as well as the reasons for their justification. appearance. 2) Confessional evidence: the statement of objections must be accompanied by the statement of objections. If the applicant creditor is a legal person, any person empowered on behalf of the legal representative may appear, provided that the respective delegation, granted by public deed and in which he is a member, is on the day of due diligence. It expressly states the right to absolve positions on behalf of the complainant. (3) Expert evidence: the provisions of Articles 409, 410 and 411 of the Code of Civil Procedure shall apply as regards the provenance of this means of proof. In the case of an optional expert report, the debtor shall state the reasons justifying such diligence. 4) Documentary proof: documents may be accompanied only by the statement of opposition. However, the court will be able to accept the aggregation of documents after that action, provided that the party that presents them accredits that it is a history that has arisen after the Initial Hearing or that, were able to accompany them in a timely manner for reasons independent of their will. The court will resolve this request for a plan, with the background that will be provided in the same petition and against the resolved will not proceed any recourse. Article 123-Resolutions of the competent court. The court shall establish compliance with the legal requirements and, where appropriate, shall have the opposite of the Obligor to the Forced Settlement and the documents regulated in the previous article. Otherwise, the provisions of Article 120 (3) shall be provided for. Article 124.-Evidence. Once the opposition has been decreed, the competent court: (1) Substantial, relevant and controversial facts that need to be proven for an appropriate resolution of the dispute will be given the cause to the test and will set the points on the which must be placed. Such a decision shall only be subject to a replacement by the parties, which shall be lodged within a third day. If not, it shall cite the parties to the Hearing of Failure. 2) Once the cause is received and the points on which it must be placed are fixed: (a) It shall decide on the admissibility and relevance of the evidence offered; The court will determine the quality of the expert and the points on which he will have to decide, urging the parties to agree on his name. In the event of disagreement, the expert shall be appointed by the court in the same act, and a period of seven days shall be fixed for the expert to evacuate his report. It will not be necessary in these cases to practice the recognition hearing. (c) It shall grant the applicant the opportunity to provide proof, which shall be singularized and accompanied by the following day. The judgment on the admissibility and relevance of the creditor's evidence must be delivered before the Hearing. The debtor may, in the manner provided for in Article 125, bring an action for replacement in the form provided for in Article 125. (3) It shall refer the parties to a Test Hearing, which shall take place on the fifth day following, and shall indicate the date and time of the conclusion. The parties shall be deemed to be notified in that act. In the event of new testing points being set for the replacement referred to in paragraph 1 above, the court must resolve the admissibility or relevance of the new evidence before the Test Hearing referred to in the Article 126. Article 125.-Resources. Contrary to the judgments delivered at the Court of First Hearing on the admissibility of the evidence offered, the test points set out, the way to assert the evidence or any other circumstance which In these cases, only the replacement resource, which must be verbally deducted by the parties, will be obtained and will be resolved in the same Initial Hearing. Article 126.-Trial Hearing. At the time decreed and with the parties attending, the proof declared admissible in the following order shall be rendered: confessional and testimonial, beginning with the one offered by the Debtor. Only the declaration of two witnesses shall be accepted for each part in respect of each test point. The rules of Articles 356 et seq. of the Code of Civil Procedure shall apply with respect to the surrender of the testimonial test and the provisions of Articles 385 et seq. of the same Code in relation to the confessional test. After the receipt of the evidence, the parties shall make verbal and brief comments on the examination of the evidence, in a precise and precise manner. The Trial Hearing will end with the signing of a record by the attendees, the judge and the clerk of the court. At that time, the parties in attendance and those who have not attended shall be deemed to be summoned and notified in full right to the Hearing of Failure, which shall be held on the tenth day from the end of the Hearing, whether or not they exist. Proceedings pending, the court having to set its starting time. The evidence indicated will be appreciated by the court according to the rules of sound criticism. Article 127.-Of the Hearing of Failure. The Hearing of Failure will be held with the parties attending and in it will be given the final decision of the first instance, which will be notified to the parties. The Registrar of the Court shall certify the fact of his pronouncement, the assistance of the parties and the authorized copy to be delivered to them of the final judgment. The non-attending party shall be deemed to be fully notified with the sole merit of the holding of the hearing. Article 128-Of the final judgment. The final judgment in which the debtor is opposed must comply with the provisions of Article 170 of the Code of Civil Procedure and, on the occasion of the Code of Civil Procedure, the Veedor shall cease in his duties. Against this judgment, only the appeal, which will be granted in both effects, will be granted, and will have an extraordinary preference for its inclusion in the table and for its view and judgment. No recourse shall be made against the judgment of the second instance, whether ordinary or extraordinary. The final judgment rejecting the opposition of the debtor shall order its liquidation in the terms of Article 129 and once notified, the Veedor proposed in accordance with the provisions of Article 118 (3) shall cease. If the debtor's opposition is accepted, the debtor may seek damages from the plaintiff, his legal representative, or the requesting administrator, if he finds that he has proceeded guilty or dolously. Article 129.-Settlement of Liquidation. The Settlement Resolution shall contain, in addition to the provisions of Articles 169 and 170 of the Code of Civil Procedure, the following: (1) If appropriate, the considerations of fact or of law that serve as the basis for rejection 2) The determination of whether the Debtor is a Deudora Company, individualizing it. (3) The designation of a holder and an alternate liquidator, both as provisional as provided for in Article 37 of this Law, and the order to the Liquidator to seize all the assets of the Debtor, its books and documents under inventory, and for this object to be lent to the public force, with the exhibition of the authorized copy of the Resolution of Settlement. 4) The order for the post offices to give to the Liquidator the correspondence whose recipient is the Debtor. 5) The order to accumulate the Liquidation Insolvency Proceedings judgments pending against the debtor liable to affect his assets, followed by other courts of any jurisdiction, except for legal exceptions. 6) The warning to the public that it does not pay or deliver goods to the debtor, under penalty of nullity of payments and deliveries, and order to persons who have goods or documents belonging to the debtor to put them, within a third day, to (7) The order to inform all creditors resident in the territory of the Republic that they have the period of thirty days counted from the date of the publication of the Settlement Resolution, to be presented with the documents supporting their claims under the warning of being affected by the results of the trial without new summons. 8) The order to notify, by the most expeditious means, the Settlement of Settlement to creditors who are outside the territory of the Republic. 9) The order to register the Settlement of Settlement in the Real Estate Conservatives for each of the buildings belonging to the Debtor, and to be entered in the margin of the company's social registration Deudora in the Register of Commerce, if applicable. 10) The precise indication of the place, day and time when the first Board of Creditors will be held. The Settlement Resolution shall be notified to the Debtor, the creditors and third parties by means of its publication in the Bankruptcy Bulletin and against it shall only proceed with the appeal, which shall be granted in the sole effect of return and shall enjoy preference for their extraordinary aggregation to the table, and for their view and failure. No recourse shall be made against the judgment of the second instance, whether ordinary or extraordinary. Paragraph 4. For the purposes of the Settlement Resolution Article 130.-Administration of goods. Since the judgment of the Settlement of Settlement the following effects shall be produced in relation to the Debtor and to his assets: 1) It shall be inhibited by the full right of the administration of all its present goods, that is, those subject to the Procedure for the Liquidation of Liquidation and existing in its patrimony at the time of the dictation of this resolution, excluding those that the law declares to be inembargable. Your administration will be fully entitled to the Liquidator. Consequently, the subsequent acts and contracts which the Debtor executes or celebrates in relation to these goods shall be void. 2) You will not lose the dominion over your goods, but only the faculty of disposition on them and on their fruits. (3) He may not appear in judgment as a plaintiff or as a defendant in respect of the goods subject to the Insolvency Proceedings, but may act as an intervener. (4) It may, in itself, bring any action which relates exclusively to his or her person and which is the subject of his or her rights. Neither will it be deprived of the exercise of their civil rights, nor will they be imposed special inabilities but in the cases expressly determined by the laws. (5) In the case of negligence of the Liquidator, he may ask the court to order the execution of the conservation providences that are relevant. Article 131-Resolution of disputes between parties. All matters arising out of the debtor, the Liquidator and any other interested in the administration of the goods subject to the Liquidation Procedure shall be settled by the court in oral hearings, application of the person concerned and in accordance with the following rules: (a) The applicant shall state in writing to the court both the request which he makes and the background to which he is based. (b) The court shall examine the request and may reject it as a basis if it considers that it has no plausible basis. (c) Otherwise, it shall cite the parties to a verbal hearing which shall be notified by the State, shall be published by the Liquidator in the Bankruptcy Bulletin and shall be held in the shortest possible time. (d) The Liquidator may appear personally or through his/her judicial proxy. The hearing shall be held with the attending parties and the decision taken by the court shall be liable only for replacement, which shall be deducted and resolved at the same hearing. Article 132.-Administration of goods in case of legal usufruct. The administration that retains the debtor on the personal property of the woman or children of which it has the legal usufruct, shall be subject to the intervention of the Liquidator while the right of the husband, father or mother subject to the Procedure Settlement of Liquidation. The Liquidator will take care that the liquid fruits that produce these goods enter into the mass, deduced the legal or conventional burdens that the graven. The court, with hearing of the Liquidator and the Debtor, shall determine the share of the fruits corresponding to the latter for their subsistence and that of their family, taking account of their needs and the amount of the goods under intervention. The liquidator may appear as an intervener in the trials of separation of property and divorce in which the debtor is sued or plaintiff. Article 133-Situation of future goods. The administration of the assets acquired by the debtor after the settlement of the settlement shall be governed by the following rules: (a) In the case of goods acquired for free, such administration shall be exercised by the Liquidator, the liability for the charges which have been transferred or transferred to it and without prejudice to the rights of the hereditary creditors. (b) In the case of goods acquired for consideration, his administration may be subject to intervention, and creditors shall be entitled only to the liquid profits obtained. Article 134.-Fixation of rights of creditors. The Settlement Resolution irrevocably fixes the rights of all creditors in the state they had on the day of their delivery, except for legal exceptions. Article 135.-Suspension of individual executions. The dictation of the Settlement Resolution suspends the right of creditors to execute the Debtor individually. However, mortgage and loan creditors will be able to deduct or continue their shares in the goods taxed with a mortgage or pledge, without prejudice to the possibility of making them in the Liquidation Procedure. In both cases, in order to receive the payment of the first class credits that have been ordinarily verified or before the date of settlement of the goods affected to their respective guarantees, by the amounts that in short are recognised. Article 136-Requirements and readjustability of obligations. Once the Settlement Resolution has been issued, all cash obligations shall be deemed to be due and currently payable in respect of the Debtor, so that creditors can verify them in the Liquidation Insolvency Proceedings and receive the payment of their loans. The latter shall be paid according to their current value plus any adjustments and interests corresponding to the rules of the following Article. Article 137-Determination of the current value of the appropriations. In order to determine the current value of the credits, the following rules will be followed: 1) The current value of the realisable credits in the national currency, not due to the date of the settlement of the Settlement Resolution and which accrues interest, will be the capital plus the agreed readjustment and interests pa (a) readjustable transactions accrued up to the date of such resolution. (2) The current value of the realisable credits in national currency, not due to the date of the settlement of the Settlement Resolution and which do not accrue interest, shall be the capital plus the readjustment agreed to the date of such resolution. (3) The current value of non-realisable claims in national currency, not due to the date of the settlement of the Settlement Resolution and which accrues interest, shall be the capital plus interest for non-readjustable transactions accrued until the date of such a decision. (4) The present value of non-realisable claims in national currency, not due to the date of the settlement of the Settlement Resolution and which do not accrue interest, shall be determined by discounting the current interest for transactions of non-readjustable money credit from the date of the Settlement Resolution to the day of the respective maturities. If it is not possible to determine the rate of readjustability or if the rate of readjustability has been lost, the provisions of the preceding number (3) shall apply. Article 138-Enforceability of other instruments. If the debtor is accepting of a letter of exchange, bookseller of a letter not accepted or a subscriber of a promissory note, the other obligors shall pay such instruments immediately. Article 139.-Readjustment and calculation of interest. By virtue of the settlement of the Settlement Resolution and from the date of the Settlement, the debtor's creditors, due and updated in accordance with Article 137: 1) shall be readjusted and shall bear interest in accordance with the terms of the convention, in the case of Article 137 (1). (2) Readjusted as agreed, in the case of number (2) of the same Article. (3) Devenged current interest for non-realisable money credit operations in the case of Article 137 (3) and (4). The liquidator may challenge the interests agreed upon in case of excessive costs. The obligations of foreign currency shall be paid in the same currency as established in the Convention and shall bear the interest agreed upon in the Convention. The adjustments and interests, if any, will enjoy the same preferences as the respective capital to which they access. However, any interest that accrues after the settlement of the Settlement Resolution will be postponed for payment until the capital of the other credits is paid in the Liquidation Procedure. Article 140.-Compensation. The judgment of the Settlement of Liquidation prevents any compensation that has not previously been operated by the Ministry of the Law, between the obligations of the debtor and the creditors, except in the case of related obligations arising from a the same contract or the same negotiation and even if they are due in different periods. For these purposes, it is understood that they are related to the character of related obligations which, even in different currencies, emanate from derivatives transactions, such as futures, options, swaps, forwards or other derivative instruments or contracts signed between the same parties, in one or more opportunities, under Chilean or foreign law, under the same framework agreement for the contracting of those recognized by the Central Bank and which include a compensation agreement in the event of a settlement Voluntary or Forced Settlement. The Central Bank of Chile may determine the general terms and conditions of the framework agreements for the procurement referred to in which a banking company or any other institutional investor is a party, considering the general acceptance in international markets. Each of the obligations arising out of derivatives transactions carried out in the above form shall be deemed to be an expired, liquid and currently enforceable term of the date of the settlement of the Settlement and its value shall be calculated as such. date according to their terms and conditions. Then, the compensations that operate by application of the preceding paragraph will be calculated and executed simultaneously on that date. If one of the parties is a bank established in Chile, only such compensation shall be made in respect of transactions with derivative products whose terms and conditions are authorized by the Central Bank of Chile. Article 141.-Legal right of retention in the lease. The statutory right of retention may not be declared after the Settlement Resolution. During the 30 days following the notification of that decision, the lessor may not pursue the performance of the movable property intended for the purposes of operating the debtor's business for the expired leases, without prejudice to his the right to apply for a conservatory provision, which must be settled by the court in accordance with Article 131. If the lease has expired for any legal reason, the lessor may require the delivery of the building and the corresponding actions. Article 142.-General rule of cumulation to the Liquidation Insolvency Procedure. All pending civil trials against the Debtor before other courts will accrue to the Liquidation Insolvency Procedure. Those who are initiated after the notification of the Settlement of Settlement will be promoted to the court that is aware of the Liquidation Procedure. The civil judgments accumulated in the Insolvency Proceedings will continue to be dealt with in accordance with the appropriate procedure according to their nature, until the final judgment is executed. Article 143.-Exceptions. The rule of cumulation referred to in the previous Article shall not apply to the following judgments, which shall continue to be dealt with or must be brought before the competent court, respectively: (1) Those who are known to be known by arbitrators. (2) Those which are matters of forced arbitration. 3) Those submitted by law to special courts. In the event that the debtor is convicted in any of the trials accumulated in the Liquidation Procedure, the Liquidator shall comply with the provisions of this law. Article 144.-Accumulation of executive judgments in obligations to give. The accumulation of the Liquidation Insolvency Procedure of this class of judgments shall be subject to the following rules: (1) If there are no opposing exceptions, the judgments shall be suspended in the state in which they are at the time of notification. Settlement of Liquidation. The court of execution shall issue a decision suspending the processing and order the files to be sent to the court that is aware of the Liquidation Procedure to continue its processing. In this case, the executing creditors shall verify their claims in accordance with the general rules. (2) If there are any opposing exceptions, the court of execution shall order the files to be sent to the court which is aware of the Liquidation Insolvency Procedure and, once received, shall be continued in its particular processing up to the Resolution of the term. In such a case, the Liquidator shall assume the judicial representation of the Debtor and the executing creditors may verify their credits on a conditional basis. Article 145.-The accumulation of executive judgments in obligations to do. The accumulation of the Settlement Procedure of Settlement of this Class of Trials shall be subject to the following rules: (1) If the funds to comply with the purpose of the dispute are deposited prior to the notification of the Resolution of the Liquidation, the court of execution will order to refer the files to the court that is aware of the Liquidation Procedure of Liquidation, continuing the processing up to the total investment of the funds or the conclusion of the work that with they must be paid. (2) If not, the judgments shall be accumulated regardless of the state in which they are located and the creditor may only verify the amount of the damages which the court of law has declared or which are declared after the court The knowledge of the Liquidation Insolvency Procedure. Article 146.-Common standard for executive judgments. If persons other than the debtor exist among the executed persons, the court of execution shall: (1) Suspend the processing only with respect to the debtor; (2) refer to the court which is aware of the Liquidation Procedure of the Settlement of Copies (a) to continue the substantiation with respect to the debtor, and (3) to keep the original file in order to continue the execution of the other defendants. Article 147.-Juicios initiated by the Debtor. The claims filed by the Debtor prior to the Settlement of the Settlement, in order to justify the validity, legitimacy or provenance of the supporting claims of the Forced Settlement shall be accumulated in the Insolvency Proceedings. (a) If, in such judgments, the debtor's allegations are similar to those of his opposition, raised in accordance with Article 121, the court that is aware of the Liquidation Procedure must resolve both disputes in the same way. failed. In the purely procedural matter, the own provisions of the opposition judgment shall prevail. Article 148-General principle of precautionary measures. The embargoes and precautionary measures decreed in the trials conducted against the Debtor and which affect goods to be carried out or entered into the Liquidation Procedure, will have no effect since the Resolution of Liquidation. In the event of accumulation, only the Liquidator may request the respective uprising before the court that decreed it or before the court that is aware of the (a) Settlement of Liquidation. The corresponding court will decree the uprising without further processing, with the only merit of the dictates already indicated. Article 149-Precautionary measures at criminal premises. Those precautionary measures granted on the occasion of actions of a criminal nature arising from the illegal activities referred to in Title IX of the Second Book of the Criminal Code, which affect the assets of the debtor to respond to or guarantee payment of future civil damages, fines or any other conviction in money, will have no effect as soon as the Liquidator communicates in writing to the Court of Guarantee that the Resolution of Settlement has been pronounced, attaching the documents to be used to prove it. This court will hand over the assets to the Liquidator for his administration and will continue the processing of the respective procedures, in which the Liquidator will act as an intervener in the case of crimes against him. The fines and pecuniary compensation that is eventually granted, regardless of their species, must be verified in the Liquidation Procedure of Liquidation in accordance with the general rules Article 150. In the case of cases referred to in the following Articles, the claims arising under the general rules may be filed. The third-party domain names which are initiated at the date of the settlement of the Settlement Resolution shall continue to be processed in accordance with the appropriate procedure. Article 151.-Claim of trade effects. Trade effects and any other non-paid and existing credit documents may be claimed on the date of the settlement of the Settlement Resolution, held by the debtor or a third party who retains them in the name of the debtor, and provided that the owner has given them or sent the debtor to the debtor for a non-overlapping title. Article 152.-Claim of goods. They may also be claimed, in whole or in part and as long as they can be identified, the goods consigned to the Debtor for deposit, commission of sale or any other that does not transfer the domain. Sold the goods, the owner of them may claim the price or part of the price that has not been paid or compensated between the Debtor and the buyer to the date of the Settlement of Settlement. The price is not meant to be paid for the simple giving of credit documents, signed or transferred by the buyer in favour of the debtor. If such documents exist, the owner may claim them, provided that they prove their origin and identity. Article 153.-Legal right to hold the debtor. The provisions of Articles 151 and 152 above do not preclude the statutory right of retention or the right of the debtor. Article 154.-Resolution of the sale. The contract of sale may be settled for non-compliance with the obligations of the Buyer Debtor, except in the case of movable things which have come to it. Article 155.-Definition of goods in transit. For the purposes of the following Articles, it is understood that the movable things are in transit from the moment they are received by the agents in charge of their driving, until they remain in the hands of the buyer Debtor or the person to represent it. Article 156-Faculties of the seller in respect of goods in transit. As long as the movable things sold and referred to the Debtor are in transit, the unpaid seller may leave the tradition without effect, recover the possession and request the resolution of the sale. The seller may also retain the goods sold to the entire payment of his/her credit. Article 157.-Goods in transit sold to a third party. Where the goods referred to in the previous Article have been sold during transit to a third party in good faith, to whom the invoice, knowledge or transport document has been transferred, the seller shall not be able to carry out the actions which he or she confers on that Article. But if the new buyer has not paid the price before the Settlement Resolution, the original seller will be able to demand his/her delivery to the concurrency of the amount owed to him. Article 158.-Effect of the resolution of the sale. In the event of a sale, the seller shall be obliged to reimburse to the mass the credits to account which he has received. Article 159-Commission on its own account. The comionist who has paid or has been obliged to pay with his own funds the goods purchased and sent by order and account of the debtor, may exercise the same actions granted to the seller by Article 156. Article 160.-The provenance of the legal right of retention. Outside of the cases expressly stated by the laws, the legal right of retention shall take place whenever the person who has paid or who has been obliged to pay for the debtor has in his or her power goods or credit values belonging to him, such that the holding is born of a voluntary event of the debtor, prior to the payment or the obligation, and that those goods have not been remitted to a particular destination. Article 161.-Opposition of the Liquidator to the resolution or retention. In the cases referred to in the preceding articles, the Liquidator may object to the resolution or retention and require the delivery of the goods sold or withheld, paying the debt, interest, costs and damages, or giving a guarantee that the payment. Article 162.-Social reason for the Debtor subject to a Liquidation Procedure. The name or social reason of the Debtor subject to a Liquidation Procedure will be supplemented by the final sentence "in the Liquidation Procedure", and its use must be preceded by the signature of the Liquidator and other authorized. Otherwise, both the Liquidator and those who have executed the act or concluded the respective contract shall be jointly and severally liable. Paragraph 5. From the seizure and inventory of goods Article 163.-Procedure. Once he has officially assumed office and in the presence of the secretary or other minister of faith appointed by the competent court, the Liquidator shall: 1) Immediately adopt the necessary conservation measures to protect and protect the the debtor's assets, if he considers that he or she is at risk where they are. 2) Practice the diligence of seizure and clothing of the inventory of the debtor's assets. Article 164-Of the act of seizure. A record shall be drawn up of the proceedings to be taken, which shall include at least the following particulars: (1) The singularity of each of the addresses, branches or offices of the debtor in which they were practised. 2) The day, the hour and the name of the assistants to the proceedings. 3) The circumstance of having been necessary or not the help of the public force. (4) The constancy of any right or claim made by third parties in relation to the assets of the debtor. 5) The inventory of goods referred to in Article 165. 6) The name and signature of the Liquidator and the Minister of Faith who was present in the seizure and inventory of goods. If new goods appear to be made up, the provisions of this Article shall apply. Article 165.-Of the inventory. The inventory of the goods of the debtor which the Liquidator confections shall include, at least, the following particulars: (1) A record and indication of the books, correspondence and documents of the Debtor, if any. 2) The individualization of the goods of the debtor, leaving special constancy about the state of conservation of the machinery, useful and equipment. 3. The identification of the goods in respect of which the Liquidator establishes the existence of tenancies with an option to purchase, and of all those who are in the possession of the debtor in a quality other than that of the owner. Article 166.-Advertising of the seizure and inventory act. The Liquidator shall add the seizure and inventory record to the file and publish it in the Insolvency Bulletin no later than the fifth day after the last due diligence. The same rule applies to subsequent seizures and to those that exclude goods from the inventory. Article 167.-Technical advice to the Liquidator. The Liquidator will be able to practice seizure and inventory-making diligence advised by a debtor's spin specialist, whose fees will be considered administration expenses of the Liquidation Insolvency Procedure. Likewise, the Liquidator must state in the minutes of the technical suitability of the consultant, resenting the background to prove it. In any event, the Board of Creditors shall immediately subsequently approve or reject such expenditure. Article 168.-General Counsel to the Liquidator. In the case of seizure and inventory, the Liquidator may also be accompanied by its dependants or trusted advisors, whose fees will be exclusively from the Liquidator. Article 169.-Deber of the Debtor's collaboration. The debtor must indicate and make available to the Liquidator all his assets and background. In case the debtor refuses or cannot comply with the above, the duty will be upon any of its administrators, if any. Without prejudice to the foregoing, the Liquidator may request the assistance of the public force in the event of opposition from the Debtor or its administrators, for which the authorized copy of the Resolution of Settlement to the Head of Shift shall be sufficient. of the respective unit of Carabineros of Chile. Paragraph 6. Of the determination of liabilities Article 170.-Ordinary verification of claims. Creditors shall have a period of 30 days following the notification of the Resoluci on Liquidation to verify your claims and to plead your preference to the court you know of the procedure, accompanying the evidence of the credit and indicating a valid email address to receive the notifications which are relevant. After the deadline set out in the previous paragraph, within two days, the Liquidator will publish all the verifications presented in the Bankruptcy Bulletin. Article 171.-Creditors of Public Utility Services. The provisions of the preceding article will also apply to creditors who provide Public Utility Services, who will have to verify the credits corresponding to supplies prior to the Settlement Resolution and will not be able to, with After that, it shall suspend such services, except authorization of the court, after hearing of the Liquidator. The corresponding appropriations for Public Utility Services to be provided after the notification of the Settlement Resolution shall be considered to be included in Article 2472 of the Civil Code. The suspension of the service in contravention of the provisions of the first paragraph of this article will be imposed summarily by the court with a fine of 1 to 200 monthly tax units, and its supply should be restored as soon as the court order. If, by the date of the decision of the Settlement of Liquidation, the supplies are suspended, the Liquidator may request the court to order its immediate replacement, which must be resolved no later than the following day, without delay. need to hear the service provider. The appropriations which are born as a result of the exercise of this power shall be considered as falling within Article 2472 of the Civil Code. The replacement cost will be charged to the respective service provider. Article 172.-Term of the ordinary credit verification period. The period of 30 days referred to in Article 170 shall be deemed to be in full respect of the ordinary period for the verification of claims, without any need for resolution or notification. Without prejudice to the foregoing, within two days of the expiration of the period indicated, the Liquidator will publish this closure in the Bankruptcy Bulletin, together with the list of all the credits verified with their alleged amounts and preferences. Article 173.-Study of credits and preferences. In compliance with its legal duties, the Liquidator will examine all the credits that are verified and the preferences that are alleged, investigating its origin, amount and legitimacy by all means at its disposal, especially those verified by the Related Persons of the Debtor. If no credit or preference is justified, you must deduct the appropriate objection in accordance with the provisions of Article 174. Article 174-Objection of appropriations. The creditors, the Liquidator and the Debtor shall have a period of ten days from the expiration of the ordinary period of verification to deduce substantiated objection to the existence, amounts or preferences of the credits that have been presented to the debtor. verification. The objections outlined above shall be submitted to the court hearing the proceedings. After the expiry of the ten-day period referred to in the preceding paragraph without any objections being raised, the uncontested claims shall be recognised. In addition, the Liquidator shall publish in the Insolvency Bulletin all the objections submitted, shall make the list of the credits recognized, accompany it to the file and publish it in the Bankruptcy Bulletin. Article 175.-Impeachment of appropriations. If objections are raised, the Liquidator shall arbitrate the necessary measures to ensure that due adjustment is made between the creditors or between the creditors and the Debtor, and the objections are remedied. If the deducted objections are not remedied, the appropriations subject to those objections shall be deemed to be contested and the Liquidator shall accumulate them and issue a report on whether or not there are plausible grounds for consideration by the court. The liquidator shall accompany the payroll of the contested claims together with his report to the court and publish it in the Bankruptcy Bulletin, within 10 days after the expiry of the period prescribed for objecting to the first subparagraph of the previous article. Added to the file the payroll of credits challenged with the report of the Liquidator, the court will cite a single and verbal hearing for the failure of the respective impeachments, within tenth day counted since the notification of the resolution which is accompanied by the list of contested claims. Such hearing may be held by the contesting, the Debtor, the Liquidator and the contested creditors where appropriate. The competent court may, for a single time, suspend and continue the hearing after that. The resolution failing the challenges shall order the incorporation or modification of the appropriations in the list of recognised credits, where appropriate. The aforementioned list of recognized credits must be published in the Bulletin of the Court within two days of the date on which the judgment is given. Article 176.-Off the coast. The contested challenge shall be ordered to pay the costs of the contested creditor, unless the court considers that it has had plausible grounds for litigation. The costs to be determined shall be equal to 10% of the contested claim and shall not exceed 500 units of promotion. The foregoing shall not be appropriate if the challenge is the Liquidator. Article 177.-Of the appeal. The ruling on the challenges will be appealable in the only effective effect, enjoying preference for its inclusion in the table and for its view and failure. Article 178.-Duty of the Liquidator in the processes of verification and impeachment. The liquidator must prosecute the payment of the costs and fines for the benefit of the mass, being able, to the effect, to dispose of them administratively of any distribution that must practice to the creditor obliged to its payment. Article 179-Of the extraordinary verification of appropriations. Creditors who have not verified their claims in the ordinary period will be able to do so as long as the Liquidator's Final Account of Administration is not signed and executed, to be considered only in the future repair, and must accept all has been done before. The amount of the appropriations in question may be contested or contested in accordance with the procedure laid down in Articles 174 and 175, within a period of 10 days from the date of notification of its verification in the Court of Insolvency. Paragraph 7. From the Creditors Boards in the Liquidation Procedures Article 180.-From the Creditors ' Boards. The creditors shall adopt the agreements in the Boards of Creditors held in accordance with the provisions of this paragraph, which shall be called, as appropriate, the Constitutive Board, Ordinary Boards and Extraordinary Boards. Article 181-Of the quorum for sessioning. Any Board of Creditors shall be legally constituted for sessioning if it has the concurrence of one or more creditors representing at least 25% of the right to vote, unless this law expressly states a quorum of different constitution. Agreements shall be adopted with Quorum Simple, unless this law establishes a different quorum. Article 182.-Assistance and right to voice. The Boards of Creditors shall be public and the Liquidator may provide that, for reasons of security and prior judicial authorization, sessions with a limited presence of general public will be held. All creditors who have verified their claims, whether or not they have the right to vote. 2) The Liquidator. 3) The Debtor. 4) The Superintendent of Insolvency and Entrepreneurship, or who is appointed. Article 183.-Assistance payroll. Creditors who attend the Creditors ' Boards to be held under this Paragraph shall subscribe to the corresponding payroll of assistance provided by the Liquidator, indicating their full name or social reason and the individualization of the proxy that assists in its representation, if any. Equal duty shall weigh on the debtor. Article 184-Of the minutes and their publication. Of all the work of the Board of Creditors, including agreements adopted and proposals rejected, a record shall be lifted, which shall be subscribed by the Liquidator, the Debtor if he considers it and the creditors who are appointed to it in the same Board of Creditors. Such minutes shall be published the following day by the Liquidator in the Bulletin. Article 185.-Certificate of non-celebration of the Board of Creditors. In the event that a Board of Creditors is not held for lack of a quorum, the Liquidator will certify that circumstance and must publish the corresponding certificate in the Concourse Bulletin the day after the one in which the Board was held. Article 186.-Suspension and resumption of Creditors ' Boards. In the event that during any Board of Creditors one or more agreements are not adopted due to the abstentions of the creditors present with the right to vote, the Liquidator may, at its sole discretion, suspend the Board of Creditors once they have been treated and (a) to vote on the matter, for the purpose of achieving the legal quorum to adopt such proposals. The suspended Board shall resume on the second day at the same place and time, and may in any case be set to a different one by Quorum Simple. In case the Liquidator makes use of this faculty, the following rules will be observed: 1) Creditors will be legally deemed to be notified of the date, time, place and subject matter of the a Board to be resumed, for the sole exercise of the faculty provided for in this article. 2. the minutes of the suspension, as provided for in Article 184, shall be drawn up on the basis of the exercise of the power of suspension by the Liquidator and the percentage of the vote in favour of the have reached the agreement or agreements not adopted by reason of the abstentions of the creditors present. (3) Agreements adopted before the suspension may not be modified or altered in the Resumed Creditors Board and shall be executed in accordance with the general rules, except that the same creditors and the same creditors that they concurred with their vote consent to modify it or leave it without effect. (4) In the resumed creditors ' meeting, the maintenance of the existing quorum at the time of the suspension shall be presumed to be the right. (5) If the creditors who abstained from voting on a certain agreement before the suspension of the Board of Creditors do not attend the resumption of the same or if, by assisting, they abstain again from voting, their full right shall be added voting for the majority obtained for that agreement, entered in the minutes referred to in the preceding number (2). (6) A new act of the treaty shall be lifted in the Resumed Creditors Board, which shall be signed by the Liquidator and the Creditors in attendance, and shall be within the meaning of Article 184. Article 187.-Mandate to assist Juntas of Creditors. The assistance of the creditors and the Debtor to the Boards of Creditors to be held may be personal or through the president. To the Boards of Creditors to be held in court, the creditors shall be duly represented in accordance with the provisions of Articles 6 and 7 of the Code of Civil Procedure. The mandate must be in public or private instruments and, in the latter case, the signature of the mandant must be authorized by the secretary of the competent court or by a minister of faith. It shall be understood that the president has the same powers as his or her mandant and any limitation that may have been established in the mandate shall be unwritten. The president may vote on all the agreements that are presented in each of the Boards of Creditors to be held. It is prohibited to grant a mandate to assist Juntas from Creditors to more than one person, except in the case of their replacement, but the same agent may be one or more creditors. Article 188-Prohibition of the use of appropriations. It is prohibited to split the claims after the settlement of the Settlement and to confer a mandate on a part or a fraction of a claim. The contractor and those representing the portions of the credit will lose the right to attend the Creditors ' Boards. All who assert portions of a split credit within thirty days prior to the settlement of the Settlement Resolution shall be counted as a single person and shall issue a single vote, proceeding in the form established in the the final point of this article. The preceding provisions shall not apply to credit divided as a result of the liquidation of a company or of the partition of a community which is not exclusively formed by that credit. The credit belonging to a community will be represented only by one of the communeros. If the designation of the representative is not agreed, any of them may request such designation from the court. Article 189-The right to vote. Creditors whose claims are recognised and those who have been granted the right to vote in accordance with the procedure laid down in the following Article shall be entitled to vote, even if their claims are not recognised, or not objected or contested. Article 190.-Hearing of the determination of the right to vote. It shall be for the court to determine the right to vote in respect of the creditors referred to in the previous Article whose claims are not recognised, and shall subject its decision to the following rules: (1) A hearing shall be held on the day immediately before the Board of Creditors, before the court and in the presence of the Registrar, to which the Liquidator, the Debtor and the creditors, the latter two, shall attend, if they consider it relevant. (2) The hearing shall be held at 3 p.m., which may be modified by the court, either on its own initiative or at the request of a party. 3) The hearing will begin with the delivery of a written report from the Liquidator to the court about the likelihood of the existence and amount claimed of the unrecognized credits. The report shall in particular refer to those appropriations which are in one of the circumstances provided for in Article 188. The report shall include all unrecognised claims which have been verified up to the day immediately preceding that hearing. The Liquidator shall be responsible for the content of the report referred to in Article 35. 4) The court will then hear from those creditors who request verbally to argue the inclusion or preservation of their own credit in the report or the exclusion of others. Written submissions shall not be permitted to support such arguments. (5) The court shall, in a single instance, decide in a single instance, with the records available at that hearing, which it shall assess in accordance with the rules of sound criticism, in accordance with the relevant minutes. Against the decision of the court, only the replacement, which must be brought and resolved at the same hearing, will proceed. (6) The minutes shall indicate the creditors and the amount of the amount which shall be entitled to vote in the Board to be held. 7) The recognition of the right to vote will only produce effects for the Board of Creditors in reference and in nothing will limit the freedom of the Liquidator and the creditors to object or challenge the credit and its preferences according to this law, nor the of the court to resolve the challenge. 8) The Liquidator must personally attend to the hearings of determination of the right to vote prior to the Constitutive Board and to the first Ordinary Board of Creditors, being able to assist its judicial proxy to the remaining ones. Article 191-Exception and limitation to the exercise of the right to vote. Persons Related to the Debtor shall not be entitled to vote, nor shall they be considered in the calculation of the respective quorum. The creditor or his agent who has a conflict of interest or an interest other than that inherent in the quality of the debtor's creditor in respect of a given agreement shall abstain from voting such an agreement and shall not be considered in the calculation either. of the quorum. Article 192.-Participation of credits paid. Creditors shall not be entitled to vote for claims which have been fully paid on account of a distribution, administrative payment or otherwise, including by a third party. If the payment of the claim has been partial, the creditor shall have the right to vote only for the insolute balance. Article 193.-Of the Constitutive Board. It is the first Board of Creditors to be held once the Liquidation Insolvency Proceedings are initiated. It shall take place on the thirtieth second day following the publication of the Liquidation Resolution of the Settlement and shall be made at the premises of the court or in the specific place designated by the Court, at the time the same resolution establishes. Article 194.-Second summons to the Constitutive Board. If the Constitutive Board is not to be held for lack of the quorum necessary for sessioning, it shall be carried out on the second day, at the same time and in the same place. The secretary of the court must record this situation in the act that is lifted and the creditors will be legally deemed to have been notified of that second summons. The Board thus convened shall be constituted and shall be held with the creditors who attend, taking the decisions with Quorum Simple of those present, without prejudice to the matters that require different quorum. Article 195.-Inattendance of creditors on second summons. If no creditor with the right to vote is present in the second summons, the Registrar of the Tribunal shall certify this circumstance, with the following effects, without the need for a judicial declaration: (1) The Liquidators, Holder and Substitute Provisional, they will be understood as fully ratified in their positions, assuming both the quality of the definitive ones, without prejudice to the faculty provided for in Article 200 of this law. (2) The Liquidator shall publish in the Insolvency Bulletin, within a third day of the day from which the Board of Creditors on the second summons was held, the following: (a) A reference to the certification by the Secretary of the court, indicated in the heading of this article. b) The account on the precise state of the debtor's business, his assets and liabilities and the work done by him. c) The place, day and time when the Ordinary Boards will be held, which the same Liquidator will fix. (3) The Liquidator shall initiate the simplified or summary settlement procedure. Article 196.-Materies of the Constitutive Board. The Constitutive Board shall deal with the following matters: (1) The provisional holder shall submit a written account, which shall also give verbal and circumstantial statements about the precise state of the debtor's business, its assets and liability, and the management carried out, including a breakdown of the expenses incurred to date. It shall also inform whether the assets of the debtor are in the situation referred to in Article 203 (b). (2) The ratification of the provisional holder and alternate liquidators, or the designation of their replacements. The Liquidators who do not hub They will continue in their posts until they assume their replacements. Within ten days from the new appointment, you will have to subscribe between the non-ratified Liquidator and the one that replaces it with a transfer record stating the precise state of the debtor's assets and any other relevant aspects of a appropriate continuation of the Liquidation Insolvency Procedure. In the same period, all the records, documents and other instruments of the debtor that are held by the non-ratified Liquidator must be delivered. A copy of the minutes indicated must be sent to the Superintendence. 3) The determination of the day, time and place in which the Ordinary Boards will be held. These must be at least semi-annually. (4) The appointment of a chairman and an alternate member, and an alternate member, of the creditors with the right to vote or their representatives, for future sessions. (5) A detailed plan or proposal for the conduct of the debtor's assets, the estimation of the main expenses of the Liquidation Procedure and the continuation of the economic activities, in accordance with the provisions of the Title 4 of this Chapter, where appropriate. (6) Any other agreement which the Board considers to be conducive, with the exception of those who are responsible for matters of extraordinary meetings. Article 197.-Forming of the Constitutive Board. The Constitutive Board shall be presided over by the judge who is aware of the Liquidation Procedure and shall act as minister of faith for the Registrar of the Tribunal. Of the points dealt with, the agreements adopted and other matters which the court considers relevant shall be recorded in a record to be signed by the judge, the Registrar, the Liquidator, the creditors who so request and the Debtor, if so decides. An authorized copy of the record will be added to the file, published in the Bulletin on the third day following the release, and incorporated in the book of minutes to be carried by the Liquidator. Article 198.-Of the First Ordinary Board. They are compulsory subjects to be dealt with in the First Ordinary Board, if these have not been agreed upon in the Constitutive Board, the following: (1) The report on the debtor's assets and liabilities, in particular the variations that he has experienced from the Constitutive Board, which the Liquidator must submit in writing and explain verbally; (2) the plan or the circumstantial proposal for the realization of the assets of the debtor; and (3) the estimation of the main expenses of the Insolvency proceedings Liquidation. It may also be dealt with and agreed upon, on the proposal of the Liquidator, of the Debtor or of any assistant creditor with the right to vote, the continuation of economic activities, in accordance with the provisions of Title 4 of this Chapter. Also, creditors may agree, with Quorum Especial, the non-celebration of Ordinary Boards for a specified period, or, their celebration by express summons of the Liquidator or creditors representing at least 25% of the liability with voting rights. In such cases, the Liquidator shall proceed in accordance with Article 48 and the certificate referred to in Article 185 shall not be granted. Article 199.-The provenance of the Extraordinary Board. The Extraordinary Board shall take place in the following cases: (a) Where it is ordered by the court; (b) At the request of the Liquidator or the Superintendence; (c) Where a creditor or creditors representing at least 25% of the liability is entitled to (d) When the creditors in the Ordinary Board have agreed with Quorum Simple, they shall be requested in writing by the Liquidator, who shall execute the acts necessary for its conclusion. Article 200.-Materies of Extraordinary Boards. These are the subjects of Extraordinary Boards requested by him or the petitioners mentioned in the previous article. In addition, the following shall be the exclusive subjects of Extraordinary Boards: 1) The revocation of the final holder and alternate liquidators. 2) The submission of proposals for Judicial Reorganization Agreements in the terms of Chapter III and Paragraph 5 of Title 5 of Chapter IV of this Law. (3) The agreements on specialised contracts provided for in Article 41 of this Law. 4) The advances of fees requested by the Liquidator during the Liquidation Procedure, in accordance with the provisions of Article 39 of this Law. Article 201.-Formatter of the summons to Extraordinary Board. The petitioner shall require in writing to the Liquidator the summons to the Extraordinary Board, certifying compliance with the requirements set out in Article 199. If the petitioner is the judge or the Superintendence, any suitable means of communication to the Liquidator will suffice. In the requirement that the Liquidator be present, the matters to be dealt with in the Extraordinary Board must be specified and in this case only those matters may be discussed and decided. As for the determination of the day, hour and place, the following rules will be followed: 1) If the applicant is the court or the Superintendence, it will be to the date that these will be fixed, and the Liquidator must have the means to allow its celebration. (2) If the applicant is one or more creditors representing at least 25% of the liability with the right to vote, it shall be the date of common agreement with the Liquidator. In the event of disagreement, it will be noted by him or the individual. (3) If the decision has been taken in the Ordinary Board of Creditors, the agreement shall indicate the date of celebration of the Extraordinary Meeting, and the Liquidator must conform to that decision. The Liquidator shall publish the summons to the Extraordinary Board of Creditors in the Bankruptcy Bulletin the day following the application, attaching a copy of the application submitted to it. The Board shall be held at least three days after the publication of the summons by the Liquidator in the Bankruptcy Bulletin. Article 202.-Commission of creditors. The Board of Creditors may agree, with Quorum Qualified, to establish a Commission of Creditors, for the purposes of adopting the agreements that are understood within the orbit of its competence with general validity. Its composition, powers, duration and applicable procedures shall be determined by the Board of Creditors itself, with the same quorum. Title 2. Of the simplified or summary realization Paragraph 1. The scope of the simplified implementation or summary Article 203.-Scope. The simplified or summary realization provided for in this Title shall apply in the following cases: (a) If the Debtor qualifies as a micro-enterprise, in accordance with the provisions of the second article of Law No. 20416, a circumstance to be credited by the Liquidator, for which information regarding the level of sales of the Debtor may be required by the Internal Revenue Service. (b) If the Liquidator informs the creditors in the Constitutive Board that the likely product of the performance of the asset to be liquidated shall not exceed 5,000 units of promotion. If the debtor or any creditor is not in agreement with the estimate made by the Liquidator, he shall verbally formulate his opposition in the same Constitutive Board. The court, after hearing the interested parties and the Liquidator, must resolve the dispute on the same Board. No appeal shall be made against the decision. c) If the Constitutive Board is not held in the second summons for lack of quorum. (d) If the Constitutive Board is to be held in second summons with assistance equal to or less than 20% of the total liability with the right to vote. e) If the Board agrees. (f) If the application of Article 210 of this Law is appropriate. Paragraph 2. Of the simplified or summary realization itself Article 204.-Rules for the realization of the goods. Securities with a stock market presence shall be sold on a stock exchange. Other movable and immovable property shall be settled by sale to the hammer, in accordance with the following rules: (a) The Liquidator shall appoint a Insolvency Practitioner. (b) The bases and other conditions of sale shall be made by the Liquidator, presented to the court and published in the Bulletin. The creditors and the debtor may, within a second day, object to the bases. In such a case, the court shall cite the parties to a single oral hearing, which shall be held no later than the fifth day from the expiry of the deadline for objecting, with the parties attending. The summons to be heard shall be notified by the State. The court shall settle the objections deducted in the hearing and against its decision, it may be deducted orally, which shall be settled at the same opportunity. The cost of writing the bases will be from the Liquidator, with the sole fee charged in accordance with the provisions of Article 40 of this Law. c) Once the objections have been resolved, the bases and the other conditions shall be published in the Bankruptcy Bulletin, with at least five days in advance of the date of the auction and without prejudice to the other forms of advertising that provide for the same bases. (d) In the case of immovable property, the bases shall consider the granting of a guarantee of seriousness that is payable to any bidder, at least 10% of the minimum for each root good to be killed. Such guarantee shall remain until the final deed of sale is granted and the domain of the buyer is entered in the respective real estate conservator, free of all the charges for which the cancellation and/or the termination of the sale committed on the bases. (e) The minimum of the auction of immovable property or of rights on them shall correspond to that set by the Constitutive Board of Creditors or, in its defec to the Tax Avaluer in force for the semester in which it is carried out, or to the proportion corresponding to it, respectively. If no bidders are presented, a new auction shall be made within a maximum of 20 days, and the minimum shall be 50% of the original set. If no bidders are presented in this second call, a new auction must be made within a maximum of 20 days, without a minimum. (f) The minimum of the auction of movable property shall correspond to that set by the Constitutive Board of Creditors or, failing that, shall be auctioned without minimum. (g) The Insolvency Practitioner shall be accountable for his management in the terms of Article 216. (h) The goods shall be sold within four months of the date of the holding of the Constitutive Board or since the date of the second summons. In the case of goods seized after that, the term will be counted from the day of the diligence of seizure. Article 205.-Reporting and compliance with deadlines. Where it is not possible to comply with the time limits laid down in point (h) of the previous Article, the Liquidator shall inform the Superintendency at least 15 days in advance of the due date, explaining the reasons for the delay. The foregoing does not exempt him from persevering in the sale of the goods, and must justify his delay every thirty days. If the delay is attributable to the Liquidator, the Superintendence may make use of its sanctioning powers, in accordance with this law. Article 206.-Agreements of the Constitutive Board on the summary realization. The creditors may agree, in the Constitutive Board and with Qualified Quorum, a different formula of performance than those mentioned in this paragraph. Whatever form is agreed upon, it shall be implemented within the time limits referred to in Article 204 (h). Title 3. From the ordinary realization of goods Paragraph 1. Of the general rules Article 207.-General principle of ordinary conduct. The determination of the manner in which the debtor's assets are to be carried out, the time limits, conditions and other characteristics, shall be the responsibility of the Board of Creditors. Article 208.-Formulas of ordinary realization. The assets of the debtor may be effected by: 1) Sale to the hammer of movable and immovable property. (2) Sale by means of a stock exchange auction in the case of securities with a stock exchange. (3) Another form of goods, including the sale as an economic unit established in Article 217 and the direct purchase offers provided for in paragraph 4 of this Title. Article 209.-Plazos for the ordinary realization. Any form of performance of the assets must be effected in the shortest possible time, which may not exceed four months for the movable property, and seven months for the immovable property, both of which have been counted since the date of the holding of the assets. Constitutive Board or since it must have been held in the second summons. However, the creditors may agree, with a qualified quorum and before the expiration of the indicated deadlines, their extension based on up to four months. The granting of new extensions may be granted, which shall be agreed with the same quorum indicated above and with the established authorisation of the Superintendence. The extension of the period may relate to specific goods or, in general, to all goods whose performance is pending. Article 210.-Silence of creditors. Goods whose form of disposal has not been agreed by the creditors within sixty days from the date of the Constituent Board or from the notification of the seizure of the corresponding asset in case it is They will be practiced later, they will necessarily be in accordance with the rules of the summary or simplified realization. The liquidator shall state this in the file and, from the date on which the court is present, the time limit for the disposal referred to in point (h) of Article 204 shall be counted. Article 211.-Reporting of the Liquidator and the audit of deadlines. If the Liquidator considers that compliance with the time limits laid down in Article 209 cannot be complied with, it must be communicated to the Superintendence, explaining the reasons for the delay. This communication shall be made at least 15 days before the expiry of the ordinary period. Failure to comply with this duty of information shall be deemed to be serious for the purposes of Article 338 (2). Article 212.-Special rule for undelayed realizations. The Liquidator may at any time, in the hammer or in direct sale, perform the movable property of the Debtor which he considers to be exposed to imminent deterioration or disvalorization or to require a disponent preservation. In the Board immediately following, the Liquidator must inform the creditors about the goods made, their form of disposal and the resources obtained from it. If there is no subsequent Juntas, it shall comply with the Superintendence in this regard and shall record it in the provisional accounts to be rendered. Paragraph 2. From sales to the hammer Article 213.-From the Insolvency Hammer. Without prejudice to the provisions of Law No 18.118, on the exercise of the activity of a public hammer, they shall be construed as the means of killing property of a Insolvency Procedure only those included in a payroll that the effect will make and carry the Superintendence. Any hammer which complies with the requirements laid down in Article 14, as far as they are applicable, and who voluntarily submits to the provisions of this law and to the supervision of the Superintendence exclusively in respect of the Procedures in which you participate, you may apply for inclusion in the Condominium Payroll. Article 214-Adoption of the agreement and basic formalities. The sale to the hammer agreement may cover both movable and immovable property of the debtor. The agreement will have to designate the Bankruptcy Hammer, chosen from a third party proposed by the Liquidator and made up only of those Consumed Markers included in the payroll carried by the Superintendence. The other conditions of the sale must be on the basis of the Liquidator's proposal on the same Board, for the approval of the creditors. With at least five days in advance of the date of the auction, the Liquidator must publish in the Insolvency Bulletin the bases approved by the Board of Creditors, without prejudice to other additional means of advertising that the same bases can record. Article 215.-Commission of the Insolvency Practitioner. The Insolvency-Marker shall receive a single commission for the performance of his duties, equivalent to a percentage of the total amount of the goods ordered to be performed. This committee shall be responsible for the successful tenderer. The commission shall not exceed 2% on the total amount of real estate and 7% on the total amount of the holding of movable property. The Board of Creditors, with Qualified Quorum, may agree to increase the commission for a Bankruptcy Hammer, in which case the increase shall be the charge of the creditor or creditors who expressly consent to it. The proposed increase in the commission shall be entered in the agreement for the sale of the hammer. Any violation of this article will be sanctioned in accordance with Article 27 of this Law. The Confederal Markers shall not be applicable to the commissions governed by law No. 18,118. Article 216.-Accountability. Within the fifth day following the date of the auction, the Insolvency Hammer shall be accountable to the Superintendence for a detailed account of the assets and the proceeds, expenses and final results of the auction or auction. publish it in the Bulletin. The Superintendence may object or observe its content, as provided for in Article 337 (5). Likewise, the Liquidator, the Debtor and the creditors may object to the account presented by the Confederal Markers, the provisions of Articles 49 and the following of this law being applicable as soon as it originates. Paragraph 3. From the sale as an economic unit Article 217.-Agreement. The Board of Creditors may agree to sell a set of goods under the sale mode as an economic unit. This mode will be governed by the following rules: 1) The agreement must include the goods subject to the sale, whatever their nature. In the event that a set of goods located in a root property that is not owned by the Debtor is set up, the rights that correspond to it, whatever the tenor of the convention or the nature of the property, will be included in the sale. the facts on which the holding, use or mere holding of the building is founded. (2) The agreement shall also indicate the minimum price of the sale of the set of goods, form of payment and guarantees, without prejudice to the other modalities and conditions of disposal that may be agreed. Article 218-Effects of the sales agreement as an economic unit. Agreed to the disposal as an economic unit, the right of the mortgage creditors, prendonaries and retentionaries is suspended to initiate or to continue in separate form the actions directed to obtain the realization of the goods that guarantee their (a) the amount of the appropriations entered in the budget. The approval of the bases shall be understood as sufficient authorization for the effects referred to in Article 1464 (3) and (4) of the Civil Code. Article 219-Determination of the amount of reali (a) the value of the goods in respect of the goods; Where in the set of assets there are assets to mortgage, pledge or withholding, the Board of Creditors may agree that the share of the selling price of the economic unit corresponding to each asset shall be specifically indicated on the bases. in respect of both the minimum price and an eventual overprice in the event of a sale, for the sole effect that such creditors may assert the rights which they derive in accordance with this law. The part of the price assigned to the well taxed with mortgage, garment or retained may not be lower than the Tax Avalue or the valorization made by the Liquidator of the well taxed with garment, except express acceptance of the mortgage creditor retentionary. Mortgage creditors, lenders or retainers who have voted against the valuation assigned by the Board of Creditors may ask the court for their rectification, within a third day of the adoption of the respective agreement. In such a case, the mortgage creditor, pricier or retentionary may always accompany an expert report of appraisal of the respective good, which the court will have present for the final determination of the value. By virtue of the above, the court will cite a verbal hearing, which will be held no later than the fifth day with the parties attending. The summons to be heard shall be notified by the State. The court shall settle the objections deducted in the hearing and against that decision, it may be inferred only by a verbal replacement, which shall be resolved at the same opportunity. The processing of the requested rectification shall not suspend the execution of the agreement adopted by the Board of Creditors. Article 220.-Qualification of the sale of the goods as an economic unit. The sale of the goods as an economic unit will not qualify as commercial establishment sale. Article 221.-Subsequent formalities. The sale as an economic unit shall be recorded in public deed indicating the facts and/or requirements which demonstrate compliance with the above provisions. This deed will be approved by the court, which will order the lifting and cancellation of all the taxes and prohibitions that weigh on the goods that make up the economic unit. The goods in the economic unit shall be deemed to be a mortgage or a non-posting, according to their nature, by the sole ministry of the law, in order to channel the insolute price balances and any other obligation which the the acquirer has assumed as a result of the acquisition, unless the Board of Creditors, when acting on the respective bases, has expressly excluded certain goods from such charges. Paragraph 4. From the offer of direct purchase Article 222.-Duty of information of the Liquidator. All direct purchase offers to be made must be addressed in writing to the Liquidator, who will expose them to the creditors on the Board of Creditors immediately following. Article 223.-Quorum and agreements. The acceptance by the Board of Creditors of a direct purchase offer will require Special Quorum. In the case of offers the sale of which could not be improved because of the absence of an agreement with the required quorum, the Board may agree, by a qualified quorum and with the knowledge of the offeror, that the goods included in the offer of direct purchase are previously offered in the hammer to any interested party. The conditions of the auction must be included in the bases that are made and, in them, the minimum price of the goods to be killed must be equal to the amount offered by the offeror. If no bidders are presented at that opportunity, the proposed sale by the offeror shall be carried out in its original terms. Paragraph 5. From leasing or leasing with option to purchase Article 224.-From seizure. The goods which the debtor has in his possession under a lease with an option to purchase must be seized by the Liquidator in the manner provided for in Articles 163 and 164 of this Law, and must be kept on record in the This is the case for goods covered by a lease with an option to purchase. The costs incurred in the preservation, custody and/or storage of such goods shall be borne by the mass. In the event of disagreement in the corresponding amount, the competent judge shall, incidentally, decide without further appeal. Article 225.-Effect of the Settlement of Liquidation on lease contracts with an option to purchase. The dictation of the Settlement Resolution shall not constitute a cause for immediate termination of the lease with an option to purchase. The Constitutive Board of Creditors will have to decide and agree on any of the following alternatives: 1.-Continue with the fulfillment of the lease with option to purchase, in the terms originally agreed. 2.-To exercise in advance the option of purchase, in the terms established in the respective lease with option of purchase. 3.-Terminate the lease with the option of purchase, restoring the good. In the case where the said Board is not to be held, or the Board shall not give its opinion, it shall be understood that the alternative set out in the preceding number 1 is chosen. Any clause agreed in the lease with a purchase option will be unwritten, contrary to the provisions of this article. Article 226.-Of the verification. The lessor may always verify in the Debtor Debtor Settlement Procedure those accrued and unpaid dues up to the date of the Settlement Settlement. The fees payable after the Settlement of the Settlement and up to the Constitutive Board shall always be charged to the mass. In respect of the obligations arising under the exercise of the options provided for in the previous article, the following shall be the following: (a) If the Constitutive Board of Creditors agrees to continue the lease with an option to purchase in force in the terms originally agreed upon, the income to be earned after the date of the Settlement Resolution shall be the charge of the mass, and shall be paid in the terms and conditions originally stipulated in the aforementioned contract. b) If the Constitutive Board of Creditors will agree to the anticipated exercise of the purchase option in the terms originally agreed upon, its payment will be charged to the mass. The liquidator must make it within 30 days of the date on which the agreement was adopted, which may be extended for the same period, subject to the authorisation of the court. If the payment is not made in cash within the prescribed period, the creditor creditor may terminate the lease with a purchase option, and the Liquidator must return the property to the lessor. (c) If the Constitutive Board of Creditors agrees to the term of the lease with an option to purchase, the object of the contract shall be returned to the lessor within 30 days of the date on which it is adopted the agreement, which may be extended for the same period, subject to the authorization of the competent court. If the contract includes fines, they may be verified only on the merit of a final final judgment or enforceable judgment stating its origin and granting the amounts claimed, a procedure which shall be substantiated by the rules of summary judgment. Article 227-Realization of goods subject to a lease with an option to purchase. Without prejudice to the above, the Constitutive Board of Creditors, with Qualified Quorum, may agree with the lessor an implementation formula that includes the goods covered by the lease with an option to purchase, in which Case shall be the agreed stipulations, which shall be entered in the respective minutes, which shall include the value assigned to those goods. The part of the credit verified on the occasion of the lease with an option of purchase that does not reach to be covered with the product of the realization of the object of the referred contract, will be considered as bad for all legal effects to have place. Paragraph 6. From the complementary rules to the realization Article 228.-Morose credits and assets of difficult realization. The Board of Creditors shall have the right to sell, in the form and at the price it deems appropriate, the non-performing loans and movable assets, fulfilling the following requirements: (1) Agreement of the Board of Creditors, adopted by Qualified Quorum; 2) That no position has been taken with respect to the good, having been offered to the hammer and without a minimum price, or 3) If the Liquidator has made the steps to take it to the hammer and at least three Markers have rejected the order offered by the expected low amount of realization. Article 229.-Decision not to persevere in the pursuit of property. The Board of Creditors may agree, with Qualified Quorum, against the persecution of one or more of the debtor's certain assets, in order to ensure that the estimated cost to recover them is higher than the expected benefit of its realization. In addition, the Liquidator may make use of this option if the respective agreement has not been adopted in two consecutive Ordinary Creditors ' Boards due to a lack of a quorum of attendance, provided that the case has been included in the table of both sessions. Title 4. From the continuation of economic activities Article 230.-General principle. Economic activities may be developed with the debtor's assets subject to the rules of this Title. Article 231.-Types or classes. The continuation of activities (a) to increase the rate of recovery by the debtor's creditors; (b) to facilitate the execution of benefits which are to be found pending and to be met by the debtor; which profit is derived for the mass, and (c) Propender the realisation of the debtor's assets as an economic unit. The exercise of this power may only take place since the Liquidator takes over his position and will extend to the holding of the Board of Constitutive Creditors. 2) Final: that which is agreed with Quorum Special by the Board of Creditors Constitutive or other later, and to the proposal of the Liquidator or any creditor. Article 232-Provisional continuation of economic activities. The provisional continuation of the debtor's economic activities shall be governed by the following provisions: (1) The Liquidator shall inform the court and the Superintendency of the reasons for its decision, the assets assigned to the debtor provisional continuation and the exact date of its initiation. Such communications shall be made on the day following the day on which the Liquidator provides the following. (2) The administration of the provisional continuation of economic activities shall be exclusively the Liquidator, who shall be entitled to receive an additional fee for such management. The amount to be collected will be determined on the Board of Constitutive Creditors and, in the event of disagreement, by the court, on the same Board and without further recourse. (3) The Liquidator must present to the creditors a detailed report on all transactions executed in the development of the provisional continuation of economic activities, together with a details of the income and expenditure of the period and a summary of the tax situation of the continuation referred to. Upon receipt of the Liquidator's report, the Board of Creditors may agree to the final continuation of such activities, in which case they shall comply with the provisions of the following Article. Article 233.-The definitive continuation of economic activities. The minutes of the Board of Creditors on the basis of the definitive continuation shall contain at least the following points: (1) Specific activities to be continued. 2) Goods attached. If the continuation includes mortgaged goods, which are subject to or subject to the statutory right of retention, the right of the respective creditors to exercise their shares in such assets shall be suspended, provided that they have voted in favour of such continuation. 3. Identification of the administrator whenever he or she is different from the Liquidator and its faculties. The settlement agreement of the Liquidator will require a Special Quorum. 4) Total fees or calculation formula corresponding to the agreed term or results to be projected. In the case of periodic payments to the administrator, the duty of retention provided for in Article 39 (6) of this Law shall apply. 5) Deadline. It shall not exceed one year from the respective agreement. It shall be renewable once, with Special Quorum, by agreement obtained by the Ordinary or Extraordinary Creditors ' Meeting held at least ten days before the expiration date. In the event of an extension, the Board shall appoint an administrator for the continuation of the economic activities, which shall not be placed on the Liquidator. If the Board agrees to the sale of the debtor's assets as an economic unit, it may also agree, with Quorum Special, to continue the continuation for the time indispensable for the completion of this agreement, even if the maximum period is exceeded indicated. Article 234.-Separate administration. If the administration of the definitive continuation of economic activities recesses in a person other than the Liquidator, the following provisions shall be observed: (1) For those goods not attached to that continuation, the Liquidator maintain its administration and proceed in accordance with the general rules. 2) With respect to the assets assigned to that continuation, the Liquidator shall have the powers of Article 294 of the Code of Civil Procedure, reporting to the Board of Ordinary Creditors the circumstances that it considers appropriate for the safeguard of the interests of the creditors and the debtor. 3) Any dispute arising between the administrator of the definitive continuation of the economic activities and the Liquidator shall be settled by the court in a verbal hearing effect, for which you will be able to request report to the Superintendence. 4) The Superintendence will have on the administrator of the definitive continuation of the economic activities equal powers than on the Liquidators. Article 235.-Regular report. The administrator must present in each Board a detailed report on all the activities executed, and a breakdown of the income, expenditures and profits or losses of the period. Article 236.-Identification and responsibility. In the case of definitive continuations of economic activities, the debtor's name or social reason shall be supplemented by the final sentence "below economic activities", and its use shall be preceded by the signature of the administrator, in his/her case, and of the other enabled. Otherwise, they shall be jointly and severally liable for those obligations both the administrator and those who have executed the act or concluded the respective contract. Article 237.-Early term. The Board, with Quorum Special, may decide the end of the definitive continuation of economic activities before the intended term, which will be communicated immediately to the administrator. The agreed fees may be reduced in proportion, after agreement of the parties, in order to resolve the judge if not, without further recourse and in the shortest possible time. Article 238.-Responsibility of the administrator. The civil liability of the administrator of the continuation of economic activities shall reach the fault of Levisima and shall remain until the approval of his final management account. Such liability may be pursued in summary judgment upon the filing of the said account, in accordance with the provisions of Articles 49 et seq. of this Law, and without prejudice to the legal liability in which it may incur. Notwithstanding the foregoing, if the administrator of the continuation of economic activities does not surrender his final management account within the 30-day period from the end of that continuation, his/her civil liability may also be to be pursued from the expiry of that period. Article 239.-Appropriations arising from the continuation of the debtor's economic activities. Claims arising from the continuation of the debtor's economic activities may be pursued only in the goods covered by it and shall enjoy the preference laid down in Article 2472 of the Civil Code for payment in respect of the other creditors of the debtor. The appropriations for the continuation of the debtor's economic activities shall be preferred to those of the mortgage creditors, the lenders and the retentionaries who have given their approval to that continuation, only in the case of non-taxable assets. They are not sufficient for the payment. The difference, if any, shall be borne by the creditors in proportion to the amount of their respective claims in the Liquidation Insolvency Procedure and up to the concurrency of the settlement value of the goods given as collateral. their respective claims. The mortgage creditor, loan or retentionary who pays more than the percentage that corresponds to it in accordance with the preceding paragraph, shall be subrogated by the excess in the rights of the creditors of the continuation of economic activities, in compliance with the rules of Paragraph 8 of Title XIV of the Civil Code Book IV. In the event that in the continuation of economic activities are obtained surplus, these will correspond to the creditors of the Debtor until the concurrence of the amount of their credits, readjustments and interests, which corresponds to pay in the Procedure Settlement of Liquidation, deducted expenses. The remnant, if any, shall belong to the Debtor. Article 240.-Final Account of Administration. The provisions on the final account of the Liquidator's Administration shall be applied to the administrator of the definitive continuation of economic activities, without hindering the Liquidation Procedure or the realization of the assets of the Debtor. The fees that correspond to and the participation in the retained earnings or remaining assets can only be received once the account is signed or executed. Title 5. Payment of liabilities Paragraph 1. From the general principles Article 241.-Order of precedence. The creditors will be paid in accordance with the provisions of Title XLI of Book IV of the Civil Code and, in the case of the valist creditors, with full respect to the subordination of credits established in the aforementioned regulations. For its effectiveness, the subordination shall be alleged at the time of the credit verification by the beneficiary creditor or notified to the Liquidator, if it is established at a later date. The credits of the first class mentioned in Article 2472 of the Civil Code will prefer to all other credit with privilege established by special laws. The debtor's creditors, whose claims are not properly documented 90 days prior to the Settlement, will be postponed in payment of their claims even after the creditors. Article 242.-Legendary creditors and retainers. The creditors of the second class and those who enjoy the right of withholding judicially declared pod (a) to choose to execute the taxable goods individually, in which case they must start before the court which is aware of the Liquidation Insolvency Procedure, the procedures which correspond, or continue them in the prior accumulation; to secure the best-right credits. The liquidator may, if he considers it appropriate for the mass, require the delivery of the item given in a garment or retained, provided that it pays the debt or deposits, to the order of the court, its value estimate in money, on which the preference. Article 243.-Mortgage creditors. Mortgage creditors will be paid in the form that determines Articles 2477, 2478, 2479 and 2480 of the Civil Code. Paragraph 2. Of administrative payments Article 244.-Provenance and processing. As soon as there are sufficient funds for this and precautiing that the remaining assets are sufficient to ensure the expenses of the Liquidation Procedure and the payment of the best-right credits, the Liquidator will be able to pay credits contained in Article 2472 of the Civil Code, according to the following rules: 1) Those described in numbers 1 and 4 may be paid without the need for verification. (2) Those included in the number 5 may be paid prior review and conviction of the Liquidator on the sufficiency of the documents that serve as a basis, without the need for verification or agreement of the Board that approves the payment. (3) Those laid down in No 8 shall be paid on the same terms as the preceding number, up to the limit of one month's remuneration for each year of service and a fraction exceeding six months for conventional compensation of origin and by legal remedies of the same origin resulting from the application of the causal link referred to in Article 163 bis of the Labour Code. The remaining compensation of employment, as well as that which is the result of the worker's claim under Article 168 of the Labour Code, will be paid on the sole merit of the final final judgment or enforceable judgment. order. (4) In all cases, the claims which enjoy the preferences of numbers 5 and 8 may be conditionally verified, with the sole merit of the application lodged prior to the commencement of the Insolvency Proceedings or the notification to the Liquidator of the application filed after the aforementioned start. The Liquidator shall reserve sufficient funds for the event to be held, without prejudice to any administrative payments made, in accordance with the preceding numbers. Article 245.-Costs. For the purposes of the foregoing Article, the payment of personal costs shall be subject to the following provisions: (1) In the case of Forced Settlement, only those corresponding to the creditor, who shall be entitled to the payment of the preference of Article 2472 (1) of the Civil Code. (2) In the event of Voluntary Settlement, the personal costs of the applicant shall be the preference laid down in Article 2472 of the Civil Code. 3) In both cases apply the following limits to the calculation of costs: (a) 2% of the credit invoked, if it does not exceed 10,000 units of promotion, and (b) 1% in excess of the value referred to in the preceding subparagraph. For these purposes, in cases of Voluntary Settlement, and whenever the debtor invokes more than one credit, it shall be at the time of payment of the claim in the first place. The balance, if any, shall be deemed to be a guarantor. Article 246.-Renunciation of credit for employment. The amounts and preferences of the appropriations provided for in Article 2472 (5) and (8) of the Civil Code may not be waived, except in the form and cases following: 1) By conciliation held before a Court of Letters of Labour, the may take place in the preparatory or trial hearing and must have the express approval of the judge, and 2) By virtue of a judicial or extrajudicial transaction which is concluded after the notification of the final judgment of the first Instance of the respective employment judgment. Paragraph 3. Of the appropriations for funds Article 247.-Proposal for the allocation of funds. The liquidator shall propose to the creditors a distribution of funds provided that the following joint requirements are met: 1) Availability of funds to pay the recognised creditors an amount not less than five per cent of their accreencies. 2) Prebooking of the funds sufficient to cover the expenses of the Liquidation Insolvency Procedure and the credits of equal or better law whose challenge is pending. 3. Reserve to respond to foreign resident creditors who have not yet been able to appear, in accordance with the time limits laid down in Article 252. (4) Subject to the procedure laid down in the following Article. Article 248-Procedure for the allocation of funds. The liquidator shall observe the following provisions: (1) The proposal shall be presented to the court in conjunction with a full detail of the distribution to be made, its amounts, the formula used and the creditors to be paid. (2) The court, on the day following its proposal, shall have as proposed the distribution and order the Liquidator to publish it in the Insolvency Bulletin. 3) Creditors who jointly or separately represent at least 20% of the liability with the right to vote may object to the proposed allocation within three days of the notification. If the objection deducted concerns the whole of the distribution, it cannot be carried out while the opposition is not settled in the first instance. If the objection deducted is partial, the allocation may be executed in the uncontested part. (4) The court shall transfer to the Liquidator all the objections deducted, which shall be evacuated within a third day. 5) After the previous term, there is or has not evacuated the Liquidator the transfer conferred, the court will resolve without further processing the objection. The decision to be taken shall not be subject to any appeal. (6) The contested objector shall be ordered to pay the costs, which shall be calculated on the basis of the amount objected to, unless it has been plausible to litigate. If the objection has been deducted jointly by two or more creditors and is rejected, all of them shall be jointly and severally liable for the payment of the costs. The Liquidator must pursue to the benefit of the mass the payment of the costs by separate rope before the same court, being able to request that the fixed ones be discounted of the present or future distribution that would correspond to the objectors expired. (7) The decision making a challenge must order the drawing up of a new distribution proposal. (8) In the absence of any objection, the court shall be ordered to distribute the distribution within the three-day period after the expiry of the term of office. to object. (9) The resolution ordering the distribution of the distribution shall be notified in the Bankruptcy Bulletin, and the creditors included in the distribution shall be entitled to claim the payment of the corresponding sums from the Liquidator. In the case of claims affected by subordination, the subordinated creditors shall contribute to the payment of their respective beneficiary creditors, on a pro rata basis, in accordance with that allocation of their subordinated credit. Article 249.-Conditional creditor. The conditional creditor may request the court to order the reserve of the funds which would be fulfilled by the condition, or its delivery under sufficient caution to restore them to the mass, with the current interest for readjustable operations, for the condition that the condition is not verified. The indicated course must be included in a bank guarantee or insurance policy, and must be replaced or renewed successively until the respective condition is met. Article 250.-Debts and reciprocal credits. Where a creditor is at the same time the debtor of the person who is subject to a Insolvency Proceedings, without having to have the compensation, the sums corresponding to that creditor shall apply to the payment of his debt, even if he is not expired. Article 251.-Creditors who verify their credit extraordinarily. The verification of the credits of the creditors made extraordinarily will not suspend the realization of the deliveries, but if the recognition of these new credits is pending, another distribution will be ordered, these creditors will be the sum corresponding to the following point in accordance with the following point, keeping in deposit the sums which they invoke until their claims are recognised. In order to ensure that the funds allocated to them in the preceding distributions are preferably covered by the funds not allocated, they shall be entitled to require that the funds allocated to them be covered by the funds not distributed, but may not the creditors paid in the previous repairs the return of any amount, even if the goods subject to the Liquidation Procedure of Liquidation do not reach to cover in full their insolute dividends. Article 252.-Situation of creditors outside the territory of the Republic. The amount reserved for creditors resident outside the territory of the Republic shall remain in deposit until the expiry of the duplicate of the term of placement corresponding to them. This time limit shall be applied to the payment of the recognised claims. Article 253.-Destination of funds in case of non-appearance. If a creditor in the distribution payroll does not appear to receive what is appropriate for him three months after the distribution is notified, the Liquidator shall deposit its amount in tax coffers to the order of the creditor. Three years after the deposit, the General Treasury of the Republic will allocate it in its entirety to the Fire Department. Paragraph 4. From the term of the Liquidation Procedure of Settlement Article 254.-Termination of termination. Once the resolution that was approved by the final account of the Administration has been published in the terms described in Articles 49 et seq., the court, on its own initiative, at the request of a party or of the Superintendence, will dictate a resolution declaring completed the Liquidation Insolvency Procedure. With the termination of the Liquidation Insolvency Procedure, the Debtor shall recover the free administration of its assets. Article 255.-Effects of the Term Resolution. Once the resolution declaring the term of the Liquidation Insolvency Procedure is signed or executed, it shall be deemed to be extinguished by the sole ministry of the law and for all legal purposes the insolute balances of the obligations incurred by the Debtor prior to the commencement of the Liquidation Insolvency Proceedings. Extinguishing obligations under the preceding subparagraph, the debtor shall be deemed to be rehabilitated for all legal purposes, unless the decision referred to in the preceding article establishes something other than that. Article 256.-Resources against termination of termination. The decision declaring the completion of the Liquidation Procedure of Settlement shall be subject to appeal, which shall be granted in the sole effect of return, while the debtor shall retain the free administration of his assets. Paragraph 5. From the term of the Liquidation Procedure of Settlement by Agreement of Judicial Reorganization Article 257.-Term of the Liquidation Procedure of Settlement by Agreement of Judicial Reorganization. During the Liquidation Procedure, once the list of recognized credits has been notified, the Debtor may accompany the competent court with a proposal for a Judicial Reorganization Agreement and the provisions will apply to it. contained in Chapter III of this Law, in so far as it is appropriate and in all that it is not regulated in the following provisions. Presented with a proposal for a Judicial Reorganization Agreement, the court will dictate a resolution that will have it presented. A copy of the aforementioned proposal must be published by the Liquidator in the Bulletin. In the same decision, the court of jurisdiction shall determine the date, place and time at which the Board of Creditors called to know and decide on the proposal for a Judicial Reorganization Agreement that the Debtor submits. Article 258.-Agreement of the Board of Creditors. Each of the classes or categories of proposals of the Judicial Reorganization Agreement accompanied by the Debtor shall be analyzed, deliberate and agreed separately on the same Board, without prejudice to the provisions of Article 82. The proposal for a Judicial Reorganization Agreement shall be deemed to have been agreed upon with the consent of the debtor and the assent of two thirds or more of the creditors present, representing three-quarters of the total liabilities with voting rights, corresponding to their respective class or category. Persons Related to the Debtor shall not be able to vote, nor shall their claims be considered in the amount of the liability. Article 259-Vigency of the Judicial Reorganization Agreement. The Agreement of the Judicial Reorganization shall govern once the deadline for contesting it has expired, without having been challenged. In this case it shall be deemed to have been approved and shall be declared by the competent court of its own motion or at the request of any interested party or of the Veedor. In the same resolution, it will declare the legal term of the Liquidation Insolvency Procedure. If the Judicial Reorganization Agreement is contested, it shall govern since it causes enforcement of the decision to dismiss the agreement or the challenges and declare it approved. The decisions referred to in the first and second subparagraphs of this Article shall be notified in the Bulletin. The Judicial Reorganization Agreement shall, however, govern any disputes brought against it. However, if the challenges are brought by creditors of a certain class or category, representing at least 30% of the liability with the right to vote of their respective class or category, the Reorganisation Agreement Judicial will not begin to rule until such challenges are dismissed by a firm and enforceable judgment. In this case, and in the second paragraph of this article, the acts and contracts executed or concluded by the Debtor in the time that it mediates between the Judicial Reorganization Agreement and the date on which the resolution that engages the challenges, they cannot be left without effect. The appeal against the decision of the second instance which disclaims the judgment or the challenges does not suspend the enforcement of that decision, even if the expired party asks for bail as a result of the winning party. If the challenges to the Judicial Reorganization Agreement are received by firm or enforceable resolution, the obligations and rights existing between the Debtor and its creditors prior to that Agreement shall return to the state in which they were held. in the Liquidation Insolvency Procedure. CHAPTER V OF THE PROCEEDINGS OF THE DEBTOR PERSON Title 1. From The Bankruptcy Procedure Of The Person Deudora. Article 260.-Scope and requirements. The Renegotiation Procedure of Renegotiation shall apply only to the Deudora Person, who for the purposes of this Chapter shall be referred to as either Deudor Person or Debtor. The Debtor may be subject to a Renegotiation Procedure if he has two or more obligations due for more than 90 days, currently payable, from a variety of obligations, the total amount of which is greater than 80 promotion units, provided that they have not been notified of a claim requesting the commencement of a Liquidation Insolvency Proceeding or any other executive judgment initiated against them that is not of an employment origin. The file which is generated in the Superintendence following the actions and resolutions referred to in this Chapter shall be public, without prejudice to the provisions of Article 21 (2) of the Law on the Transparency of Public Service and access to the information of the State Administration, contained in the first article of Law No. 20,285. Article 261.-Initiation of the procedure. The Renegotiation Procedure of Renegotiation will be initiated by the Deudora Person, before the Superintendence through the presentation of an application whose format will be available on its website and in its dependencies. This application must be submitted by attaching the following information: a) A sworn statement with a list of the debtor's obligations, due or not, whether or not they are currently payable, and of all creditors with an indication of the amount owed to each person, or their balance, as appropriate, expressing the name, address, telephone, e-mail of the creditor and his legal representative, if any, and if known, and any other contact details of each of them; b) Affidavit with the singularization of all the income that he perceives, for any cause, are fixed or sporadic, with the effect of accompanying the antecedents; c) Affidavit with the complete listing of his assets, with indication of those that the laws declare to be inembargable, and of the encumbrances and prohibitions that affect them; d) A proposal of renegotiation of all its obligations in force; e) a sworn statement that the person is a Deudora person or that, having initiated commercial activities, he has not provided services for such activities during the 24 months preceding the filing of the said application, and (f) a sworn statement that it is not known to have been notified of the demand for Liquidation or any other executive judgment initiated against him that is not of employment origin. Article 262.-Examination of admissibility. Within five days of the submission of the application for the commencement of the Renegotiation Procedure, the Superintendence may: (1) declare the application admissible; (2) order the Deudora Person to rectify his or her background; provide additional information, in which case it shall remedy the defects or provide any additional information requested, as appropriate, within the time limit set by the Superintendence itself, counted from that date resolution. If this is not the case, the application shall be declared inadmissible, or (3) declare the application for a reasoned decision inadmissible. The declaration of inadmissibility may be based only on the origin of the application for the commencement of the Renegotiation Procedure, for the failure to comply with the requirements referred to in Article 261 or for the time-limits. indicated in number 2) without the petitioner having remedied the defects or inconsistencies warned by the Superintendence Article 263.-Resolution of Admissibility. The resolution of the Superintendence declaring admissible the application for the commencement of the Renegotiation Procedure of Renegotiation shall contain the following particulars: 1) The name and the number of identity cards of the Deudora Person. 2) The list initial creditors informed by the Deudora Person with an indication of the amounts due on the basis of capital and interest and their preferences. 3) The list of goods of the Deudora Person informed by it, with the express mention of those who are inembargable, and the levies and prohibitions that l They shall, if they have been, individualised the beneficiaries of the latter. 4) The communication to the creditors and third parties of the commencement of the Renegotiation Procedure and the date of the conclusion of the hearing for the determination of the liability. This hearing will be held no earlier than fifteen or after thirty days counted since the publication of this resolution in the Bankruptcy Bulletin. This resolution and the background referred to in Article 261 shall be published in the Bankruptcy Bulletin. The individual creditors in the list of the preceding number (2) shall be deemed to be legally notified under that publication, without prejudice to the sending of a copy of the said resolution by e-mail, if this has been mentioned in the background to be submitted by the Debtor in accordance with Article 261. Article 264.-Effects of the Admissibility Resolution. From the publication of the Admissibility Resolution and until the end of the Renegotiation Procedure, the following effects will be produced: 1) The Forced Settlement or Volunteer of the Deudora Person may not be requested, nor shall it be initiated in your case against executive judgments or executions of any kind or restitution in lease trials during the term stated in the heading of this article. For the purposes of asserting the opposition at the beginning of the executions referred to in this issue, the Deudora Person shall accompany the competent court with the authorized copy of the Admissibility Resolution, which may be enforced only as exception. To do so, the Deudora Person may appear personally without the need for a lawyer's sponsorship. (2) The time limits for the extinguishing of the obligations of the debtor shall be suspended. 3) The moratorical interests which have been agreed upon in the respective acts or contracts entered into by the Deudora Person shall not be continued. 4) All the contracts entered into by the Deudora Person shall maintain its validity and conditions of payment, if any, and it will not be possible to make effective clauses of resolution or expiration based on the beginning of the Renegotiation Procedure of Renegotiation, with the sole the exception to suspend the lines of credit or overdraft that have been agreed. Without prejudice to the foregoing, the obligations already incurred shall maintain their conditions of payment, without the possibility of speeding up or applying fines based on the initiation of the said procedure. If the counterparty of these contracts will carry out any action that amounts to the term of the same or requires the payment of their credit in advance, the credit will be postponed until the payment of all the creditors to the creditors. (5) Any interested party may observe or object to the appropriations in the list referred to in Article 263 (2) as well as the list of goods referred to in number (3) of the same Article, up to three days before the date of the conclusion of the hearing for the determination of the liability as set out in the following Article; to participate in it with the right to voice and vote. (6) The Deudora Person shall not be able to execute acts or to conclude contracts relating to his or her embargoable assets that are part of the Renegotiation Procedure, under the warning of being held by a flat-rate depositary in the terms of the article. 444 of the Code of Civil Procedure. The effects noted in this article will be extinguished with the publication in the Bankruptcy Bulletin of the Act containing the Renegotiation Agreement or the Implementation Agreement, if any. Article 265.-Hearing of the determination of the liability. Assistance to the liability determination hearing shall be compulsory for all creditors identified in the Resolution of Admissibility which have been notified in accordance with Article 263, under the warning of continue processing without renotifying the absent creditors and assuming the proceedings during the hearing for the determination of the liability. This hearing shall be held with or before the Superintendent by resolution, with the creditors attending and the Deudora Person, personally or duly represented. The Superintendent, or who is appointed, will act as facilitator, helping the parties to adopt a satisfactory solution. This procedure shall be governed by a general rule of the Superintendence. The Superintendence will present a proposal for a payroll of liabilities, taking into account the list accompanied by the Deudora Person according to Article 261, as indicated by those who have observed or objected to the aforementioned list of creditors, and the observations that the Superintendence could suggest. In this hearing, with the vote of the Deudora Person and the absolute majority of the liability according to the proposal indicated in the previous paragraph, the right to vote shall be determined. The appropriations of persons connected with the Deudora Person shall not be considered for the purposes of the quorum or for the votes to be taken. If no agreement is reached regarding the determination of the liability of the Deudora Person, the Superintendence may suspend this hearing for once, for up to five days, in order to promote the agreement. If, however, no agreement is reached on the liability of the Deudora Person, in the first or second hearing, the Superintendence must cite an execution hearing, which must be held no earlier than fifteen or after 30 days. from the publication referred to in Article 263. Should the liability of the Deudora Person be agreed, the Superintendence will dictate a resolution that will contain the act with the payroll of recognized credits and the summons to all the creditors whose credits were recognized, to the audience of This is regulated in the following article, which will be published in the Bankruptcy Bulletin within the next day. The renegotiation hearing shall be held no earlier than 15 days after 30 days from the publication. Article 266-Hearing of renegotiation. As a result of the above Article, the renegotiation hearing shall be held on the date set out in the judgment in which it gives the preceding Article. This hearing shall be held with or before the Superintendent of the Superintendent, with the creditors attending or the legal representatives in his case and the Deudora Person, personally or duly represented. As in the hearing for the determination of the liability as referred to in the previous Article, the Superintendent, or who is appointed, shall facilitate the adoption of an agreement between the parties. The renegotiation shall be agreed with the assent of the Deudora Person and two or more creditors who together represent more than 50% of the recognised liability. The liability for the purposes of the quorum shall not be considered for the purposes of the quorum or for the votes to be taken by the persons relating to the Deudora Person, or the guaranteed creditors who attend and vote against the Agreement of Proposed renegotiation. In respect of creditors whose claims are guaranteed under personal conditions, they must be distinguished: (a) If the creditor votes in favour of the Renegotiation Agreement, or does not attend the hearing, his/her credit shall be subject to the terms and modalities laid down in that agreement and may not charge it in terms or conditions other than those stipulated. (b) If the respective creditor assists and votes against the proposed Renegotiation Agreement, his/her credit shall not be considered as a liability and may be pursued with respect to the guarantor, guarantor or co-debtor or subsidiary, in the terms originally agreed. The guarantor, guarantor or co-debtor of solidarity or subsidiary which has paid will affect the terms and conditions of the Renegotiation Agreement concluded. In respect of creditors whose claims are secured by means of a pledge and mortgage, the following shall be distinguished: (1) If the creditor votes in favour of the Renegotiation Agreement or does not attend the hearing referred to in this Article, it shall be subject to the the terms and conditions laid down in the said agreement and shall not be able to charge their credit in terms other than those laid down. (2) If the respective creditor assists and votes against the Renegotiation Agreement, his/her credit will not be considered as a liability and will be able to execute his/her guarantee only for the payment of the secured credit with specific guarantee. In respect of any other claims which the same creditor has against the Deudora Person, if any, and which are not subject to specific guarantees, they shall be subject to the terms and conditions laid down in the said agreement and not may be charged in terms other than those stipulated. If the obligation of the Deudora Person is secured with a pledge or mortgage on third-party property, and the respective creditor assists and votes against the proposed Renegotiation Agreement, his/her credit will not be considered as a liability and may charge it in respect of the garments and mortgages granted by third parties. The third holder of the mortgaged estate or owner of the good that has paid according to the above will affect the terms and conditions of the Renegotiation Agreement. If the renegotiation is not agreed, the Superintendence will be able to suspend this hearing for once, for up to five days, in order to promote the agreement. If no agreement is reached at the first or second renegotiation hearing, the Superintendence shall give an execution hearing, which shall be held no earlier than fifteen or after 30 days from the date of publication in the Bankruptcy bulletin of the citation. Agreed upon the renegotiation, the Superintendence It will dictate a resolution that will contain the minutes with the Renegotiation Agreement, signed by the Deudora Person, the creditors present and the Superintendent, or who has appointed. The Act with the Renegotiation Agreement that is lifted at the scheduled hearing will be published in the Contro Bulletin within two days. The Renegotiation Agreement will only affect creditors who appear on the payroll of credits recognized according to the above article, whether or not they have attended the renegotiation hearing. The Renegotiation Agreement may deal with any object that is intended to be repactated, novated or remitted by the Deudora Person and may not be revoked later in accordance with Article 290 of this Law if the Deudora Person is subject to a Liquidation Insolvency Procedure. Article 267.-Hearing of enforcement. If no agreement is reached on the liability of the Deudora Person or on the renegotiation of his obligations under the previous Articles, the Superintendence shall cite the creditors to an execution hearing. This hearing shall be held with or before the Superintendent by resolution, with the creditors attending or their legal representatives, and the Deudora Person, personally or duly represented. As in the hearings provided for in the preceding articles, the Superintendent, or who is appointed, shall facilitate the adoption of an agreement between the parties. In that hearing the Superintendence shall present a proposal for the performance of the debtor's assets. The Debtor and two or more creditors representing at least 50% of the recognised liability with a right to vote or 50% of the liability in the Superintendency proposal referred to in Article 265 (3), where applicable, agree on the formula for carrying out the debtor's assets. They shall not be considered for the purposes of the quorum or for the votes to be taken by the persons concerned with the Deudora Person. Alternative means of carrying out goods of the Deudora Person may always be formulated, which shall be subject to the same quorum of prior approval. The execution agreement shall contain the manner in which the goods of the Deudora Person and the payment to the creditors indicated in that agreement shall be made in the form set out in Title XLI of Book IV of the Civil Code " Appropriations '. If no agreement is reached, the Superintendence shall transmit the antecedents to the competent court of the debtor's domicile, which shall dictate the corresponding Settlement Resolution, in accordance with the provisions of Title 2 of this Chapter. If the execution agreement designates a Liquidator, the Liquidator must be part of the Liquidator Nomina in force to date, and its fees will amount to a total of 30 units of promotion according to Article 40 of this law. After the period indicated in the agreement for the realization of the goods, the Liquidator, if any, shall proceed to the distribution of funds in the terms of Title 5 of Chapter IV of this Law. Any objection or incident in relation to the management of the Liquidator in this distribution of funds must be brought by the creditors to the Superintendence, which will resolve administratively in a single instance and without further recourse. The time limit for the performance of the asset and the allocation of funds contained in the implementation agreement shall not exceed six months after the publication of the Implementing Agreement in the insolvency proceedings. The Act with the Implementation Agreement which is lifted at the appointed hearing will be published in the Bankruptcy Bulletin within two days. The Superintendence will dictate a general rule that regulates, in everything not established in this law, the contents of the implementing agreement that will propose the Superintendence and the way in which the indicated audience will be developed. Article 268.-Resolution declaring the Renegotiation Procedure of Renegotiation and of the execution of the procedure to be completed. Once the deadline for challenging the Renegotiation Agreement or the Implementation Agreement, as appropriate, or once the challenge has been resolved and disposed of, as set out in Article 272, the Superintendence will declare the end of the The Renegotiation Procedure of Renegotiation. If the said procedure has been completed by virtue of an Agreement on Enforcement, the balances shall be deemed to be extinguished, by the sole ministry of the law, of the outstanding amounts of the obligations of the Deudora Person in respect of the of this agreement, to be told of the publication of this resolution in the Bulletin. If the said procedure has been completed under a Renegotiation Agreement, the obligations in respect of the credits constituting such an agreement shall be deemed to be extinguished, novated or repachted, as agreed, and the Deudora Person shall be It will be enabled for all legal purposes. To this end, the Superintendence shall issue a certificate of unworthiness at the request of the creditors holding the debts referred to, which allows them to punish their claims in accordance with the law where appropriate. Article 269.-Early term of the Renegotiation Procedure and its effects. The Superintendence will declare the early term of the Renegotiation Insolvency Procedure: 1) If the Deudora Person infringes the prohibition set forth in Article 264 (6), without prejudice to the own sanction established for the Article 444 of the Code of Civil Procedure. 2) If the Deudora person no longer meets any of the requirements set out in Article 260. (3) If no agreement is reached at the executing hearing. (4) If, after the commencement of the proceedings, the goods not declared by the Deudora Person are not declared in the background referred to in Article 261. Declared the early term of the Renegotiation Insolvency Procedure, the effects of the Admissibility Resolution regulated in Article 264 will be finalized. After the deadline for administratively replenishing the terms of Article 270 without a replacement being lodged, or having been rejected, the Superintendence shall forward the records to the competent court, the one that will dictate the corresponding settlement of the goods of the Deudora Person, according to the provisions of Title 2 of this Chapter. Article 270.-Resources and Limitation. Against the decision declaring the Renegotiation Procedure to be completed or declaring it to be completed in advance, the administrative replacement shall be made in accordance with the terms laid down in Article 59 of Law No 19,880. Contrary to the resolution that disposes of the replenishment, the appeal of the complaint will proceed in the terms that the article 341 of this law states, as soon as it is applicable. The interposition of the claimed claim resource will not suspend the effects of the Renegotiation Insolvency Procedure, which will continue to be substantiated in accordance with the rules of this Chapter. The Debtor whose application for the commencement of the Renegotiation Procedure is declared admissible, may not request it again, but after five years after the date of publication of the Resolution of Admissibility. Article 271.-Goods excluded from the implementing agreement. Those goods referred to in Article 445 of the Code of Civil Procedure, as well as all those which the laws declare to be inembargable, shall be inembargable. If the Deudora Person is married, they shall apply to the performance of their property, where they proceed, the rules laid down in the relevant articles of the Civil Code and in special laws, attended by the regime of goods that have been agreed upon. the spouses. Article 272.-Of the challenge of the Renegotiation Agreement or the Implementation Agreement. The Renegotiation Agreement or the Execution Agreement may be challenged by the creditors to whom it affects them, provided that they are based on any of the following grounds: 1) Error in counting the majorities required in this Chapter, always which has an impact on the quorum required for the agreement. (2) Falsity or exaggeration of the credit of any of the creditors who have attended with their vote to form the quorum necessary for the respective agreement and if, excluding the false or exaggerated part of the credit, the quorum necessary for the agreement. (3) One or more creditors and the debtor to vote in favour, to abstain from voting or to reject the Renegotiation Agreement or the Implementation Agreement, by distorting, omitting or adulterating information to gain undue advantage over the other creditors. (4) If, after the conclusion of a Renegotiation Agreement or an Implementing Agreement, goods were to appear. The challenge must be deducted before the court to which it will be responsible for the Insolvency Proceedings of the Settlement of the Goods of the Deudora Person, within the ten-day period from the publication of the Renegotiation Agreement or the Execution Agreement in the Bankruptcy Bulletin. The challenges to the Renegotiation Agreement or the Implementation Agreement shall be dealt with in accordance with the rules of the summary judgment and against the decision which shall not be taken. If the challenge is to be found in the Renegotiation Agreement or the Implementing Agreement, the court will, of its own motion and without further processing, dictate the Resolution of the Settlement of the Goods by the Deudora Person in the same resolution that welcomes the challenge. If the Renegotiation Agreement or the Execution Agreement have been challenged and the challenges have been discarded, the Superintendence will declare the Procedure finalized. The Renegotiation of the Deudora Person, in accordance with the provisions of Article 268 of this Law. The Renegotiation Agreement or the Implementing Agreement shall, however, govern the challenges which have been brought against it. However, if they were to be filed by creditors representing at least 30% of the liability as a whole, the contested agreement shall not produce any effect until the challenge is dismissed by a final judgment. In the preceding case, the acts and contracts executed or concluded by the Debtor in the time between the Renegotiation Agreement or the Implementing Agreement and the date on which the decision to accept the challenges is implemented shall not be possible. be left without effect. Title 2. Of the Liquidation Procedure for the Settlement of the Assets of the Debtor Person Paragraph 1. From the Voluntary Settlement of the Goods of the Person Deudora Article 273.-Scope and requirements. Any debtor may apply to the competent court for the voluntary liquidation of his assets, accompanied by the following background: (1) List of his assets, place in which they are located and the charges affecting them; (2) List of the goods legally excluded from the Settlement of the Goods of the Deudora Person; 3) Relation of pending judgments with property effects, and 4) State of debts, with name, domicile and contact details of the creditors, as well as the nature of their appropriations. Article 274.-Processing and resolution. In conjunction with the provisions of the previous article, the Deudora Person shall request the nomination of the Liquidator in accordance with the provisions of Article 37 of this Law. Received the Certificate of Nomination, the court will dictate the settlement of the assets of the Deudora Person, the one that will contain the mentions mentioned in article 129 and will be published in the Bulletin Bankruptcy, according to the the final point of this rule. Article 275.-Effects of the settlement of the assets of the Deudora Person. The provisions of paragraphs 4 and 5 of Title 1 of Chapter IV of this Law shall apply to this procedure in all that is not contrary to the nature of the Deudora Person. Article 276.-Inembargability. Without prejudice to the provisions of Article 445 (2) of the Code of Civil Procedure, only the remuneration of the Deudora Person may be imposed for up to three months after the judgment on the settlement of the goods of the Person Debtor. If the Deudora Person is married, the goods shall be effected, where appropriate, by the rules laid down in the relevant articles of the Civil Code and in special laws, in accordance with the arrangements of goods which have been agreed to the spouses. Article 277.-The determination of the liability. The determination of the liability shall be in the form set out in Paragraph 6 of Title 1 of Chapter IV of this Law. Article 278.-Of the Boards of Creditors. The Constitutive Board shall take place in the premises of the court or in the place which it determines, and shall be held on the thirtieth second day of the settlement of the settlement of the goods of the Deudora Person. The following matters shall be dealt with in that Board: (1) The provisional holder shall report on the assets of the debtor, make a proposal for the debtor's performance and an estimate of the costs. (2) The ratification of the provisional holder and alternate liquidators or the designation of their replacements. Liquidators who have not been ratified will continue in their positions until they assume their replacements. It must be signed between the non-ratified Liquidator and the one who replaces it, within ten days from the new designation, a transfer record stating the precise state of the debtor's assets and any other aspect relevant to a the proper continuation of the Liquidation Procedure, and all the records, documents and other instruments of the debtor that are in his possession must be delivered. A copy of the minutes referred to above must be forwarded to the Superintendence. 3) The appointment of a president and a secretary-holder and an alternate for each of those positions, among the creditors with the right to vote or their representatives, to the sessions of future Juntas, if any. (4) Liquidator's fees, which shall be governed by the provisions of Articles 39 and 40 of this Law. 5) Any other agreement that the Board considers to be conducive, being able to agree to no longer to hold other Boards, except to subpoena the Liquidator or any of the creditors that represent at least 25% of the liabilities. Without prejudice to the provisions of this Article, the provisions of Article 189 shall apply. Article 279.-Of the performance of the asset. The performance of the asset shall be carried out in accordance with Article 204. Article 280.-Payment of liabilities. The payment of the liability shall be made in accordance with the provisions of paragraphs 1 and 3 of Title 5 of Chapter IV of this Law. Article 281.-Final account of the administration and the end of the liquidation of the goods of the Deudora Person. The Person Deudora shall be applicable to the liquidation of the goods by the provisions of paragraphs 2 of Title 3 of Chapter II, on the Final Account of Administration, and 4 of Title 5 of Chapter IV, on the conclusion of the Insolvency Proceedings. Paragraph 2. Of The Forced Settlement of the Goods of the Debtor Person Article 282.-Causal to request the commencement of a Liquidation Procedure of Liquidation of the Goods of a Deudora Person. As long as the admissibility of a Renegotiation Procedure of a Deudora Person is not declared admissible, any creditor may request the commencement of the Liquidation Procedure of the Settlement of the Goods of the Deudora Person, provided that they exist against this two or more expired executive titles, coming from various obligations, being initiated at least two executions, and have not been filed within four days of the respective order, (a) sufficient goods to respond to the provision of the goods and to their costs. Article 283.-Requirements. The application shall be filed with the competent court, shall indicate the causal claim and its supporting facts, and must accompany the following background: (1) The documents or written records attesting to the causation invoked. 2) A bank account or a bank issued to the court order for a sum equivalent to 200 units of promotion for the purpose of the initial costs of the Liquidation Procedure for the Settlement of the Goods of the Deudora Person. 3) The name of the The holder and alternate liquidators shall, in the case where the debtor fails to appear or make no action in writing at the hearing provided for in the following Article. The Liquidator or Veedor who has exercised as such in any Insolvency Proceedings shall not be able to assume in another proceeding with respect to the same Debtor. The creditor creditor may designate a valid Veedor of the Nomina of Veers, which shall assume in case the Debtor objects to the Insolvency Proceedings of the Settlement of the Goods of the Deudora Person. Such a Veedor shall supermonitor the activities of the Debtor for the duration of the proceedings of the Judgment of Opposition, which shall be substantiated in accordance with the rules of this law, and shall have the powers of financial controller contained in Article 25. The Veedor's fees may not exceed 50 units of promotion and shall be the responsibility of the creditor. Without prejudice to the foregoing, the claimant may apply in his application for any of the measures set out in Titles IV and V of the Second Book of the Code of Civil Procedure. Article 284.-Review, first providence and notification. The competent court shall, within three days, examine the application of the requirements of the preceding Article. If you consider them to be completed, you will have it presented, you will order to publish it in the Bankruptcy Bulletin and you will quote the parties to a hearing that will take place on the fifth day of the debtor's personal notification or pursuant to Article 44 of the Code. Civil Procedure, even if it is not at the place of the trial. If not, it shall order the applicant to correct the relevant correction and set a period of three days for subsane to be subsane, under the warning of failure to comply with the application. The hearing shall be conducted in accordance with the following rules: (1) The court shall inform the debtor about the application filed against him and the effects of the Insolvency Proceedings on the Settlement of the Goods by the Person Deudora. 2) The Deudora Person may propose, in writing or in a verbal manner, any of the alternatives mentioned in the following literals, and must always indicate the name or social reason, address and e-mail, if known, of the three higher creditors, or their legal representatives. If the Debtor does not comply with this last requirement, the court shall have not filed the action that is the case and shall immediately dictate the Settlement of the Goods of the Deudora Person, appointing the holder and the alternate, both in the nature of the provisional application, which the applicant creditor has appointed in his application, in accordance with the provisions of Article 3 (3) of the previous Article. According to the above, the Deudora Person may: (a) Consign sufficient funds for the payment of the claim and the corresponding costs. The court shall carry out the consignment, order the settlement of the credit, the regulation and the appraisal of the costs, and shall indicate the time limit in which the debtor shall pay them, which shall be counted from the fact that those proceedings are firm. If the debtor fails to pay within the set deadline, the court will dictate the respective Settlement of the Goods of the Deudora Person. (b) Allanse to the application, in writing or orally, in which case the court will dictate the respective Resolution of the Settlement of the Goods of the Deudora Person. (c) To apply to the demand for forced liquidation, in which case the provisions of Paragraph 3 of Title 1 of Chapter IV of this Law shall be observed. The debtor's opposition may be based only on the grounds provided for in Article 464 of the Code of Civil Procedure. 3) If the debtor does not appear to appear in this hearing or if, appearing, he does not make any of the actions mentioned in number 2.) The court shall issue the Settlement of the Goods of the Deudora Person and appoint the titular and alternate Liquidators, both as provisional, to be appointed by the requesting creditor in accordance with the the provisions laid down in Article 3 (3) of the previous Article. The minutes of the hearing shall be drawn up, which shall be signed by the court of auditors and the Registrar. Article 285.-Resolution of the Settlement of the Goods of the Deudora Person. The Resolution of the Settlement of the Goods of the Deudora Person shall be issued in accordance with the provisions of Article 274, and in the proceedings of the procedure shall be indicated in the preceding paragraph. Article 286.-Background to be submitted by the Superintendence. Each time the law orders the Superintendence to submit a record to the court competent to issue the Resolution on the Settlement of the Goods of the Deudora Person, it shall be understood to refer to: 1) A copy of the records provided by the Deudora Person referred to in Article 261. 2) Copy of the decision referred to in Article 263. (3) Copy of the proposal for the determination of the liability referred to in Article 265. 4) Copy of the minutes of the execution hearing, in which the record was not reached. 5) Copy of the resolution declaring the Renegotiation Procedure in advance in advance, in the terms of Article 269. In any event, creditors shall not enter the sum referred to in Article 283 (2). CHAPTER VI OF THE REVOKING ACTIONS CONVIÑOR Title 1. Of the acts executed or contracts entered into by Companies Deudoras Article 287.-Objective Revocability. In the case of the Reorganization Or Settlement Procedures, the creditors may and the Veedor or the Liquidator, where appropriate, shall deduct the bankruptcy proceedings in respect of the following executed acts or contracts concluded by The Deudora Company within the year immediately preceding the beginning of these procedures: 1) Any advance payment, whatever the way it took place. It is understood that the Deudora Company anticipates payment as well when it discounts trade effects or invoices to its charge and when it does so by waiving the stipulated deadline in its favor. 2) Any payment of overdue debts that is not executed in the form stipulated in the convention. The payment of trade effects is equivalent to payment in money. (3) Any mortgage, garment or antiresis constituted on assets of the debtor to ensure previously contracted obligations. In the case of any act or contract concluded for free and those indicated in the preceding numbers which have been concluded with Persons Related to the Deudora Company, even if a third party is held, the period shall be Extend to 2 years. In the case of claims arising in accordance with this Article, the judge shall establish whether the act executed or the contract concluded have taken place within the time limits laid down and if they reply to any of the descriptions. intended. In the light of the concurrency of the above requirements, the court shall give judgment in respect of the contested decision-making, unless the debtor or the third contracting party proves that the act executed or the contract concluded did not cause injury to the mass of creditors. All of the above, without prejudice to the resources provided. Article 288.-Subjective Revocability. All executed acts or contracts concluded by the Deudora Company with any person shall also be revocable within two years immediately prior to the commencement of the Bankruptcy Or Settlement Procedure, provided that the concurrence of the following requirements is established: (1) Knowledge of the contractor of the business of the Deudora business, and (2) that the act or contract causes damage to the mass or alters the position of equality which must have the creditors in the competition. It shall be understood that there is injury where the provisions contained in the act or contract are removed from the conditions and prices which are normally prevailing on the market for operations similar to the time of the act or contract. In the case of the sale or swap of assets, only the amounts actually received by the Deudora Company resulting from the transaction to the date of the action of revocability or the value that the court has received will be considered as income. assign to the goods given in permuse. Article 289.-Reforms to the social pacts or statutes. The reforms to the social covenants or statutes that take place within the six months immediately preceding the beginning of the respective Insolvency Proceedings may be revoked if they are to be imported into the decrease in the debtor's estate. The reforms to the social covenants or statutes that are carried out within the time limit set out in the previous paragraph that will matter the decrease in the assets of the subsidiaries and coligadas of the company Deudora, when the latter act as guarantor or The debtor shall be liable to the debtor, to whom he has contracted with the Deudora Company prior to those reforms. Title 2. Of the revocation of the executed acts or contracts concluded by a Deudora Person Article 290.-Acts or revocable contracts concluded by the Deudora Person. In the case of the Renegotiation Or Settlement Procedures of the Deudora Person, the creditors will be able to deduce the bankruptcy of the court, in respect of the following executed acts or contracts concluded by the Person Debtor within the year immediately preceding the beginning of these procedures: 1) Any advance payment, whatever the way it took place. 2) Any payment of overdue debts that is not executed in the form stipulated in the convention. The payment of trade effects is equivalent to payment in money. (3) Any mortgage, garment or antiresis constituted on assets of the debtor to ensure previously contracted obligations. In the case of any act or contract concluded for free and those indicated in the preceding numbers which have been concluded with Persons Related to the Deudora Person, even if the third party is in the position of a third party, the time limit shall be Extend to 2 years. In the case of claims arising in accordance with this Article, the judge shall establish whether the act executed or the contract concluded have taken place within the time limits laid down and if they reply to any of the descriptions. intended. In the light of the concurrency of the above requirements, the court shall give judgment in respect of the contested decision-making, unless the debtor or the third contracting party proves that the act executed or the contract concluded did not cause injury to the mass of creditors. All of the above, without prejudice to the resources provided. In the case of other acts executed or of contracts concluded for consideration, prior to the commencement of the respective insolvency proceedings, the provisions of Article 2468 of the Civil Code shall be deemed to be presumed to be the Deudora Person. knew the bad state of their business before the start of the respective Insolvency Proceedings. Title 3. From the provisions common to the two previous Titles Article 291.-Deadline for the action and procedure. The actions referred to in the two preceding Titles shall be filed within one year of the Reorganization, Settlement or Admissibility Resolution, as appropriate, and shall be dealt with in accordance with the summary procedure, to the court that knows or should know about the referred processes. Such shares shall be held in the interest of the mass and shall be deducted against the debtor and the contraaor, if appropriate. For these purposes, the Debtor shall exercise his or her defense in judgment, without requiring the authorization or representation of the Liquidator or Veedor. Where it is necessary to ensure the results of the revoked actions, the court, on its own initiative or at the request of a party, may order the precautionary measures on the goods concerned. Article 292.-Judgment. The final judgment in which the application is lodged shall declare the revocation requested, order the refund and the practice of the entries and cancellations which are relevant. In addition, it will express in express the amount that the court considers corresponding to the difference of value between the act or contract revoked and the value that it considers prevailing in the market under similar conditions to the existing ones that act. The condemned party must effectively return the thing to the mass and shall be entitled to the return of what it has paid on the occasion of the act or contract revoked, and must verify that amount in the respective Insolvency Proceedings. postponed the payment until the full payment of the credits of the valist creditors. All in all, the defendant, within the three-day period From the notification of the incidental compliance of the judgment, it may benefit from the benefit of keeping the item in its patrimony prior to payment of the difference indicated in the previous paragraph, duly adjusted, including the interest fixed by the judge, from the date of conclusion of the act or contract to the date of the effective payment, once the judgment is signed or executed. The court will have to pay the sum to be paid immediately after the ruling of the decision on the exercise of the option already indicated. The defendant must make the payment within three days of the court's handing over of the settlement. The claimant may not object to the exercise of that right, except in fact or merely a numerical error of the court. If the convicted party does not return the item or the value determined by the judge, the enforced enforcement may be required. For the purposes of the valuation of the goods subject to the action, only the report of experts shall be admissible. Against the final judgment, only the appeal, which must be brought within ten days after the notification of the judgment, shall be lodged. Such an appeal shall be granted in both effects and shall be preferred for inclusion in the table, its view and failure. Article 293.-Costs and rewards. Creditors who are not Persons Related to the Debtor, who individually engage in the revocation actions for the benefit of the mass and obtain the revocation of acts or contracts for final or enforceable final judgment shall have the right to be paid with the funds of the Reorganization Or Settlement Procedures all expenses of the respective trial and the fees of the sponsor attorney, which will enjoy the preference of the item number 1 2472 of the Civil Code. In addition, the plaintiff creditor will be entitled to the final judgment to recognise a reward of up to 10% of the benefit to be reported by this action to the debtor's estate or to the mass. Such reward may not exceed the amount of his or her verified or recognized credit, as appropriate, and must be fixed in the said final judgment, indicating whether he will be in charge of the debtor or the mass, in consideration of the insolvency proceedings. respective. The creditor who acquired his accretion after the beginning of the respective insolvency proceedings shall not be entitled to reward. The creditor who individually exercises revoking shares for the benefit of the mass shall notify the Liquidator or the corresponding Veedor to report to the Board within 30 days of the notification for the purposes of the The instance determines whether or not part of the action is being done. If the action is exercised by the Liquidator or the Veedor, or by any creditor mandated to the effect by the Board of Creditors, the expenses incurred by the substantiation of this class of shares shall be considered as expenses for the administration of the Respective Concourse Procedure. In addition, the judgment in which it is delivered shall be ordered to pay the costs, unless the court considers the concurrency to be plausible for litigation. If the winning party is the claimant, it shall be for the person who has exercised the action to pursue the payment of the costs. If the winning party is the defendant, the costs to be settled shall be paid by the mass as the expense of administration of the Liquidation Procedure and by the Debtor in a Reorganization Procedure of Reorganization. In the event that the court rejects by final judgment or enforceable the action brought, the plaintiffs shall bear the costs of the proceedings and the fees of the professionals who intervened. Article 294.-Effects on third parties. The insolvency of the acts or contracts shall affect the contraaor and third parties, where the latter are aware of the poor state of the debtor's business at the time of the execution of the act or the conclusion of the respective contract. The final judgment in which the revocation of the acts or contracts affecting the third parties is concerned shall determine the value of the goods subject to the revocation, for the purposes of the drawback to the mass of the good or its value. Likewise, the said judgment will order the cancellation of the registration of the rights of the defendant expired and that of the third parties that corresponds and will have the registration of replacement in the name of the Debtor. CHAPTER VII OF BANKRUPTCY ARBITRATION Article 295.-Constitution of arbitration. The Joint Reorganization and Settlement Procedures may be submitted to arbitration. In the Reorganization Procedure of Reorganization, the Debtor will manifest his will to submit to arbitration, accompanying the competent court, together with the background of the singularity of Article 56 of this Law, the letters of support signed by creditors representing at least the absolute majority of the debtor's liability, which shall indicate the name of the titular and alternate arbitrators appointed by the creditors and their fees. In the Liquidation Procedure, the Constitutive Board referred to in Article 193 of this Law or any subsequent Board may agree, with Quorum Special, to submit to arbitration, to appoint the titular and alternate arbitrators, and to fix its fees. In both cases, the appointment of the titular and alternate arbitrators shall be the one in force of the Nomina of Referees and may be replaced by another arbitrator of the said payroll, by agreement of the creditors, with the majority indicated previously, and with the consent of the Debtor in the Reorganization Procedures of Reorganization. Article 296.-Nature of arbitration and constitution of the arbitral tribunal. The arbitrator shall be governed by law and by one-man. The arbitrator shall be deemed to be constituted with his acceptance in the position and shall be sworn in before the Registrar of the tribunal to which he has been entitled to know of the respective Insolvency Proceedings. In the same act, the arbitrator shall fix his domicile, which shall be located in the same jurisdiction of the court appointed. The arbitrator shall appoint a secretary, a charge to be exercised by a lawyer. The competence of the arbitrator extends to all that is necessary for the processing of the Reorganization Or Settlement Procedures and the incidents that are promoted during them. If the Judicial Reorganization Agreement is rejected in accordance with Article 96 of this Law, the arbitrator shall forward the file to the competent court which issued the Reorganization Resolution. Article 297.-Nomina of Contain Referees. In order to be part of the Nomina of Umpire Referees, it is necessary to be a lawyer with an experience of not less than ten years of exercise in the profession. The Veers and the Liquidators may not be part of this payroll. The lawyers who are in charge of forming part of the Nomina of Confederal Referees Must be entitled to bankruptcy and, in particular, to the provisions of this law and the special laws governing these matters. For the purposes of this article, the Superintendence will dictate the specialization courses necessary for the training of the Consucional Referees, at least once a year. The Payroll of Confederal Referees will be carried out by the Superintendence, and in its formation, mentions and maintenance, will be in accordance with the articles 9 and following of this law, as soon as it is relevant. Article 298.-Special powers of the arbitrator. The arbitrator shall have the following special powers: (1) He may admit, in addition to the means of evidence established in the Code of Civil Procedure, any other kind of evidence and to order, of its own motion, the probative measures he considers convenient, with summons to the parties. In addition, it shall have access to the books, documents and means of any kind in which the operations, acts and contracts of the debtor are contained, and 2) it shall appreciate the proof in accordance with the rules of sound criticism and shall (a) to enter in the respective resolution the grounds for that assessment. CHAPTER VIII OF CROSS-BORDER INSOLVENCY Title 1. Of the general provisions Article 299.-Purpose. The purpose of this Chapter is to establish effective mechanisms for the resolution of cross-border insolvency cases with a view to promoting the achievement of the following objectives: (a) Cooperation between the courts and other bodies involved in the Confederal Procedures of Chile and of foreign States to intervene in cases of cross-border insolvency; b) Greater legal certainty for the (c) a fair and efficient administration of cross-border insolvencies which protects the interests of all creditors, national or foreign, and of other interested parties, including the debtor; the protection of the debtor's assets and the optimization of its value, and (e) Facilitating the reorganization of companies in financial difficulties, in order to protect the capital invested and to preserve employment. Article 300.-Scope. This Chapter shall apply to cases where: (a) A foreign court or a foreign representative applies for assistance to the competent courts, conseised administrators and other bodies involved in the proceedings. In accordance with this law or other special rules relating to insolvency in connection with a foreign procedure, (b) assistance is requested in a foreign State in connection with a court-supervised procedure which is being dealt with by the (c) The Commission shall, in accordance with the procedure laid down in Article 4 (2), The Court of First Instance held that the Court of First Instance held a meeting of the Court of First Instance on the basis of the judgment of the Court of First Instance of the Court of First Instance of the Court of First Instance. interested in a foreign State, have an interest in applying for the initiation of a bankruptcy procedure or in participating in a court proceeding under this law or other special rules relating to the insolvency. This Chapter shall not apply to the procedures covered by the General Law of Banks and by the decree with force of law No 251, of the Ministry of Finance, of 1931, on Insurance Companies, Limited Companies and Bags of Trade. Article 301.-Definitions. For the purposes of this Chapter: (a) by "foreign procedure" means the collective procedure, whether judicial or administrative, including that of a provisional nature, which is processed in a foreign State in accordance with a law relating to insolvency and under which the goods and the debtor's business is subject to the supervision or supervision of the court or foreign representative, for the purposes of its reorganisation or liquidation; b) By "principal foreign procedure", the foreign procedure which is dealt with in the State where the debtor has his domicile, understanding the centre of his principal interests; (c) "non-principal foreign procedure" means a foreign procedure, other than a principal foreign procedure, which is processed in a State where the debtor has an establishment within the meaning of point (f) of this Article; 'foreign representative' means the person or body, including the person appointed on a provisional basis, who has been authorised in a foreign procedure to administer the reorganisation or liquidation of the debtor's property or business or to act as representative of the foreign procedure, e) By "foreign court", the judicial or otherwise competent for the purposes of the control, processing or supervision of a foreign insolvency proceedings; (f) "establishment", any place of business in which the debtor exercises an activity in a non-transitory manner (g) By "consigning administrators", the Liquidator, the Veedor and the administrator of the continuation of the economic activities of the debtor participating in the Confederal Procedures according to the latter (h) by "competent court", the court which has been responsible for it; it was appropriate to know of a bankruptcy procedure under this law, or, in the event that the debtor did not have its registered office in Chile, any of the courts with jurisdiction in the civil jurisdiction where the assets of the debtor are located in the territory of the State of Chile. Article 302-International obligations of the State. In the event of a conflict between this Chapter and an obligation of the State of Chile born of a treaty or other form of agreement in which Chile is party to one or more States where the foreign procedures are being processed, the provisions of that treaty or agreement. Article 303.-Court or competent authority. The functions referred to in this Chapter relating to the recognition of foreign connexing procedures shall be exercised by the ordinary courts of justice, the arbitral tribunals where they are responsible for intervening and for The Superintendence when a Judicial Procedure of Renegotiation of the Deudora Person has been initiated, and in matters of cooperation with foreign courts will be exercised also by the administrators convivres when they are so required by the Superintendence. Article 304.-Authorization to act in a foreign State. The Superintendence shall be the body entitled to act in a foreign State in representation of a procedure initiated in Chile under this law or any other special rule relating to insolvency, to the extent permitted by law. Applicable foreign The Superintendence may delegate this authorization to act in the insolvency administrator who is aware of the procedure. The civil and administrative liability in which they may incur the exercise of their duties in a foreign procedure shall be enforced in accordance with the terms laid down in this law. Article 305.-Exception of public order. The provisions of this Chapter shall not prevent the competent court and the Superintendence from refusing to adopt a specific measure issued by a foreign court contrary to the public order of Chile. Article 306.-Additional assistance under some other rule. Nothing in this Chapter shall limit the powers which the competent court, the Superintendence and the administrators may have in order to provide additional assistance to the foreign representative in accordance with any other Chilean standard. Article 307.-Interpretation. The interpretation of this Chapter shall take into account its international origin and the need to promote the uniformity of its application and the observance of good faith. Title 2. The access of foreign representatives and creditors to the courts of the State Article 308.-Right of direct access. Any foreign representative authorised in the country where the insolvency proceedings are carried out and recognized as such by the competent Chilean authorities, shall be entitled to appear directly before a court of the State of Chile. In any event, the appearance of that foreign representative before a court of the State of Chile shall always be made by means of a lawyer entitled to the exercise of the profession. Article 309-Submission of the application to the competent court. The mere fact of the filing of an application under this Chapter, before a court competent by a foreign representative, does not imply the submission of the application or the goods and business of the debtor abroad to the jurisdiction of the debtor. the courts having jurisdiction for any other than the application. Article 310.-Request of the foreign representative to initiate proceedings under this law. Any foreign representative shall be entitled to request the initiation of a procedure under this law if the conditions laid down in this law are met for the initiation of that procedure. Article 311.-Participation of a foreign representative in a procedure initiated in the terms laid down in this Chapter. On the basis of the recognition of a foreign procedure, the foreign representative shall be entitled to participate in any proceedings initiated with respect to the debtor in the terms laid down in this Chapter. Article 312-Access of foreign creditors to a procedure followed in accordance with this law. Foreign creditors shall enjoy the same rights as the national creditors in respect of the commencement of a bankruptcy procedure and the participation in the proceedings under this law. Foreign creditors shall be subject to the order of precedence of the credits contained in Title XLI of Book IV of the Civil Code and other applicable special laws, in all the Concluded Procedures initiated under this Agreement. law. Article 313.-Notification to creditors abroad under this law. All the notifications to be made under this Chapter shall be made in the form and time limits laid down in this Law, unless the competent court considers that any other form of notification is more appropriate to the circumstances of the case. Title 3. Recognition of a foreign procedure and measures to be taken Article 314.-Application for recognition of a foreign procedure. (1) The foreign representative may ask the competent court for recognition of the foreign procedure in which he has been appointed. 2. Any application for recognition shall be accompanied by: (a) an authorized copy of the judgment in which the foreign procedure is declared initiated and the foreign representative is appointed; or (b) a certificate issued by the foreign court certifying the existence of the procedure and the appointment of the foreign representative; or (c) Any other document issued by an authority of the foreign State in whose territory the said procedure has been opened, and which allows the competent court to reach full conviction of their existence and the appointment of the foreign representative. (3) Any application for recognition shall be accompanied by a declaration stating the particulars of all the foreign proceedings initiated with respect to the debtor of which the representative is aware foreign. Any document submitted in support of a request for recognition must be accompanied by translated into Spanish. All public documents issued abroad as referred to in this Chapter shall be accompanied by legal documents in accordance with Article 345 of the Code of Civil Procedure for legal validity in Chile. The communications made by the various courts involved in a cross-border insolvency proceedings should not be subject to the rules of the international exhorts, with the certification that the Secretary-General is required to do in the process. of the competent court, the fact of the communication and its content. Article 315-Presutions relating to recognition. (1) If the judgment or certificate referred to in Article 314 (2) is given; If the foreign procedure and the foreign representative may be qualified as such under this Chapter, the court shall be bound by the certificate or resolution accompanied. (2) Documents submitted in support of the application for recognition shall be construed as authentic if they are legalised in accordance with the previous Article. (3) Unless proof to the contrary, it shall be presumed that the registered office of the debtor or his habitual residence, in the case of a natural person, is the centre of his principal interests. Article 316-Resolution of recognition of a foreign procedure. (1) Subject to Article 305, recognition shall be granted to a foreign procedure where: (a) The foreign procedure is a procedure within the meaning of Article 301 (a); (b) The foreign representative applying for the recognition is a person or an organ within the meaning of point (d) of Article 301; (c) The application complies with the requirements of Article 314 (2); and (d) The application has been filed with the competent court in accordance with Article 303. (2) The foreign procedure shall be recognised as: (a) As a principal foreign procedure, if it is being processed in the State where the debtor has the centre of its principal interests, or (b) as a non-principal procedure, if the debtor has in the territory of the State of the foreign forum an establishment within the meaning of point (f) of Article 301. (3) The resolution on the recognition of a foreign procedure shall be issued as soon as possible. (4) The provisions of this Article and Articles 314, 315 and 317 shall not prevent the recognition in the event of the partial or total absence of the reasons for which it was granted, or that those grounds have ceased, to be amended or revoked. exist. Article 317.-Duty of continuous information. From the moment the application for recognition of a foreign procedure is lodged, the foreign representative shall inform the competent court without delay of: (a) Any major change in the situation of the foreign procedure (b) Any other foreign procedure which is followed in respect of the same debtor and of which the foreign representative is aware. Article 318-Measures to be taken on the basis of the request for recognition of a foreign procedure. (1) From the lodging of an application for recognition until such application is settled, the competent court may, at the request of the foreign representative and where the measures are necessary and urgent to protect the assets of the debtor in the territory of the State of Chile or the interests of the creditors, grant provisional measures, including the following: (a) to suspend any individual enforcement action against the debtor's property; (b) to instruct the foreign representative, or any other person appointed by the competent court, to administer or perform all or part of the goods; the debtor who is in the territory of the State of Chile, to protect and preserve the value of those who, by their nature or by concurrent circumstances, are perishables, exposed to devaluation or are threatened by any other (c) Apply any of the measures provided for in points (c) and (d) of Article 1 (1) of the Article 320. 2. For the purposes of this Article, the provisions of Article 313 shall apply. (3) Unless they are extended in accordance with Article 320 (1) (f), the measures taken pursuant to this Article shall be without effect when a decision on the application for recognition is made. (4) The competent court may refuse any measure provided for in this Article where such a measure affects the development of a major foreign procedure. Article 319.-Effects of recognition of a main foreign procedure. (1) On the basis of the recognition of a foreign procedure which is a main procedure, and during the period during which the procedure is dealt with: (a) the initiation or continuation of all actions or proceedings shall be suspended; (a) individual who is dealt with in respect of the debtor's assets, rights, obligations or liabilities. (b) Any measure of enforcement against the assets of the debtor shall also be suspended, and (c) any right to transfer or to tax the assets of the debtor shall be suspended, as well as any other means of such goods. (2) The scope, modification and extinction of the effects of suspension dealt with in this Article shall be subject to the provisions of this Law and shall relate exclusively to those goods in the territory of the (3) (a) (a) of this Article shall not affect the right to initiate individual proceedings or proceedings in so far as this is necessary in order to preserve a claim against the debtor. (4) The provisions of paragraph 1 of this Article shall not affect the right to apply for the commencement of a bankruptcy procedure under this law or to verify claims in the respective proceedings. Article 320-Measures to be taken on the basis of the recognition of a foreign procedure. 1) From the recognition of a foreign procedure, whether principal or non-principal, if necessary to protect the assets of the debtor located in the territory of the State of Chile or the interests of the creditors, the court the competent authority may, at the request of the foreign representative, give an opinion on the measures, including the following: (a) to suspend the initiation or continuation of individual actions or proceedings relating to the debtor's assets, rights, obligations or liabilities, as soon as they have not been brought to a standstill under point (a) of Article 1 (1) of the Article 319; (b) to suspend, in addition, any measure of enforcement against the assets of the debtor as soon as it has not been brought to a standstill under Article 319 (1) (b); (c) to suspend the exercise of the right to transfer or to tax the assets of the debtor; as well as to dispose of these goods in some other way, as soon as that right has not been suspended (d) Dispose the examination of witnesses, the presentation of evidence or the provision of information in respect of the debtor's property, business, rights, obligations or responsibilities; and foreign representative or any other person appointed by the competent court, the administration or the performance of all or part of the debtor's assets, which are located in Chilean territory; Article 318 (1) and (g) Concede any other measure which, in accordance with this law, is to the insolvency administrator. (2) Upon recognition of a foreign, principal or non-principal procedure, the competent court may, at the request of the foreign representative, entrust the foreign representative or another person appointed by the competent court, the distribution of all or part of the assets of the debtor located in the Chilean territory, provided that the competent court ensures that the interests of the creditors in the State of Chile are sufficiently protected. (3) In adopting measures under this Article in favour of the representative of a non-principal foreign procedure, the competent court shall ensure that the measures concerned are in the case of goods which, in accordance with Chilean law, must be in the context of the non-principal foreign procedure or which concern information required in that non-principal foreign procedure. Article 321.-Protection of creditors and other persons concerned. (1) By granting or refusing a measure under Articles 318 or 320 or by amending or leaving it without effect in accordance with No 3 of this Article, the competent court shall ensure that the interests of the the creditors and other persons concerned, including the debtor. (2) The competent court may make any measure granted in accordance with Articles 318 or 320 subject to the conditions it deems appropriate. (3) At the request of the foreign representative or any person affected by a measure granted under Articles 318 or 320, or on its own initiative, the competent court may amend or leave the contested measure without effect. Article 322.-Exercise of revocation actions. (1) On the basis of the recognition of a foreign procedure, the foreign representative shall be entitled to initiate the revocation proceedings in accordance with this law, where appropriate. (2) Where the foreign procedure is a non-principal foreign procedure, the competent court must ensure that the action concerns goods which, in accordance with Chilean law, are to be administered under the procedure Non-principal alien. Article 323-Intervention of a foreign representative in proceedings in the State of Chile. From the recognition of a foreign procedure, the foreign representative may intervene, in accordance with the conditions prescribed by this law, in any proceedings in which the debtor is a party. Title 4: Cooperation with foreign courts and representatives Article 324.-Cooperation and direct communication between a Chilean court and foreign courts or representatives. (1) In the cases referred to in Article 300, the competent court shall cooperate as far as possible with the foreign courts or foreign representatives, either directly or indirectly. or through the concourse administrators. (2) The competent court shall be empowered to communicate directly with the courts or foreign representatives or to obtain direct information or assistance from them. (3) All cooperation and direct communication effected in accordance with this Article shall be published in the Bankruptcy Bulletin within two days of its completion. The lack of such publication shall in no case invalidate the action taken. Article 325.-Cooperation and direct communication between convied administrators and foreign representatives. (1) In the cases referred to in Article 300, the insolvency practitioner shall cooperate as far as possible with foreign courts or foreign representatives either directly or indirectly. (2) The competent court shall be empowered to communicate directly with the courts or foreign representatives in order to obtain direct information from them. (3) All cooperation and direct communication effected in accordance with this Article shall be published in the Bankruptcy Bulletin within two days of its completion. The lack of such publication shall in no case invalidate the action taken. Article 326.-Forms of cooperation. The cooperation referred to in Articles 324 and 325 may be implemented by any appropriate means and in particular by: (a) the appointment of a person or an organ to act under the direction or supervision of the competent court; (b) the communication of information by any means deemed appropriate by the competent court; administration and supervision of the debtor's assets and businesses; (d) the approval or application by the competent courts of the arrangements relating to the coordination of procedures; and (e) the coordination of procedures to be carried out processing simultaneously with respect to the same debtor. Title 5. Of the parallel proceedings Article 327.-Initiation of a bankruptcy procedure under this law after the recognition of a principal foreign procedure. From the recognition of a principal foreign procedure, only a Insolvency Proceeding may be initiated under this law before the competent court which granted such recognition, when the debtor has assets in Chile and the effects of The insolvency proceedings shall be limited to the assets of the debtor who are in national territory and, to the extent required for the implementation of the cooperation and coordination provided for in Articles 324, 325 and 326, to other goods of the debtor who, in accordance with this law, must be administered in this proceeding. Article 328.-Coordination of a Supervised Procedure, followed in accordance with this law and a foreign procedure. Where a foreign procedure and a bankruptcy procedure under this law are being processed at the same time and in respect of the same debtor, the court shall endeavour to cooperate and coordinate its proceedings with those of the other procedure, as to the provisions of Articles 324, 325 and 326 in the following terms: (a) Where the insolvency proceedings in Chile are in progress at the time of the application for recognition of the foreign procedure: i. Any measure granted in accordance with Articles 318 or 320 shall be compatible with the Insolvency Proceedings in Chile, and ii. If the foreign procedure in Chile is recognized as a principal foreign procedure, Article 319 shall not apply; b) When the Consolicitated Procedure in Chile is initiated after the recognition, or once the application for a recognition of the foreign procedure: i. Any measure in force under Articles 318 or 320 shall be re-examined by the competent court and amended or revoked if it is incompatible with the Insolvency Proceedings in Chile; If the foreign procedure has been recognised as a principal foreign procedure, the suspension referred to in Article 319 (1) shall be amended or revoked in accordance with Article 319 (2) if it is incompatible with the procedure laid down in Article 319. with the Insolvency Proceedings initiated in Chile, and iii. In granting, extending or amending a measure granted to a representative of a non-principal foreign procedure, the competent court shall ensure that such a measure affects goods which, in accordance with this law, are to be administered in the non-principal foreign procedure or concerns information necessary for such a procedure. Article 329.-Coordination of various foreign procedures. In the cases referred to in Article 300, where more than one foreign procedure is processed in respect of the same debtor, the competent court shall ensure that there is cooperation and coordination in accordance with the provisions of Articles 324, 325 and 326, and the following rules shall apply: (a) Any measure granted pursuant to Articles 318 or 320 to a representative of a non-principal foreign procedure, after a principal foreign procedure has been recognised, shall be compatible with the latter; b) Where a procedure If the application for recognition of a non-principal foreign procedure is recognised or has been lodged, any measure which is in force under Articles 318 or 320 shall be re-examined by the competent court. and amended or left without effect if it is incompatible with the foreign procedure (c) Where a non-principal foreign procedure is recognised or granted recognition, the competent court shall grant, amend or leave without effect as appropriate to facilitate the coordination of the procedures. Article 330.-Payment rule for parallel proceedings. Without prejudice to the holders of guaranteed or actual rights, a creditor who has received a partial payment in respect of his/her credit in a procedure dealt with in a foreign State in accordance with a rule relating to insolvency may receive a new payment for that same credit in a bankruptcy procedure which is dealt with under this law in respect of the same debtor where the payment received by the other creditors of the same category is proportionately lower than the sum already received by the creditor. CHAPTER IX OF THE SUPERINTENDENCE OF INSOLVENCY AND REENTREPRENEURSHIP Article 331.-Superintendence of Insolvency and Reentrepreneurship. Legal Nature. Create a legal person called Superintendence of Insolvency and Reentrepreneurship, as a decentralized public service with legal personality and own patrimony, and henceforth the Superintendence. The Superintendence will be an autonomous institution, which will be related to the President of the Republic through the Ministry of Economy, Development and Tourism, and will be governed by this law. Your address will be the city of Santiago, without prejudice to the regional addresses that the Superintendent can establish in different cities of the country. The Superintendence will have, for all legal effects, the character of the audit institution according to the decree law No. 3,551, of 1981, and its complementary legislation, and it will affect the System of High Public Direction established in law No. 19,882. Article 332.-Functions. It will be up to the Superintendence to monitor and monitor the actions of the Veers, Liquidators, Confederal Markers, managers of the continuation of the debtor's economic activities, economic advisers of insolvency and, in general, of any person who by law is subject to his supervision and supervision. It will also be up to him to carry out the duties conferred on him by this law in Chapter V, as well as the other functions laid down in other laws. Article 333.-Heritage. The estate of the Superintendence will be constituted by the real estate and furniture that it acquires to any title and, in particular, by: a) The contributions that it annually assigns to it the Law of Budgets of the Public Sector. b) The fruits, incomes and interests of their assets and services. (c) the revenue it receives from the services it provides. d) The resources to be provided by other general or special laws. The Superintendence will be subject to Decree Law No. 1,263, of 1975, on the Financial Administration of the State and its complementary provisions. Article 334.-Superintendent. An official, with the title of Superintendent of Insolvency and Reentrepreneurship, will be the Superior Chief of the Superintendency and its legal representative. He shall be responsible for carrying out the duties and duties assigned to him by the law and those corresponding to that body. The Superintendent shall be appointed by the President of the Republic in accordance with the rules of the System of High Public Administration of Law No. 19,882. The Head of the Department of Taxation shall subrogate it and, in the absence thereof, the Head of the Legal Department. The Superintendent may delegate part of his duties and powers to officials of his or her dependency. Article 335.-Departments. The Superintendent shall determine, by resolution, the internal levels to be exercised by the law entrusted to the Superintendence, as well as the personnel assigned to such units. Article 336.-Statue. The staff of the Superintendence will be governed by this law and, in an additional way, by the decree with force of law No. 29, of the Ministry of Finance, of 2005, which fixes the recast, coordinated and systematized text of Law No. 18,834, on Statute Administrative, in everything that is not contrary to this one. Staff who fulfil their duties (e) the first subparagraph of Article 162 (1) of the Administrative Staff Regulations. Article 337.-Privileges and Duties. For the performance of its functions, the Superintendence shall have the following attributions and duties: 1) Fiscalize the actions of the Liquidators, Veers, Markers Consuchas who voluntarily submit to the control of the Superintendence under the provisions of this law, administrators of the continuation of the economic activities and economic advisers of insolvency, henceforth as a whole, such as the "audited entities" or the "audited", in all the Consolent Procedures and economic advice of insolvencies, in all aspects of their management, be technical, legal or financial. 2. administratively interpret the laws, regulations and other rules governing the audited, without prejudice to the judicial powers that correspond to the competent courts. 3. to examine, when deemed necessary, the books, accounts, files, documents, accounts and goods relating to Consugory Procedures or to the economic advice of insolvencies. The non-display or delivery of the indicated in this numeral by the entity audited to the Superintendence for its examination, will be considered a serious fault for the effects of the number 7) of this article. All the documentation of the Concourse Procedures, of the Debtor and the one generated in the development of the economic advice of insolvency must be kept by the institution audited for up to one year after the account has been approved End of Administration or of the file of economic advice of insolvencies, if it had not been repaired. The Superintendent of Insolvency and Reentrepreneurship may authorize the removal of part of this file before that deadline and require that certain documents or books be kept for longer periods. It may also empower the audited entities to retain mechanical, photographic or digital reproductions of this documentation to replace the originals. In no case may the books or instruments which may be directly or indirectly related to any subject or pending dispute be destroyed. The Superintendent may authorize the audited entities to return to the Debtor part of their books and papers before the deadline specified in the second paragraph of this numeral. The provisions of this number are without prejudice to the provisions of the competent court. 4) Imparting to the Veers, Liquidators, managers of the continuation of the economic activities, Markers Consolas who voluntarily submit to the control of the Superintendence and economic advisors of insolvencies, instructions of the mandatory nature of the subjects to be checked and, in particular, lay down rules for the submission of reports, progress statements and provisional or final accounts to be submitted by the audited. 5) To obtain the Final Accounts of Administration in accordance with the provisions of Chapter II of Title 3 of Chapter II of this Law. It may also act as part of this procedure when the objection is initiated by the creditors or the debtor. 6) Act as an intervener in the criminal proceedings with respect to the crimes committed by the Veedor, Liquidator and other The Court of Justice of the European Court of Justice Likewise, it will denounce before the Public Ministry any fact that the magazine is a crime that takes knowledge in the exercise of its functions, providing the background that it has in its power. 7) To bring to the attention of the court of the cause or of the Board of Creditors any infraction, fault or irregularity that is observed in the conduct of the audited entity and to propose, if necessary, its removal to the judge of the cause or its revocation to the Board of Creditors, in the Insolvency Proceedings in question. The court, at the request of the Superintendence, shall know of the request for removal referred to in the preceding paragraph, in the form established for the incidents, when the audited incurs: (a) In repeated faults. b) In serious faults. (c) Failure to comply with the payment of the fines mentioned in this law. (d) Irregularities in relation to their performance or if they are in notorious insolvency. It is understood that repeated faults are incurred when two or more faults are committed within the same Insolvency Procedure, without regard to their gravity, having been previously sanctioned. Furthermore, it is not repeated that, in respect of the same audited entity, six or more sanctions have been applied in one or more of the two cases within three years, without regard to their gravity, constituting this Last case a very serious lack. The court, on its own initiative or at the request of the Superintendent, shall suspend the audited entity while the removal incident is dealt with, when it considers that the proper administration of the contest has been affected or may be affected, or considers that there are serious presumptions of the existence of the causals invoked for removal. Without prejudice to the foregoing, in any state of the Insolvency Proceedings, the judge may suspend the audit of his duties in him, when he considers that the antecedents so warrant. The debtor and the creditors may intervene as interveners individually. Once the removal is signed, the Superintendence will be able to exclude the audited entity from the respective payroll. 8) Report to the courts of justice and the Public Ministry when required by them, or request expert reports in matters of their jurisdiction. 9. Carry the records of the Concourse Procedures, continuations of economic activities and economic advice of insolvencies, those that will be of a public nature, and extend the certifications and copies that come. 10) Advise the Ministry of Economy, Development and Tourism in matters of its competence, and propose the legal and regulatory reforms that it is advisable to introduce. 11) To receive, within the exercise of its oversight functions, the complaints that the creditors, the debtor, or interested third parties formulate against the performance of the audited entity. 12) Take the payroll of Veedores, Liquidators, arbitrators, Markers Consolos, managers of the continuation of economic activities and economic advisors of insolvencies in the form that the laws order and verify the compliance the requirements for the related entities subject to their audit to be maintained in the respective payroll. 13) To perform the other functions entrusted to it by the laws. In order to comply with the oversight functions mentioned in this article, the Superintendence will have the same powers as Article 37 of the Code of Civil Procedure grants to the officials it indicates, which may withdraw the files. without more formalities than those prescribed for the recipients. Article 338.-Infractions. The audited entities that incur violations of the laws, regulations and other rules related to Confederal Procedures or fail to comply with the instructions, orders and norms that the Superintendence will give to them will be subject to censorship in writing, fine for tax benefit of 1 up to 1000 monthly tax units, suspension for up to six months to assume in a new insolvency proceedings or economic advice for insolvency or the exclusion of the respective payroll, without prejudice of other sanctions contained in this law or in special laws. For the purposes of the application of the penalties referred to in the preceding paragraph, the administrative offences shall be classified as minor, serious and serious, as indicated for the conduct described below: (1) Leves: (a) non-compliance with deadlines contained in instructions or in specific instructions of the Superintendence. (b) the infringement of the other obligations laid down in the general rules which the Superintendence has given and which are not considered to be serious or serious infringements. c) Non-compliance with laws, instructions, circulars or particular instructions emanating from the Superintendence, which do not cause direct economic harm to the mass, the debtor or third parties who have an interest in the insolvency proceedings respective. 2) Graves: non-compliance with laws, instructions or circulars, which cause economic injury to the mass, the debtor or third parties who have an interest in the respective insolvency proceedings. 3) Very serious: non-compliance with laws, duly represented by means of specific instructions of the Superintendence and which cause economic injury to the mass, the debtor or third parties having an interest in the insolvency proceedings respective. The Superintendence may determine the seriousness of the administrative violations not contained in the preceding numbers. If the Superintendence represents the audited entity, through a tax office, any infraction, lack or irregularity in its performance, the audit must prove the way in which it has fulfilled its obligations in compliance with the laws, regulations and instructions that govern it. Where the Superintendence reports to the competent court the offences, faults or irregularities referred to above, the provisions of Article 1698 of the Civil Code shall apply. Article 339.-Sanctions. The offences referred to in the previous article shall be sanctioned according to the following scale: (a) The minor offences shall be punishable by written censure or fine for tax purposes from 1 to 50 monthly tax units. (b) Serious infringements will be punished with a fine for tax benefit of 51 to 100 monthly tax units or suspension for up to six months to assume in a new Insolvency Procedure. c) Serious infractions will be sanctioned with a fine for tax benefit of 101 to 1000 monthly tax units, suspension for up to six months to assume in a new Insolvency Procedure, or the exclusion of the respective payroll. The specific fine shall be determined on the basis of the seriousness of the infringement and the damage caused to the mass, the debtor or third parties having an interest in the respective insolvency proceedings. Article 340.-Procedure. The penalties shall be imposed by resolution of the Superintendent, in accordance with the provisions of this law. Any penalty applied by the Superintendence shall be based on a procedure which shall be initiated with the precise representation of the infringements and their notification to the competent authority to present their discharge. The time limit for the submission of discards may not be less than 10 days. The Superintendence shall give rise to the evidentiary measures requested by the infringer in his discharge, in accordance with the provisions of Articles 35 and 36 of Law No 19,880. The decision to be taken in the final decision shall state the arguments and defences of the infringer and shall contain the statement of the sanction imposed if it corresponds. The above statement shall be made within thirty days of the last due diligence in the file. The amount of the fines imposed by the Superintendence will be for tax benefit and must be paid at the General Treasury of the Republic, within ten days from the date of notification of the respective resolution. The payment of any fine applied in accordance with this Title shall be credited to the Superintendence within 10 days of the date on which it was due to be paid. The resolution that applies the fine has executive merit for its collection. The above is without prejudice to the provisions of this law in relation to the execution of the guarantee ballot for non-compliance with the payment of administrative fine. The delay in the payment of any fine applied by the Superintendence in accordance with the law, shall accrue the adjustments and interests established in Article 53 of the Tax Code. Judicially declared the total or partial improvenance of the fine, the Superintendence or the respective court, as appropriate, must order its return by the General Treasury of the Republic, duly adjusted in the form which point out Articles 57 and 58 of the Tax Code. Article 341.-Claim. In the case of decisions of the Superintendence applying sanctions, an administrative replacement may be brought within five days of the day following the notification of the decision. The Superintendence will have ten days to resolve. The audited entities may claim against the resolution of the Superintendence that rejects the replacement, within ten days of the notification, before the court of letters with jurisdiction in the civil of the domicile of the claimant. The complaint shall be subject to the rules of the summary procedure. Resolutions imposing sanctions shall always be claimable and shall not be enforceable until the time limit for bringing the complaint is expired or has not been resolved. The judgment on the complaint filed shall be subject to appeal only, which shall be granted in the sole effect of the return. No recourse shall be made against the judgment of the second instance. If the claim is not accepted, the amount of the amount paid for the fine, if any, will be understood to be paid to it and, if it is accepted, will govern the provisions of the final paragraph of the previous article. Article 342.-Prescription. Infringements which may be committed by the authorities audited in the performance of their duties shall be prescribed within three years from the commission of the act of infringement. Article 343.-Notifications. Notifications that the Superintendence under this Chapter shall be made in accordance with the provisions of Law No 19,880, without prejudice to the other forms of notification referred to in this Law. CHAPTER X AMENDMENTS TO SPECIAL LAWS Article 344.-Act No 18.175, subject to the provisions of Article 347 (20) and in the first and twelfth transitional articles. Article 345.-Amend the Penal Code as follows: 1) Replace, in the final paragraph of Article 48, the term "contest or bankruptcy", by the following: "a bankruptcy procedure". (2) Substitute, in Title IX of the Second Book, the name of Paragraph 7, 'of the defraudations', by the following: 'Of the offences condones and of the defraudations'. 3. The following Articles 463, 463 bis, 463 ter, 463 c, 464, 464 bis, 464 ter, 465 and 465 bis are incorporated: " Article 463.-The one within two years prior to the settlement resolution referred to in Chapter IV of the Law of Reorganization and Settlement of Assets of Companies and Persons shall execute acts or contracts which diminish their assets or increase their liability without any other economic or legal justification than to harm their creditors, shall be punished by the Minor prison at its maximum level. Article 463 a.-It shall be punished with the penalty of lesser prison in his or her middle grade to a greater degree in his minimum degree, the debtor who shall carry out any of the following conduct: 1. Yes within two years prior to the reorganization resolution or liquidation, I shall cover all or part of your assets or assets. 2. If after the settlement decision, it receives and applies to its own uses or third parties, goods to be the subject of the winding-up proceedings. 3. If, after the settlement resolution, acts of disposal of assets of his or her assets, real or simulated, or if it constitutes a garment, mortgage or other lien on the same. Article 463 b.-It shall be punished with the penalty of lesser imprisonment in its minimum degree to the means by the debtor who shall carry out any of the following conduct: 1. If during the procedure of bankruptcy or reorganization, I shall provide the liquidator, if any, or its creditors, false or incomplete information or background, in terms that do not reflect the true status of its asset or liability. 2nd If he has not carried or retained the books of accounts and his endorsements required by law which must be made available to the liquidator after the settlement of the settlement, or if he has concealed, misused, destroyed or distorted in terms that do not reflect the true status of your asset and liability. Article 463 c.-Shall be punished as an author of the offences referred to in Articles 463, 463 a and 463 b who, in the direction or administration of the debtor's business, subject to a bankruptcy or reorganization procedure settlement, have executed any of the acts or incurred any of the omissions therein, or have expressly authorized such acts or omissions. Article 464.-He shall be punished with the penalty of a minor prison sentence to his maximum degree to a greater degree in his or her minimum degree and with the sanction of a special term of imprisonment to exercise the office, the seer or liquidator appointed in a procedure (a) a reorganization or liquidation court, which carries out any of the following conduct: 1. If the debtor's assets are to be appropriated to be the subject of a bankruptcy or reorganization procedure. 2 If you defraud the creditors, by altering in their administrative accounts the securities obtained in the bankruptcy or reorganization procedure, assuming expenses or exaggerating the ones that you have made. 3. If it provides undue advantages to a creditor, the debtor or a third party. Article 464 bis.-The veedor or liquidator appointed in a bankruptcy or reorganisation procedure which shall apply to his own benefit or to a third party of the debtor who are the subject of a reorganisation or reorganisation proceedings. He will be punished with lesser prison in his maximum degree and with the penalty of special inability to exercise the office. Article 464 ter.-The one without the quality of the debtor, veedor, liquidator, or of those referred to in Article 463 c, incurs any of the offences provided for in this Paragraph, using a subject which, if it has such quality, shall be punished as the author of the respective offence. If you only induce or cooperate with him, you will be punished with the penalty you would have if you had the quality required by law, lowered to a degree. Article 465.-The criminal prosecution of the offences referred to in this Paragraph may only be initiated upon a particular instance of the veedor or liquidator of the respective insolvency proceedings; of any creditor who has verified his/her credit if it is treated of a winding-up insolvency proceedings, which shall be credited with the authorized copy of the written question and its provision; or in the case of a bankruptcy court procedure, of any creditor who is affected by the reorganization agreement of the compliance with the provisions of Article 66 of Chapter III of the Law on Reorganization and Settlement of Assets of Companies and Persons. If these are crimes of this paragraph committed by the veers or liquidators, the Superintendency of Insolvency and Reentrepreneurship should denounce them if any of the officials of their dependency becomes aware of those in the exercise of their functions. In addition, criminal proceedings may be brought, with the application of the requested effect The third paragraph of Article 111 of the Criminal Procedure Code provides for a third paragraph. Where repair agreements are concluded pursuant to Article 241 et seq. of the Criminal Procedure Code, the terms of those agreements shall be approved in advance by the respective creditors ' meeting and the benefits deriving from them. benefit all creditors, in proportion to their respective claims, without distinguishing the class or category thereof. The court with jurisdiction in the criminal of the debtor's domicile shall know of the contegated offences regulated in this paragraph. Article 465 a.-The provisions contained in the foregoing articles of this Paragraph referred to the debtor shall only apply to those mentioned in Article 2 (13) of the Law on the Reorganization and Settlement of Assets of Companies and Persons. 4) Replace, in Article 466, the phrase "The debtor not engaged in trade" by "The debtor defined in the number 25) of Article 2 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons". Article 346.-The following amendments to the Civil Code: 1) Replace the first number of Article 1496, by the following: " 1. The debtor who has such quality in a insolvency proceedings, or is in notorious (2) Substitute, in the second paragraph of Article 1617, the term "fraudulent bankruptcy", by the phrase " any of the offences referred to in paragraph 7 of the Title IX of the Second Book of the Criminal Code ". (3) Replace the 6th number of Article 2163, by the following: "6th. By having the quality of the debtor in a winding-up proceedings, the mandant or the president;". 4) Substitute Article 2472 by the following: " Art. 2472. The first class of appropriations includes those arising from the causes which are listed below: 1. The court costs which are caused in the general interest of the creditors; 2. The necessary funeral expenses of the deceased debtor; 3 sickness of the debtor. If the disease has lasted more than six months, the judge shall, according to the circumstances, fix the amount to which the preference extends; 4. The expenditure incurred in making the assets of the debtor available to the mass of the debtor, administration of the insolvency proceedings, the conduct of the asset and the loans contracted by the liquidator for the purposes mentioned. 5. The remuneration of workers, family allowances, the allowance provided for in Article 163 bis of the Labour Code with a limit of 90 units of promotion to the value corresponding to the last day of the month (a) to be paid, as the excess is considered to be the excess, and the contributions due to the social security institutions or to be collected through their intermediary, to be intended for that purpose; 6. institutions administering pension funds for the contributions that the institution has made in accordance with the Article 42 (4) of Decree Law No. 3,500 of 1980; 7. The necessary subsistence items supplied to the debtor and his/her family during the last three months; 8. The legal and contractual allowances of labour origin corresponding to the workers, which are due to the date of to be enforced and up to a limit of three monthly salary minimum income for each year of service and a fraction of more than six months for each worker, with an 11-year limit. Because of the excess, if any, they will be considered to be vists. The allowance provided for in the second subparagraph of Article 163 bis (4) of the Labour Code shall also be subject to the same limits as before. For the purposes of calculating the payment of the preference laid down in this number, the ceilings set out in the first and second subparagraphs shall be determined independently; 9. The tax credits for the withholding taxes and surcharge. ' Article 347.-Enter the following amendments to the Code of Commerce: 1) Replace, in Article 42, the word "bankruptcy", by the term "insolvency proceedings." 2. Rule 64. 3) First, in the second paragraph of Article 251, the sentence ", and in the event of bankruptcy, shall be treated as a fraudulent failure". (4) Substitute, in Article 287, the expression 'of the bankruptcy of the principal' by the phrase 'in which the principal has the quality of the debtor in a winding-up proceedings'. 5. In Article 300, the sentence "of the bankruptcy of the principal" shall be replaced by the following: "in which the principal has the quality of the debtor in a winding-up proceedings." (6) Substitute, in the second paragraph of Article 321, the phrase 'The failure of the insurer,' for which it follows: 'Having the insurer the quality of the debtor in a winding-up proceedings,'. 7) Reside, in the second indent of Article 380, the term 'in bankruptcy', by the sentence 'to the insolvency proceedings'. (8) Substitute, in Article 422, the words 'is bankrupt', for the following: 'has the quality of the debtor in a winding-up proceedings'. 9. the following amendments to Article 559: (a) Be replaced, in the first indent, the initial sentence "Declared the bankruptcy" by "Judgment of settlement", and the term "failed" by "debtor". (b) In the second subparagraph, the phrase "if bankruptcy occurs" shall be replaced by "if the settlement resolution is issued". (c) Substitute, in the third subparagraph, the sentence "If the failed or the servicer of the bankruptcy", for which it follows: "If the debtor in the insolvency proceedings or the liquidator". 10. In the second paragraph of Article 611, the expression 'bankruptcy' shall be replaced by 'the judgment of the settlement'. (11) Substitute, in Article 1034, the words "bankruptcy judgments", by the phrase "winding-up proceedings". 12. In Article 1215, the words "liquidator" and "liquidators", respectively, and the words "Law on Bankruptcy", for "Law on the Reorganization and Settlement of Assets of Enterprises and Persons". 13), are replaced by the words "liquidator" and "liquidators". In Article 1216, the word 'liquidator' is the word 'liquidator'. 14. In the first paragraph of Article 1220, the term "liquidator" is replaced by the word "liquidator". 15. In Article 1221, the voice 'indicated' by 'liquidator' shall be replaced by the word 'liquidator'. 16. In Article 1223, the word "liquidator" is replaced by the word "liquidator". (17) Substitute, in the first paragraph of Article 1224, the term "liquidator". 18. In Article 1225, the word "liquidator" is replaced by the word "liquidator". (19) Substitute, in Article 1226, the expressions "Law of Bankruptcy" by "Law on the Reorganization and Settlement of Assets of Companies and Persons", and "syndicates" by "liquidators". 20. without prejudice to the provisions of Article 344 and in the first and twelfth transitional articles. Article 348.-The following amendments to the Code of Civil Procedure: 1) amend Article 93 as follows: (a) Substitute, in the first subparagraph, the word "bankruptcy", by the expression "insolvency proceedings" liquidation '. (b) To replace, in the second subparagraph, the reference to the "Law on Bankruptcy", in addition to the "Law on the Reorganization and Settlement of Assets of Companies and Persons". 2) Replaces the expression "bankruptcy trials" in Article 157, by the following: 'winding-up proceedings'. (3) The third indent of Article 492 (2) is replaced by the following: " If the reorganisation resolution which includes the assets of the holder of the estate pursued, or has been subject to a winding-up proceedings, has been issued, it shall be as prescribed in Article 2477 of that Code. '; Article 349.-The following amendments to the Organic Code of Courts: 1) Replaced the second paragraph of Article 131, by the following: " 2. All questions relating to procedures for reorganization or settlement between the debtor and the creditors. '2) Reposition, in the second paragraph of Article 133, the words' bankruptcy judgment ', by the term' insolvency proceedings '. (3) Substitute, in Article 154, the phrase 'in the case of bankruptcies, transfers of goods and agreements between debtors and creditors' of the place where the failure or debtor has his domicile ', as follows:' in the case of proceedings between debtors and creditors the place where the debtor has his domicile '. (4) In Article 195 (3), the words 'liquidator of any bankruptcy' shall be replaced by the following: 'veedor or liquidator of insolvency proceedings'. Article 350.-Introduces the following modifications to the Labor Code, whose consolidated, coordinated and systematized text was established by the decree with force of law No. 1, of the Ministry of Labor and Social Welfare, of the year 2003: 1. in the fourth indent of Article 61, replace the text which states: " shall not exceed, in respect of each beneficiary, an amount equal to three monthly minimum income for each year of service and a fraction of more than six months, with a limit of 10 years; the balance, if any, shall be considered as a guarantor ', by the following sentence:' shall be governed by that rule '. (2) Intercalase the following Article 163 bis: " Article 163 bis.-The employment contract shall terminate if the employer is subject to a winding-up proceedings. For all legal purposes, the date of termination of the contract of employment shall be the date of Settlement of the settlement settlement. In this case, the following rules apply: 1.-The liquidator must inform the worker, personally or by registered letter sent to the address indicated in the contract of employment, the term of the employment relationship by virtue of the causal In this article, attaching to that communication a certificate issued by the Superintendency of Insolvency and Reentrepreneurship that must indicate the beginning of a procedure with bankruptcy in respect of the employer, as well as the The Court of Justice, the Court of Justice, the individualisation of the proceedings and the date on which the judgment was delivered corresponding settlement. The liquidator shall carry out this communication within a period not exceeding six working days from the date of notification of the settlement decision by the court which is aware of the winding-up proceedings. The error or omission in which this communication is made will not invalidate the term of the employment relationship by virtue of the causal link mentioned in this article. Within the same period, the liquidator shall send a copy of the communication referred to in the preceding paragraph to the respective Labour Inspectorate. The Labour Inspections shall have a record of the contract term communications sent to them, which shall be kept up to date with the communications received in the last thirty working days. The Labour Inspectorate, on its own initiative or at the request of a party, shall verify compliance with this number. In the event of non-compliance by the liquidator, the Labour Inspectorate shall inform the Superintendency of Insolvency and Reentrepreneurship, which may sanction the facts attributable to the liquidator, in accordance with the provisions of the Article 338 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons, without prejudice to the responsibility that may be held by it under Paragraph 7 of Title IX of the Second Book of the Criminal Code. These rules shall apply in preference to the provisions of Article 162, and in no case shall the effect set out in the fifth indent of that Article be produced. 2.-The liquidator, on behalf of the debtor, must pay the worker a compensation in money, substitute for the advance notice, equivalent to the average of the last three monthly payments due, if any. In the event that there are less than three accrued monthly remuneration, it will be compensated for an amount equal to the average of the last two or, in default of the foregoing, the amount to be compensated will be equal to the last monthly payment due. 3.-If the employment contract has been in force for one year or more, the liquidator, on behalf of the debtor, must pay the worker compensation for years of service equivalent to that which the employer would be obliged to pay in case of the contract shall be terminated by one of the grounds referred to in Article 161. The amount of this allowance shall be determined in accordance with the first and second subparagraphs of Article 163. This allowance shall be compatible with that laid down in the preceding number 2. 4.-It shall not be required to request the prior authorization of the competent judge in respect of the workers who have had a contract at the time of the contract of employment. However, in the case of workers who are enjoying the maternal jurisdiction referred to in Article 201, the liquidator, on behalf of the debtor, must pay compensation equivalent to the last monthly remuneration payable for each of the the months I will be from smoking. If the term of contract occurs pursuant to this Article, while the worker shall be in use of the breaks and permits referred to in Article 198, they shall not be considered for the calculation of this allowance in the weeks during which the which the worker is entitled to the subsidies derived from those. This allowance shall be compatible with the compensation for years of service to be paid in accordance with the preceding number 3, and shall not be in respect of that allowance under the preceding number 2. 5.-The liquidator must make available to the worker the respective finiquito at least ten days before the expiration of the period of ordinary verification of credits established by the Law of Reorganization and Settlement of Assets of Companies and People. The finiquito underwritten by the worker shall be understood as a sufficient document to justify an administrative payment, without prejudice to the other documents which serve as the basis for payment under Article 244 of the Law of Reorganization and Settlement of Assets of Companies and Persons. The finiquito subscribed by the worker must be authorized by a Minister of Faith, be this Notary Public or Labor Inspector, even if the pre-viewing contributions are unpaid. It must also be accompanied by the liquidator to the Court which is aware of the insolvency proceedings, within two days of its subscription. The following rules shall be governed by the following rules: (a) The term "sufficient" verification of the remuneration, compensatory allowances and allowances provided for in that instrument shall be deemed to be sufficient; (b) if the worker makes a reservation; (c) Any provision which makes it clear that the worker is wholly or partially waiving his contributions to the payment of the amount paid by the employee. The preview will be unwritten. However, the liquidator must reserve funds, if any, in respect of those who are not subscribed by the workers or are not accompanied by the liquidator to the court which is aware of the winding-up proceedings within the time limit. referred to in the third subparagraph of this number, for a period of 30 days from the date on which the corresponding end was made available to the respective worker. " (3) Intercalase, in the first indent of Article 172, continuation of the word "articles", the expression "163 bis," 4) Replace the article (b) of the article 183-M, as follows: '(b) by having the transitional service undertaking the quality of the debtor in a winding-up proceedings, unless the continuity of its economic activities is decreed.'; Article 351.-Incorporate the following amendments to Decree Law No. 830 of 1974 on Tax Code: 1) Redeploy, in the fourth indent of Article 24, the sentence "In the case of the bankruptcy of the taxpayer", by the following: " If the the taxpayer is in a insolvency proceedings in the form of a debtor ", and the term" failed "by" debtor ". (2) Substitute, in Article 91, the expressions "liquidator", and "declaration of bankruptcy" by "judgment of settlement". Article 352.-The words "bankruptcy" shall be replaced by the words "bankruptcy proceedings" in the first paragraph of Article 230 of the Mining Code. Article 353.-Reposition, in Article 59 of the Supreme Decree No. 606, of the Ministry of Health, Social Welfare and Welfare, of 1944, which approves the recast of the laws Nos 6,037 and 7,759, on the Caja de Previsión de la Marina National Merchant, the word 'bankruptcy', by the phrase 'a winding-up insolvency proceedings'. Article 354.-Substitute, in Article 12a (4) of the decree with force of law No. 153, of the Ministry of Finance, of 1960, which creates the National Mining Company, the text that states: " those that are declared failed or that are administrative or legal representatives of failed persons, who are charged for the crimes of guilty or fraudulent bankruptcy and the other established in Articles 203 and 204 of the Law on Bankruptcy, as long as that quality is maintained ", by the following: ' those who have the quality of the debtor in a winding-up proceedings or are administrators or legal representatives of debtors, formalized by criminal offences established in the Penal Code, while the situation is maintained. " Article 355.-Reposition, in the final article 16 of Law No. 10,336, on the organization and the privileges of the Comptroller General, whose recast text was fixed by the Supreme Decree No. 2,421, of the Ministry of Finance, In 1964, the expression "General Trade Union of Bankruptcy" for "Superintendence of Insolvency and Reentrepreneurship". Article 356.-Eliminate, in Article 57 of Law 16.391, which creates the Ministry of Housing and Urbanism, the expression "and, therefore, for the purposes of Article 61 of the Law on Bankruptcy,". Article 357.-Replace, in the first paragraph of article 19 of the decree with force of law No. 163, of the Ministry of Labor and Social Welfare, of 1968, which fixes the text of Law No. 10,383, the phrase "if they fall bankrupt", for the following: " if they are subject to a winding-up insolvency proceedings '. Article 358.-Replace, in point (a) of article 8º A of Decree Law No. 1,350, of the Ministry of Mining, of 1976, which creates the National Corporation of the Copper of Chile, the text that states: " not having been declared failed, nor having been (a) the administrator or legal representative of failed persons convicted of guilty or fraudulent bankruptcy and other offences as set out in Articles 232 and 233 of Book IV of the Code of Commerce ', by the following:' or having the quality of the debtor in a settlement insolvency proceedings, nor having been an administrator or legal representative of debtors convicted of criminal offences established in the Criminal Code. " Article 359.-Substitute, in the final paragraph of Article Article 4 of Decree Law No. 1,328 of 1976 on the administration of mutual funds, the consolidated, coordinated and systematized text of which was fixed by the Supreme Decree No. 1,019, of the Ministry of Finance, 1979, the expression "Declared bankruptcy" by 'Judgment of liquidation', and the sentence 'indicated with all the powers conferred on the syndicates by Book IV of the Code of Commerce', by ' liquidator with all the powers conferred on the liquidators by the Law of Reorganization and Settlement of Assets of Enterprises and Persons. " Article 360.-Amend article 62 C of Decree Law No. 1.939, of the Ministry of Land and Colonization, 1977, which dictates rules on the acquisition, administration and disposal of State goods, in the following terms: a) his third subparagraph, the sentence "of Article 200, numbers 1 to 5 of Law 18.175, on Bankruptcy", as follows: " of the seer when acting as an intervener in accordance with the Law on the Reorganization and Settlement of Assets of Companies and People. ' (b) Substitute, in its final indent, the sentence "In case of bankruptcy of the concessionaire, the liquidator", for which it follows: "In the event of the commencement of a procedure for the liquidation of the dealer, the liquidator". Article 361.-Derogase point (d) of article 3 of Decree Law No. 3.346, of the Ministry of Justice, of 1980, which establishes the text of the organic law of the Ministry of Justice. Article 362.-The following amendments are made to Decree Law No 3,500 of the Ministry of Labour and Social Welfare of 1980 establishing a new pension system: (1) Substitute, in the fourth indent of Article 20 H, the phrase ' the the causal link provided for in Article 161 ', as follows:' the causes laid down in Articles 161 or 163 bis '. (2) Amend point (d) of the first subparagraph of Article 24 A, in the manner that follows: (a) Replaces its number (i) by the following: "(i) In the case of a debtor subject to a winding-up proceedings in force;" (b) Substitute, in his (ii) the word 'bankruptcy' by the term 'insolvency proceedings'. 3. In the fourth paragraph of Article 34, the sentence "In case of bankruptcy of the Administrator" is replaced by the following: "In case the Administrator has the quality of the debtor in a winding-up proceedings." 4. Substitute, in the seventh indent of Article 42, the phrase "Produced the dissolution or bankruptcy of the Company," by the following: " Produced the dissolution of the Company or the settlement of the settlement in the terms laid down in the Law of Reorganization and Settlement of Assets of Companies and Persons, ". 5) Reposition, in the final article 59, the sentence" In case of bankruptcy or dissolution of the Administrator ", for which it follows:" In case the Administrator has the quality of debtor in a winding-up insolvency proceedings or is dissolved. ' (6) Substitute, in Article 59a (11), the sentence "In the event of bankruptcy of one of the insurance companies awarded the invitation to tender", for the following: " In the event of dissolution or the settlement of the settlement in the terms of the Law on the Reorganization and Settlement of Assets of Companies and Persons of any of the insurance companies awarded in the tender ", and the expression" bankruptcy "for" dictating the settlement resolution ". (7) The following amendments shall be incorporated in Article 82: (a) Reposition, in the second subparagraph, the sentence "declaration of bankruptcy of an Insurance Company", by "the judgment of the settlement of an Insurance Company". Replace, in the third subparagraph, the term "declaratory of bankruptcy", by "the judgment of the settlement". (c) Reposition, in the seventh indent, the sentence "declaration of bankruptcy", by "the judgment of the settlement of the settlement". (d) Substitute, in the eighth indent, the words "failed" by the phrase "Insurance Company having the quality of the debtor in a winding-up proceedings." (8) Amend Article 94 (18) as follows: (a) Reposition, in point (f), the initial expression 'Application for bankruptcy', which follows: 'Application for the initiation of winding-up proceedings'. (b) Substitute, in point (g), the initial expression "Declaration of bankruptcy", as follows: "Ruling of the settlement resolution". (9) The following amendments are incorporated in Article 145: (a) Reposition, in its first indent, the words "bankruptcy", by the expression "the beginning of the insolvency proceedings". (b) Substitute, in its second subparagraph, the term "bankruptcy", by the phrase "of the winding-up insolvency proceedings". (10) Replace, in Article 165 (c), the phrase "or be requested or declared for bankruptcy", by "or when the initiation of a winding-up proceedings is sought or declared". (11) Substitute point (b) of Article 174 (3), as follows: "(b) Those who are currently liable for the quality of the debtor in a winding-up proceedings, and those who are prohibited from trading, and". Article 363.-Introduces the following amendments to Law No 18.045, Market Securities: 1) Replace Article 26 (h), by the following: "(h) not have the quality of the debtor in a winding-up proceedings, e." 2) Replace point (e) of Article 46, as follows: '(e) Not to have the quality of the debtor in insolvency proceedings or reorganisation proceedings.' (3) Rule 62. 4. In Article 67, the initial sentence "In the event of the bankruptcy of an issuer of securities" is replaced by the following: "If an issuer of securities has the quality of the debtor in a winding-up proceedings," and the expression " shall be Article 76 of the Bankruptcy Act applies, "by the phrase" the provisions of Article 287 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons shall apply. " (5) Substitute, in the fourth indent of Article 107, the phrase "bankruptcy of the issuer or in judicial or extrajudicial agreements relating to the issuer or to its eventual occurrence", which follows: " the decision to reorganise or settlement resolution of the issuer '. 6. In the second sentence of Article 114 (7), the sentence "In the event of the issuer's failure" shall be replaced by "In the event that an issuer of securities has the quality of the debtor in a winding-up proceedings"; the word "failed" by 'debtor' means the expression 'of bankruptcy', 'of the winding-up proceedings', and the phrase 'law 18.175, in particular in Article 149', by 'Article 135 of the Law on the Reorganisation and Settlement of Assets of Enterprises and Persons'. 7) Replace, in the fourth indent of Article 120, the phrase ' the request for a declaration of bankruptcy of the issuer, the submission of proposals for judicial or judicial preventive agreements ', as follows:' the application for the commencement of a winding-up or reorganisation proceedings '. (8) Replace, in the fifth indent of Article 138, the phrase 'and in the event of the bankruptcy of the company', which follows: 'and in the event that the company has the quality of the debtor in a winding-up proceedings'. 9. the following amendments to Article 146 be inserted: (a) Substitute its first subparagraph, as follows: " Article 146.-In the event that the company has the quality of the debtor in a winding-up proceedings, the procedure shall only affect its common heritage and shall not result in a procedure (b) The expression 'declared in bankruptcy' shall be replaced by 'the subject of a winding-up proceedings', and the words 'bankruptcy' shall be replaced by ' the following: Winding-up insolvency proceedings '. (c) Substitute, in the third subparagraph, the term 'bankruptcy', 'the quality of the debtor in a winding-up proceedings', and the words 'bankruptcy', by 'the start of a winding-up proceedings'. (d) In the fourth indent, the words "Where the company is declared bankrupt" shall be replaced by the following: "Where the issuing company and its common assets are subject to a winding-up procedure,"; In the fifth indent, replace the phrase 'declare the company's bankruptcy', by 'decree the start of the winding-up proceedings', and the term 'liquidator' by 'liquidator'. 10. In the final paragraph of Article 147, the expression "when this is caused by the bankruptcy of the securitizing society", by the following: " in the case that the securitizing society has the quality of the debtor in an insolvency proceedings ". Article 364.-Incorporate the following amendments in law No 18.046, on public limited liability companies: 1) Substitute, in Article 29, the initial sentence "In case of bankruptcy of the company,", by " In case the company has the quality of the debtor in a winding-up proceedings, 'and the expression' Article 76 of the Bankruptcy Act ', by the phrase' Article 287 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons '. (2) Replace, in Article 35 (3), the sentence " and the failed or the legal administrators or representatives of failed persons convicted of guilty or fraudulent bankruptcy offences and other persons established in Articles 203 and 204 of the The law of Bankruptcy. ', by the following text:' and those who have the quality of the debtor in a bankruptcy procedure personally or as administrators or legal representatives, or who have been with (3) Replace, in the first paragraph of Article 69, the sentence 'in the event of the failure of the company', by ' in the event that the company has the quality of the debtor in the a winding-up insolvency proceedings "; the term" agreement approved in accordance with Title XII of the Bankruptcy Act ", by" reorganization agreement approved in accordance with the Law on the Reorganization and Settlement of Assets of Companies " and Persons "; the word" convention "by" agreement "and the expression" declaration of bankruptcy " by 'settlement of settlement resolution'. 4. Substitute the name of Title X by the following: "The insolvency proceedings, the dissolution and liquidation proceedings". (5) Amend Article 101 in the following terms: (a) Replace, in the first subparagraph, the sentence "which has been declared bankrupt by enforceable decision", by "in respect of which the commencement of the insolvency proceedings has been declared" liquidation '. (b) Substitute, in the third subparagraph, the term "bankruptcy" by "the commencement of a bankruptcy procedure in respect of", and the phrase "the subsequent declaration of bankruptcy", by "the settlement resolution". (6) Replace the heading of Article 102, by the following: " Article 102.-If the debtor has aggravated the bad state of his business in a way that causes the creditors to fear injury, he may be subjected to a more stringent intervention than the agreement or settlement of the reorganization agreement, for its failure to comply with the provisions of Articles 98 et seq. of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons, and the knowledge of the directors, liquidators and managers of the public limited liability company, in the following cases: ". 7) Replace, in Article 105, the phrase 'declaration of bankruptcy of the company', as follows: 'judgment of the settlement of the company'. Article 365.-Replace, in Article 57 of Law No. 18.092, which dictates new rules on the letter of exchange and will pay and repel provisions of the Code of Commerce, the phrase "in case of bankruptcy of its bearer", by the following: " in case of the beginning of a bankruptcy procedure for the liquidation of its bearer. ' Article 366.-Amend the decree with force of law No 10, of the Ministry of Transport and Telecommunications, of 1982, which creates the Empresa Correos de Chile, in the form that follows: (1) Substitute, in Article 5 (3), the text which states: " neither having been declared unsuccessful or having been an administrator or legal representative of failed persons, convicted of the offences of guilty or fraudulent bankruptcy and other established in Articles 203 and 204 of the Bankruptcy Act; ', on the other of the following wording:' neither having the quality of the debtor in a insolvency proceedings or having been an administrator or legal representative of debtors, formalised by criminal offences (2) Reposition, in Article 8a (3), the text: ' those who are declared to be failed or are acting as administrators or legal representatives of failed persons, who are charged for the offences of guilty or fraudulent bankruptcy and other offences laid down in Articles 203 and 204 of the Law of Bankruptcy, while maintaining that quality. ", for the following:" those who have the quality of the debtor in a winding-up proceedings or have been administrators or legal representatives of debtors, formalized by criminal offences established in the Criminal Code, as long as that quality is maintained. " Article 367.-Introduces the following amendments in Law No 18,118, on the exercise of the activity of public gunner: 1) Add, in article 1, the following final point: " Without prejudice to the foregoing, the martymen who are subject to the supervision of the Superintendence of Insolvency and Reentrepreneurship, in the terms indicated in the Law of Reorganisation and Settlement of Assets of Companies and Persons may sell publicly to the highest bidder, in addition to all types of movable property, all types of immovable property. " 2. (c) The debtor subject to an existing insolvency proceedings. (d) The person who has the quality of the debtor in a winding-up proceedings for his or her work as a martyr; Article 368.-Substitute Article 19 (c) of Law 18.362, which creates a National System of Protected Wild Areas of the State, by the following: " (c) Where the concessionaire has the quality of the debtor in a court of insolvency proceedings. (ii) the amount of the amount of the Article 369.-Introduces the following amendments to Article 42 of Law No 18,490, which provides for the compulsory insurance of personal accidents caused by the movement of motor vehicles: 1. 'declaratory bankruptcy', 'judgment of settlement', and 'failed' by 'debtor'. (2) Substitute, in the second subparagraph, the terms "liquidator", and "failed" by "debtor". 3. In the fourth indent, the term "declaratory of bankruptcy" shall be replaced by the "judgment of the settlement". Article 370.-Enter into law No. 18,690, on general warehouse warehouses, the following modifications: 1) Replace, in the first paragraph of Article 14, the sentence "in the event of a contest, bankruptcy or death of the debtor", by the following: "in the event of the commencement of a bankruptcy procedure or death of the debtor". (2) Reposition, in point (a) of the first paragraph of Article 30, the sentence 'declared bankrupt, have been legally rehabilitated', by 'the insolvency proceedings shall be terminated by final judgment.'; Article 371.-Substitute, in point (p) of Article 7 of Law No. 18,755, which establishes rules on the Agricultural and Livestock Service, repeals Law No. 16,640 and other provisions, the phrase "conventions referred to in the Bankruptcy Act", by the next: "reorganization agreements referred to in the Law on the Reorganization and Settlement of Assets of Companies and Persons". Article 372.-The following amendments are incorporated in the decree with force of law No. 382, of the Ministry of Public Works, 1989, General Law of Health Services: 1) Amend article 32a as follows: a) Substitute, in the first subparagraph, the sentence "pronounced the judgment declaring the bankruptcy of a concessionaire", for which it follows: "the resolution of the liquidation of a concessionaire". (b) In the second subparagraph, the sentence "pronounced the declaration of bankruptcy, the unsuccessful one shall be inhibited", shall be replaced by the following: "Pronounced the settlement resolution, the debtor shall be inhibited". (c) Substitute, in the fourth indent, the term "bankruptcy of a provider" for "dictating the settlement of a provider", and the word "liquidator" for "liquidator". (2) Reposition, in the first paragraph of Article 32a (a), the sentence "since the judgment declaring the bankruptcy is held", by "since the settlement of the settlement is signed". 3. Substitute, in Article 32a B, the expressions "liquidator"; "judge of bankruptcy" by "judge of insolvency proceedings," and "National Prosecutor of Bankruptcy" by "Superintendent of Insolvency and Reentrepreneurship". Article 373.-Replace point (c) of the first paragraph of Article 33 of Law No. 18,838, which is created by the National Television Council, by the following: "c) enforceable settlement resolution;". Article 374.-Replace, in point (g) of Article 5 of Law No. 18.910, which replaces the organic law of the Institute of Agricultural Development, the phrase "to conclude conventions referred to in the Law of Bankruptcy", for which it follows: " to celebrate (a) Reorganisation agreements referred to in the Law on the Reorganisation and Settlement of Assets of Enterprises and Persons. ' Article 375.-Introduces the following amendments to Article 81a of Law No. 18,892, General Law of Fisheries and Aquaculture, whose consolidated, coordinated and systematized text was set by supreme decree No. 430, of the Ministry of Economy, Promotion and Reconstruction, 1992: 1. in the second subparagraph, replace the phrase "declaration of bankruptcy or the filing of a preventive agreement", as follows: " in the provision of the resolution of reorganization or liquidation, in accordance with the provisions of the Law on Reorganization and Settlement of Assets of Companies and Persons, "2) Substitute, in the twelfth indent, the phrase" to Book IV of the Trade Code, called "The Bankruptcy", "for the following:" to the Law on the Reorganization and Settlement of Assets of Companies and People. ' Article 376.-Introduces the following amendments to Law No 19.220, which regulates the establishment of bags of agricultural products: 1) Replace Article 7 (g), by the following: " (g) Not to be subject to a procedure (2) Reside, in the seventh indent of Article 20, the phrase 'and in the event of bankruptcy of the latter', by 'and in the event of the quality of the debtor in a winding-up proceedings', and the expression 'failed' by 'debtor'. Article 377.-The following amendments are made to the Organic Law of the Company of the State Railways, whose consolidated, coordinated and systematized text was established by the decree with force of law No. 1, of the Ministry of Transport and Telecommunications, 1993: 1) Reposition, in point (c) of the fourth indent of Article 4, the text which states: ' neither having been declared unsuccessful or having been an administrator or a legal representative of p failed ersonas convicted of the offences of guilty or fraudulent bankruptcy and other offences set out in Articles 203 and 204 of the Bankruptcy Act. ', on the other hand as follows:' neither having the quality of the debtor in a winding-up proceedings or having (2) Substitute, in accordance with Article 5 (4), the text indicating: " those who are declared to be unsuccessful or who are the administrative or administrative authorities of the Member State of the legal representatives of failed persons, who are accused of guilty or guilty of bankruptcy (a) fraudulent and otherwise provided for in Articles 203 and 204 of the Bankruptcy Act ', on the other of the following wording:' those who have the quality of debtors in a winding-up proceedings or of administrators or legal representatives of the Debtors convicted of offences related to concourse procedures laid down in the Criminal Code. " Article 378.-Introduces the following amendments in Law No 19.281, which establishes rules on the leasing of houses with a promise of purchase: (1) Replace the sentence "In the event of the dissolution or bankruptcy of a property company which maintains housing with lease agreements with a promise of sale", in the final paragraph of Article 21, it follows: " If the company property which maintains housing with lease agreements with a promise of sale, has the quality of the debtor in a winding-up proceedings or is dissolved ", and the expression" or syndicates, as appropriate, " shall be deleted. 2) Replace, in the final paragraph of Article 25, the sentence ' and in the event of the bankruptcy of the company 'and if the real estate company had the quality of the debtor in a winding-up proceedings,' 3) Reside, in Article 35 (5), the sentence 'For the bankruptcy of the tenant undertaking'. buyer, case in which ", by" In case the tenant promitor buyer is subject to a winding-up insolvency proceedings, "and the expression" liquidator ". 4. Substitute, in the final paragraph of Article 65, the sentence "Declared the bankruptcy" by "Dictada la resolution de liquidation"; the expression "failed" by " debtor company in the terms of the Law on the Reorganization and Settlement of Assets of Companies and Persons "; the terms" liquidator "and" liquidators "and" liquidators ", respectively, and the phrase" Law No 18.175, on Bankruptcy. ", for the following:" referred to as Law on the Reorganization and Settlement of Assets of Companies and Persons. " Article 379.-The following amendments are introduced in article 38 of the decree with force of law No. 164, of the Ministry of Public Works, of 1991, Law of Concessions of Public Works, whose consolidated, coordinated and systematized text was established by the supreme decree Nº 900, of the same Ministry, of 1996: (a) Redeploy, in the first subparagraph, the initial sentence "In case of bankruptcy of the concessionaire" by "In case the commencement of the insolvency proceedings of the dealer is declared"; the word "liquidator" by "liquidator", and the expression "effective continuation of the rotation", for "definitive continuation of economic activities". (b) Substitute, in the fourth indent, the phrase "effective continuation of the turn" for the "definitive continuation of economic activities", and the final sentence "In other words, shall be governed by the provisions of Articles 112 and following of Law No 18.175."; "In the other hand, it shall be governed by the provisions of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons in respect of the definitive continuation of economic activities." (c) Redeploy, in the fifth indent, the opening words " In Case of bankruptcy "by" In case of a declaration of initiation of a bankruptcy procedure settlement ", and the word" liquidator "by" liquidator ". Article 380.-Eliminate, in the second indent of Article 7 of Law No. 19.491, which regulates the operation of third-party financial resources for the purchase of goods, the phrase "or a liquidator". Article 381.-Introduces the following amendments to Law No 19.496, which lays down rules on the protection of consumer rights: 1) Replaces Article 10 (a) by the following: " (a) The person who has been convicted of (2) Reposition, in the fourth indent of Article 21, the term 'bankruptcy', by the phrase 'for having been subject to a winding-up proceedings'. Article 382.-Substitute, in point (a) of the first paragraph of Article 22 of Law No 19,518, which establishes a new Staff Regulations for Training and Employment, its final sentence stating: " Likewise, the failed or the legal administrators or representatives of the failed persons convicted of guilty or fraudulent bankruptcy and other offences as set out in Articles 232 and 233 of the Bankruptcy Act. ', on the other hand, as follows:' In addition, those who have been convicted of criminal offences contained in the Penal Code, by itself or by being representatives of a debtor company in the terms of the Law Reorganization and Settlement of Assets of Companies and Persons. " Article 383.-The following amendments to the General Law of Banks, whose recast, systematized and agreed text was established by the decree with force of law No 3, of the Ministry of Finance, 1997: 1), introduce the following amendments: Article 28 (1) (a), as follows: (a) Replaces the number (i), by the following: "(i) in the case of a debtor subject to the insolvency proceedings in force;" (b) Replaces the term "bankruptcy" in the number (ii); 'winding-up insolvency proceedings'. (2) Replace the first paragraph of Article 90 by the following: " Article 90.-If the commencement of a bankruptcy procedure for the liquidation of a bank is declared, the Superintendent or the liquidator, with the authorization of the bank, may entrust the (3) Substitute the final paragraph of Article 124 by the following: " The rules of procedure for the application of the rules of procedure shall be the subject of the rules of procedure laid down in Article 124 (3). The Law on the Reorganization and Settlement of Assets of Companies and Persons does not apply to the (4) Reposition, in the fourth indent of Article 136, the phrase 'as provided for in the second and second points of Article 69 of the Book IV of the Code of Commerce', for which it follows: ' as provided for in the The second and following of Article 140 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons. " Article 384.-Reposition, in article 14 of Law No. 16,271, on inheritance tax, allowances and donations, the consolidated, coordinated and systematized text of which is contained in article 8 of the decree with force of law No. 1, of the Ministry of Justice, 2000, the phrase "persons declared bankrupt or contest", by "persons who have the quality of the debtor in a bankruptcy or liquidation procedure in force". Article 385.-Reposition, in Article 12 (i) of Law No 19,799, on electronic documents, electronic signatures and certification services of that firm, the phrase "the beginning of a bankruptcy procedure", by " the beginning of a Winding-up insolvency proceedings '. Article 386.-The following amendments are incorporated into law No 19,857, which authorizes the establishment of individual limited liability companies: 1) Replace Article 12 (e), by the following: " e) If the holder, the administrators or legal representatives have been convicted of the offences referred to in paragraph 7 of Title IX of Book II of the Criminal Code. ' 2) Substitute Article 15 (d), which follows: " d) for the purposes of the settlement resolution, or '. Article 387.-Substitute Article 30 (d) of Law No 19,995, which lays down the general basis for the authorisation, operation and supervision of gambling casinos, as follows: " (d) The operator shall be subject to a settlement insolvency proceedings, and '; Article 388.-The fifth indent of Article 56 (b) of the decree with force of law No 30, of the Ministry of Finance, of 2005, which approves the consolidated, coordinated and systematized text of the decree with the force of Law No 213, of the same Ministry, of 1953, on the Ordinance of Customs, by the following: " b) Moral suitability: they may not exercise as storekeepers natural persons who have been convicted of crime or simple crime of public action, or who currently have the quality of debtor in a winding-up proceedings, unless the term of the proceedings is credited . In the case of legal persons, the same requirement shall apply, and they must also prove that the impediments referred to above do not affect their directors or directors. ' Article 389.-Redeploy point (d) of the first paragraph of article 6 of the decree with force of law No. 1, of the Ministry of the Interior, of 2005, which fixes the consolidated, coordinated, systematized and updated text of Law No. 19,175, organic "(d) Not to have been convicted of criminal offences of the Penal Code, and". Article 390.-The following amendments are incorporated in the decree with force of law No. 1, of the Ministry of Health, 2006, which fixes the recast, coordinated and systematized text of Decree Law No. 2,763, 1979, and of Laws No. 18.933 and No. 18.469, as follows: 1) Substitute, in the final paragraph of Article 181, the 'even in the event of bankruptcy of the institution', 'even if the institution is subject to a winding-up proceedings', and shall abolish the term 'bankruptcy'. (2) Replace in point (e) of the second paragraph of Article 222, the phrase "When the institution's bankruptcy is declared", by "When the settlement decision of the institution is issued", and the term "liquidator" is "indicated". 3. Substitute the first paragraph of Article 223 (3), by the following: "3.-For the purposes of a winding-up proceedings." 4) Replaced, in the fourth indent of Article 226, the expressions " shall be declared in bankruptcy 'by' is subject to a winding-up proceedings ';' liquidator 'for' liquidator ';' failed 'by' debtor '; and' bankruptcy 'by' insolvency proceedings '. Article 391.-The following amendments are incorporated in article 146 ter of the decree with force of law No. 4, of the Ministry of Economy, Development and Reconstruction, 2007, which fixes the recast, coordinated and systematized text of the decree with force of law No. 1, of the Ministry of Mining, of 1982, General Law of Electrical Services, in Matter of Electrical Energy: 1) Redeploy, in the first indent, the opening words "Bankruptcy" for "the winding-up insolvency proceedings", and the final sentence "in Book IV of the Trade Code, entitled" From the Bankruptcy ".", by " in the Law of Reorganization and Settlement of Assets of Enterprises and Persons. ' 2) Replaces the second, third and fourth points, by the following: " Immediately after filing a request for the initiation of a bankruptcy proceedings for a company generator, transmitter or distributor of electrical energy, the secretary of the court must notify the Superintendence and the Commission as soon as possible and may do so on its own, or by entrusting another minister of faith, in order for the court to give a ruling on it after the indicated bodies have been informed, which shall indicate whether the (a) whether or not the objectives referred to in Article 137 or the sufficiency of an electrical system are committed or not. If it commits them, the Superintendence will propose to the court the appointment of an interim administrator of those natural or legal persons who are registered in a public register that will maintain the Superintendence for such effect. The Regulation shall lay down the requirements and conditions for integrating the public register referred to in this Article, together with the grounds for exclusion. The court will also be able to request a report from the Superintendence of Insolvency and Reentrepreneurship with respect to the matters of its competence. If the objectives referred to in Article 137th or the sufficiency of an electrical system are committed, the settlement decision shall order the final continuation of the debtor's economic activities, together with the designation of the provisional administrator of the assets committed in the final continuation of the debtor's economic activities and shall fix the remuneration of the provisional administrator, which may not exceed 50% of the average remuneration received by the debtor general manager of companies of the same spin, as reported by the Superintendence. As soon as he assumes his position, the interim administrator must draw up an inventory of the assets of the undertaking subject to a winding-up procedure which will be included in the final economic activity of the undertaking. debtor, which will be added to the cars once approved by the Superintendence. The foregoing does not preclude the rights that the law grants to the board of creditors and to third parties in the matter of making inventory and determining the material of the definitive continuation of economic activities of the debtor. Any discrepancy or opposition in respect of the inventory of assets falling within the definitive continuation of the debtor's economic activities shall be settled by the judge of the winding-up proceedings under the provisions of the Article 3 of the Law on the Reorganization and Settlement of Assets of Companies and Persons, who must ensure that the goods that fall within the definitive continuation of the debtor's economic activities permit the fulfillment of the the objectives referred to in Article 137th and the protection of the adequacy of the system; for which the Superintendence and the Commission shall send the judge an inventory of the assets deemed sufficient for that purpose. Where the definitive continuation of the debtor's economic activities includes goods consisting of a garment or a mortgage or affections to the legal right of retention, the right of mortgage creditors, such as creditors and other creditors shall be suspended. in order to initiate or pursue separately the actions aimed at obtaining the goods covered by the definitive continuation of the debtor's economic activities, which affect the security of his claims. The provisional administrator of the goods covered by the definitive continuation of economic activities shall have all the powers of the ordinary business of the undertaking concerned, which the law or its statutes point to the directory and its managers. For its part, the liquidator will have on that administration the powers indicated by the Law on the Reorganization and Settlement of Assets of Companies and Persons, without prejudice to the privileges conferred upon it by the law as the administrator of the goods. of the debtor subject to a winding-up proceedings not included in the definitive continuation of economic activities. The provisions of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons shall apply to the provisional administrator. '3. Substitute, in the fifth indent, the words' trade unions 'for' liquidators ', and the phrase' numbers 1 to 4 of the Article 17 or Article 24 (1), (2) and (3), both of Book IV of the Code of Commerce ", which follows:" (1) to (4) of Article 17 or (1), (2), (3) and (4) of Article 21 of the Law on the Reorganization and Settlement of Assets Business and People. " 4) Redeploy, in the sixth indent, the expressions "liquidator"; "of the bankruptcy" by "of the insolvency proceedings of liquidation", and "Superintendence of Bankruptcy" by "Superintendence of Insolvency and Reentrepreneurship". 5. Substitute the eighth indent of the following: " Assets which have been included in the definitive continuation of economic activities shall be regarded as an economic unit, unless the creditors holding more than half of the liabilities with the right to vote request the judge of the insolvency proceedings to the contrary, and must be resolved with hearing of the Superintendence and the Commission in order not to compromise the objectives referred to in the second indent of this Article. This divestiture shall be verified within a period not exceeding eighteen months after the settlement decision causes enforceability. The disposal of assets as an economic unit may be carried out by means of any of the mechanisms referred to in Articles 207 et seq. of the Law on the Reorganisation and Settlement of Assets of Enterprises and Persons. The mechanism, as well as the bases or conditions of such disposal as an economic unit, shall be agreed by the board of creditors with the favourable vote of the creditors having more than half the liability of the debtor and, where applicable, of (6) The following amendments to the ninth indent of Article 217 and following of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons. " 6. (a) Replace the words "in Article 124 et seq. of Book IV of the Code of Commerce", by "in Articles 217 et seq. of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons". (b) Replace the reference to the "Article 125 of Book IV of the Code of Commerce", in addition to "Article 217 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons". (c) Replace the sentence "judge of bankruptcy as provided for in Article 5 of Book IV of the Code of Commerce", by the following " judge of the insolvency proceedings, as provided for in Article 3 of the Law of Reorganization and Settlement of Assets of Companies and Persons ". 7) Amend point 10 as follows: (a) Replace the phrase" in Article 124 of Book IV of the Code of Commerce ", by" in Articles 217 et seq. of the Law of Reorganization and Settlement of Assets of Companies and Persons. ' (b) Replace the final sentence "relevant rules of Book IV of the Trade Code", by "relevant rules contained in the Law on the Reorganization and Settlement of Assets of Enterprises and Persons." (8) Replace the eleventh paragraph by the following: ' The provisions of this Article shall also apply to cases where the winding-up proceedings of a generating, transmitting or distributing undertaking occur without being preceded by a request for the initiation of the procedure. winding-up proceedings, and the judge must, in such a case, request the report to which he refers the second subparagraph, prior to the settlement resolution. '; Article 392.-Incorporate the following amendments to Article 29 of Law No. 18,591 laying down supplementary rules for financial administration, budgetary and personnel impact: 1) Reposition, in the first paragraph, the sentence 'have been declared bankrupt' by 'having the quality of the debtor at present in a winding-up proceedings'. 2) Replace the word ' S "by" liquidator ", in the third, fourth, the two times that appears, fifth and seventh. 3. In the fourth indent, replace the term "failed" with "debtor subject to a winding-up proceedings." 4. In the seventh and ninth subparagraphs, replace the word "trade unions" with "liquidators". (5) Substitute, in the seventh indent, the reference to the "Law on Bankruptcy" by another to the "Law on the Reorganization and Settlement of Assets of Companies and Persons". 6) Replace, in the eighth indent, the reference to "Article 131 of the Bankruptcy Law" by another to "Article 170 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons". Article 393.-The following Article 27b is incorporated into Decree Law No. 825, 1974, on sales tax and services: " Article 27b.-Taxpayers taxed under Titles II and III of this Law, who have the quality of creditors in a Reorganization Procedure of Reorganization governed by the Law on the Reorganization and Settlement of Assets of Companies and Persons, which have been recharged in outstanding invoices issued to debtors of an Agreement of Reorganization, may impute the amount of such taxes to any kind of tax, even of (a) retention, and any fees, charges and other charges levied by the Customs or other customs authorities, or to be reimbursed by the General Treasury of the Republic. In the event of payment of such debts, the imputation or refund, where appropriate, may be made only on the part not covered by the fertilizers, if any. The taxpayers referred to in this Article shall refund the taxes corresponding to the month following the period in which the time limit expires for the debtor to pay the sums agreed in the respective Reorganization Agreement. In the same way, such taxes must be returned when an imputation has been made or obtained a higher return than that which corresponds to and in the case of the company's term of rotation. However, such refund shall not be made if the term or non-compliance with the Reorganization Agreement is declared, by means of a firm and enforceable decision, and the Court has initiated a Liquidation Procedure, provided that the The taxpayer informs the Internal Revenue Service, in the form and time limit that it determines, by resolution. In order to make the imputation referred to above, the taxpayers must ask the Treasury Department to issue a Certificate of Payment for a sum of up to the amount of the accumulated credits, expressed in monthly tax units. This certificate, which shall be extended in the form and conditions laid down by the Service of the Treasury, by resolution, shall be nominative, non-transferable to third parties and to the hearing, and may be divided into its value for the purposes of carrying out the various Charges authorised by this provision. In order to obtain the refund of the recharged taxes on the outstanding invoices, the taxpayers who opt for this procedure must submit an application to the Internal Revenue Service in order to verify and certify, prior to the return by the General Treasury of the Republic, that the respective taxes have been declared and entered into fiscal coffers in a timely manner, and that they are kept up to date in the payment of their obligations tax. The Internal Revenue Service shall act within 60 days from the date on which it receives the relevant records. If it does not do so at the end of that period, the taxpayer's application shall be deemed to have been approved and the Treasury Department shall return the remaining amount of tax credit within five working days. from the date on which the copy of the said application is duly filed by the Internal Revenue Service. In order to make use of the benefit set out in this Article, the Reorganization Agreement must have been approved by firm and enforceable resolution. The Superintendency of Insolvency and Reentrepreneurship shall transmit to the Internal Revenue Service a copy of the Reorganization Agreements that are found in that State, in the form and time limit that the Superintendency establishes, by resolution. Taxpayers who are Persons Related to the debtor of a Reorganization Agreement shall not be able to impose the right provided for in this Article. The infringement consisting in the use of any intentional procedure to carry out imputations and to obtain refunds imparted or superior to those which it actually corresponds, shall be sanctioned in accordance with the provisions of the paragraphs second and third of Article 97, number 4 of the Tax Code, in the case of imputations or refunds. The non-refoulement to tax coffers of the sums charged or returned in excess as provided for in the second indent of this article, and which does not constitute fraud, shall be punished as non-payment of taxes subject to withholding or surcharge, the interest, adjustments and penalties applied from the date on which the Certificate of Payment was issued which gave rise to the right to imputation, or from the date of the refund, where applicable. ' Article 394.-The following amendments are incorporated in the decree with force of law No. 251, of the Ministry of Finance, of 1931, on Companies of Insurance, Companies and Exchanges of Commerce: 1) Replace, in the second indent of the article 74, the phrase "in accordance with the provisions referred to in law No 18.175", for the following: "in accordance with the provisions of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons". (2) Replace the heading of Paragraph 6 of Title IV, by the following: "Of the reorganization and settlement agreements". 3. In the first paragraph of Article 76, the word 'bankruptcy' shall be replaced by 'a winding-up proceedings'. (4) Enter the following amendments to Article 79: (a) Substitute, in the first subparagraph, the sentence 'the declaration of bankruptcy', by 'the start of a winding-up proceedings'. (b) To replace, in the second subparagraph, the phrase "application for bankruptcy" for "demand for forced liquidation". (c) Substitute, in the third subparagraph, the expression 'of bankruptcy' by 'the insolvency proceedings'. (5) Amend Article 80 as follows: (a) Replace, in the first subparagraph, the phrase "Proposition a judicial agreement or declared the bankruptcy of an insurance company", by " Propose an agreement of judicial reorganization or of the settlement resolution of an insurance company "; the word" liquidator ", and the phrase" with all the powers entrusted to it by the convention or, where applicable, law No 18.175 ", by" with all the powers entrusted to it by the agreement of reorganization or, where appropriate, the Law on the Reorganization and Settlement of Assets of Companies and Persons. " (b) Substitute the second and third subparagraphs, for the following: " The settlement resolution, the liquidator may cite the board of creditors established in the Law on the Reorganization and Settlement of Assets of Companies and Persons, when considers it necessary, in order to inform the state of the debtor's business, on its assets and liabilities, on the progress of the winding-up proceedings and, in general, to propose to the board any agreement it deems necessary for the most appropriate performance of the functions that are responsible for it. In carrying out the assets of the winding-up insolvency proceedings, the liquidator shall have the powers provided for in the Law on the Reorganisation and Settlement of Assets of Enterprises and Persons, subject to the limits laid down in this Law. (6) Introduces the following amendments to Article 81: (a) Reposition, in the first subparagraph, the expression 'all bankruptcies' by 'all proceedings against settlement', and the word 'failed' by 'debtor'. (b) Substitute, in the second subparagraph, the term "liquidator". (c) Redeploy, in the third subparagraph, the sentence "It is presumed that the bankruptcy is guilty if", by " Constituira an aggravating offence of insolvency in accordance with the provisions of Title IX of the Second Book, Paragraph 7, of the offences conformed and of the fraud, of the Criminal Code, which "; the words" bankruptcy "by" initiation of the insolvency proceedings, "and the final sentence" The liquidator must express this circumstance in the qualification process. "by" The liquidator must express (7) The following amendments are made to the criminal proceedings. Article 82: (a) Substitute, in the first subparagraph, the initial sentence "Declared the bankruptcy" by "Dictada the settlement resolution", and the word "liquidator" by "liquidator". (b) to replace, in the second subparagraph, the term 'bankruptcy' by 'the insolvency proceedings'. (8) Substitute, in Article 83, the term 'bankruptcy or liquidation', by 'the winding-up or winding-up proceedings'; the word 'liquidator of the winding-up insolvency proceedings', and the term 'bankruptcy' by 'winding-up insolvency proceedings'. (9) Substitute, in the second paragraph of Article 84, the term 'bankruptcy or liquidation', by 'the winding-up or settlement procedure'. (10) Article 85 (1) is replaced by the following: " Article 85.-The settlement decision of an insurance undertaking of the second group has been issued, the liquidator shall carry out the liquidation of all contracts originating in erva mathematics or claims, according to the rules dictated by the Superintendence. With the merit of such settlement, the liquidator shall verify the amount that the settlement settlement date represents in accordance with the procedure laid down in the Law on the Reorganization and Settlement of Business Assets. and Persons, assuming for this only effect the representation of the insured, without this amount any recognition. In the event which the insured person has been followed by paying benefits in accordance with Article 83, such payments shall be deducted from the respective reserve. '(11) Eliminate, in Article 86, the words' indicated, '. (12) Substitute, in Article 87, the "Law No 18.175, on Bankruptcy." by "Law on the Reorganization and Settlement of Assets of Enterprises and Persons." Article 395.-The following amendments are incorporated into law No 20.345, on systems for clearing and settlement of financial instruments: 1) Replace the numeral 11 of Article 1, by the following: " 11. Insolvency proceedings: judicial or administrative proceedings initiated pursuant to a settlement decision or the submission of proposals for the reorganization agreement and, in general, any executive procedure of a character universal and collective to regulate the administration and/or liquidation of the assets of an insolvent debtor, as well as payment to creditors, in accordance with the legal ranking. " 2) Amend point (c) of the first paragraph of Article 6, in the following terms: (a) Replace the number i with the following: " i. In the case of a debtor subject to a winding-up proceedings in force. '(b) Replace, in the numeral ii, the sentence' which has been declared in forced liquidation or bankruptcy ', by the following:' in respect of which the settlement resolution '. 3. Substitute the heading of Title V by the following: "SETTLEMENT AND SETTLEMENT INSOLVENCY PROCEEDINGS OF THE MANAGEMENT COMPANIES". 4) Amend Article 34 as follows: (a) Reposition, in the first subparagraph, the word " 'bankruptcy' by 'forced liquidation'. (b) Substitute, in the second subparagraph, the term "bankruptcy", the three times it appears, by "forced liquidation". 5. the following amendments to Article 35: (a) Be replaced, in the first indent, the word "convention" by "reorganization agreement", and the reference to "Book IV, Title XII of the Trade Code", by another to " Chapter III of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons ". (b) Substitute, in the second indent, the expression" The Convention ", the two times it appears, by" The Reorganization Agreement ". (c) Redeploy, in the third indent, the word "convention" by "reorganization agreement", the expression "declaration of bankruptcy" by "settlement resolution", and the phrase "the aforementioned Book IV" by " the aforementioned Reorganization and Settlement of Assets of Enterprises and Persons ". (d) Substitute, in the fourth indent, the word" convention "by" reorganization agreement ". (6) Amend Article 36 as follows: (a) Redeploy, in the first subparagraph, the initial sentence "Declared the bankruptcy" by "Dictada the settlement resolution", and the expressions "liquidator", "failed" by "debtor", " process of (b) Substitute, in the second subparagraph, the expressions "of the failed" by "of the debtor", "liquidator", "national payroll of syndicates" by "payroll of liquidators", and "of bankruptcy" (a) the 'winding-up insolvency proceedings'. (c) To replace, in the third subparagraph, the expressions "of bankruptcy" by "the winding-up proceedings"; "he indicated," the two times that he appears, by "liquidator"; "Article 109 of Book IV of the Code of Commerce" by " the Law of Reorganization and Settlement of Assets of Enterprises and Persons ", and" failed "by" debtor ". 7. in Article 37, the final expression "Book IV of the Code of Commerce" shall be replaced by "the Law on the Reorganization and Settlement of Assets of Enterprises and Persons." Article 396.-Replace the final article 4 of Decree Law No. 1,328 of 1976 on the administration of mutual funds, whose consolidated, coordinated and systematized text was signed by decree No. 1,019 of the Ministry of Finance of the year 1979, for the following: " The settlement decision of a mutual fund management company, the Superintendent or the person replacing it, shall act as liquidator with all the powers conferred upon the liquidators by the Law on the Reorganization and Settlement of Assets of Companies and Persons, as soon as they are compatible with the provisions of this Law. '; Article 397.-Introduces the following amendments in Law No 18,876 establishing the legal framework for the constitution and operation of private entities for the deposit and custody of securities: 1) Substitute, under the heading of Title IV " Of the Regularisation, Dissolution and Bankruptcy of Companies ", the word" Quiebra "for the term" Liquidation ". 2) Replace, in the name of Paragraph 3 of Title IV, the word" BANKRUPTCY "by the word" LIQUIDATION ". (3) Substitute, in Article 41, the word 'bankruptcy' for 'compulsory liquidation', and the phrase 'the court proceedings for bankruptcy', for 'the judicial proceedings of the winding-up proceedings'. (4) Articles 42, 43, 44 and 45 shall be replaced by the following: " Article 42.-In the case of a proposal for a reorganization agreement, the court shall appoint the management of the undertaking as if it were a procedure. Settlement insolvency declared. The seer will assume his duties in the form and opportunity established in the Law on the Reorganization and Settlement of Assets of Companies and Persons. Article 43.-The settlement resolution, the provisional liquidator shall continue the economic activities of the debtor while the creditors ' meeting does not appoint another administrator. This continuation of economic activities shall not extend beyond a year from the date of the settlement resolution, unless the Board of creditors agrees with a special quorum in accordance with the provisions of the Reorganization Act. And the Liquidation of Assets of Companies and Persons. Prior to the expiry of that year, only with the authorisation of the court which is aware of the insolvency proceedings may the final continuation of the economic activities or the exclusion of the assets from the assets of the liquidation be terminated. The obligations incurred by the administrator of the continuation of economic activities during that first year may be made effective only on the goods covered by the continuation and shall enjoy the preference laid down by the Article 239 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons. Article 44.-The time limit of one year after the settlement of the settlement resolution may be continued, the debtor's economic activities may be continued in the cases and in accordance with the rules of the Reorganization and Settlement of Assets Law. Business and People. The agreement may be adopted even before the expiry of that period. Goods which under the agreement of the creditors are excluded from the continuation of economic activities shall continue to be liable for debts arising during the first year. Claims born after the first year of the continuation of the economic activities shall enjoy the payment preference provided for in Article 239 of the Law on the Reorganization and Settlement of Assets of Companies and Persons in respect of the other obligations of the debtor, including claims arising during that first year. Article 45.-During the first year following the date of the settlement settlement, the assets of the company may be sold only as an economic unit to another company of the same order, except for those whose separate disposal is authorized by the judge. which is aware of the winding-up proceedings. The acquirer shall continue, without a continuity solution, the turnaround of the undertaking ordered in Article 41. If there is more than one company of the same rotation, in order to materialize such a transfer, an invitation to tender shall be made between them. '5) Amend Article 46 as follows: (a) Replace, in its first indent, the word' liquidator '. (b) Replace, in its second indent, the expression "of Law 18.175" by the phrase "of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons." Article 398.-Aggregate, in Article 22 of Law No. 18,833, which establishes a general statute of the Family Allowance Compensation Boxes, the following third indent: " In case the affiliated employer has the quality of the debtor of the a winding-up insolvency proceedings, and once the relevant settlement decision has been issued, the following rules shall apply: 1.-The shares of the social credit accrued and deducted from the remuneration by the employer who have not been remesed to the Clearing Box at the date of the settlement of the settlement decision They shall enjoy the preference of Article 2472 of the Civil Code, with the obligation of the respective Compensation Fund to verify their credit. 2.-The worker shall be liable for the payment of the contributions of social credits not due to the date of the judgment of the settlement, not being the charge of the mass. For these purposes, the conventions which allow the employer, in the case of termination of the employment relationship by the judgment of the settlement, to discount the outstanding balances of the social credits of the institutions shall be taken for not written. compensation for the term the contract to which the worker is entitled. '; Article 399.-Enter the following amendments to Law No 19,728, which provides for unemployment insurance: (a) Substitute, in point (a) of Article 12, the words "and 161" for the following ", 161 and 163 bis". (b) Replace, in point (b) of the first indent of Article 24, the phrase "or Article 161, both", by the following "or Articles 161 and 163 bis, all". Article 400.-Introduces the following amendments to the Law on the Reorganization or Closure of Micro and Small Businesses in Crisis, contained in Article 11 of Law No. 20416, which sets special rules for smaller companies: 1) Delete, in the second indent of Article 2 (2), the following text: " in which case the beginning of the calculation of the time limit provided for in Article 41 of the Bankruptcy Act, contained in Book IV of the Code of Commerce, shall be suspended. the expiry of the period to be determined in accordance with Article 20 of this Law. ' 2) Amend Article 4 in the following manner: (a) Reposition, in the second indent, the phrase "Article 16, first paragraph, of Book IV of the Code of Commerce, establishes for trade unions.", for the following: " Article 13 of the Law of Reorganization and Settlement of Assets of Companies and Persons, establishes for the eaters. "b) Substitute, in the third indent, the word" syndicates "for" veers ", and the expression" of Bankruptcy "for" Insolvency and Reentrepreneurship ". c) Replace, in the fifth and sixth incites, the expression "of Bankruptcy" by "Insolvency and Reentrepreneurship". (d) Substitute, in the seventh indent, the words "syndicates" and "liquidator", by "veers" and "veedores", respectively, and the expression "of the Register of Trade Unions" by "of the payroll of the eaters". 3. In Article 6, the phrase "shall be found in one of the situations referred to in Article 17 (1), (2), (3) and (4) of the Bankruptcy Act, contained in Book IV of the Trade Code.", by the following text: " the quality of the debtor in an insolvency proceedings, or in the event of a state of insolvency, and which, within two years prior to the commencement of a bankruptcy procedure, have acted as directors or administrators of the debtor undertaking. They shall also not be economic advisers for insolvencies, those who are in any of the situations referred to in Article 17 (1), (2) and (3) of the Law on the Reorganisation and Settlement of Assets of Enterprises and Persons. " 4) Replace, in Article 7 (f), the phrase "2, 7 or 9, governed by Article 22 of the Bankruptcy Act, contained in Book IV of the Trade Code.", by the following: " as set out in Article 18 (6), first subparagraph, and Article 34 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons. " 5) Substitute, in the Article 12, the final expression "or of a liquidator" by ", veedor or liquidator." (6) Replaced, in Article 14, the word "liquidator", and the expressions "of the bankruptcy" by "of the winding-up proceedings" and " of the registration of "by" the liquidators ' payroll. " 7. Amend Article 15 in the following terms: (a) Replace, under its heading, the expression "of Bankruptcy" by "Insolvency and Reentrepreneurship". (b) Replace, in its heading, the phrase "Article 8 (14) of Law No 18.175", by "number 12) of the first paragraph of Article 337 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons". (c) Substitute, in its number 3, the phrase "Article 8 of the Law No. 18.175", "Article 339 of the Law on the Reorganization and Settlement of Assets of Enterprises and Persons", and the final sentence: "in that rule the trade unions are granted.", 'are granted to the authorities audited in Articles 341 and 342 of that law.' (8) Substitute, in point (c) of the first paragraph of Article 18, the term 'bankruptcy' by 'the commencement of a winding-up proceedings'. 9. in Article 23 (1), the word "convention" shall be replaced by the "reorganization agreement". (10) Substitute, in the sixth indent of Article 24, the final sentence "in the manner prescribed in Article 229 of Book IV of the Code of Commerce and for those purposes the debtor shall be regarded as failed.", for which he follows: " with minor prison in his (11) Reposition, in the second indent of Article 25, the sentence "In the event of the bankruptcy of the same debtor or who is proposing or is obliged to propose a preventive agreement", the following: " If the debtor is not in the same position as the the debtor has the quality of the debtor of an insolvency proceedings. ' (12) Amend Article 26 as follows: (a) Replace, in its first indent, the expressions "bankruptcy of the applicant" for "the applicant's quality of debtor in a insolvency proceedings"; "failed" by "debtor", and " of the bankruptcy 'by' a winding-up insolvency proceedings '. (b) Substitute, in its second subparagraph, the words "bankruptcy of the" by "the beginning of a insolvency proceedings in respect of the", and "liquidator". Article 401.-Amend the first paragraph of Article 4 of Law No 19,886, of bases on administrative contracts for supplies and provision of services, as follows: 1) Intercalase, following the expression "who,", the phrase " within the previous two years. " 2) Replace the sentence "within the previous two years.", for the following: "or for offences established in the Criminal Code." Article 402.-Without prejudice to the foregoing articles, any mention that in any law is made to the bankruptcy shall be understood as a result of the Liquidation Procedure. Also, any mention that in other laws is made to the conventions shall be understood as a reference to the Reorganization Procedure of Reorganization. Similarly, any reference to the bankruptcy syndicates in other laws must be understood to be made to the Liquidators or Veers, which is addressed by the nature of the function in relation to the standard. In the same way, any reference that in other laws is made to the Superintendence of Bankruptcy will be understood to be done to the Superintendence of Insolvency and Reentrepreneurship. Likewise, any reference to the Superintendent of Bankruptcy in other laws should be understood as the Superintendent of Insolvency and Reentrepreneurship. TRANSITIONAL PROVISIONS Article 1.-This law shall enter into force nine months after its publication in the Official Journal, with the exception of the provisions of Chapter IX and the rule of Article 344, which shall comply with the provisions of this Article. Article 8 of the transitional article of this Law is set out in the numeral 8. The bankruptcy, agreements and disposals of goods in current processing and those that are initiated before the entry into force of this law will be governed by the provisions contained in the Book IV of the Code of Commerce. Article 2.-To comply with the provisions of Articles 14, 16 and 31 of this Law, the syndicates who appear on the National Union of Trade Unions to the date of publication of this law shall be understood to be incorporated in the Nominins of Veers and Liquidators, must constitute the guarantee and render the examination in the terms indicated in those articles, at the latest within six months after the publication of this law, under the warning of being excluded from the respective payrolls. For the purposes of this law, the economic advisors of insolvencies of the Law on the Reorganization or Closure of Micro and Small Businesses in Crisis, contained in Article 11 of the Law No. 20416, shall be understood to have the quality. The company will continue on the payroll of financial advisors for insolvencies once the Law on the Reorganization and Settlement of Assets of Companies and Persons is in force, whether they choose to join the payroll of liquidators or the Eaters. Article 3.-The President of the Republic shall be empowered to, within a period of six months from the date of publication of this Law, by means of one or more decrees with force of law issued through the Ministry of Economy, Development and Tourism, which should also be subscribed by the Minister of Finance, establish the necessary rules to regulate the following matters: 1. Set the staff plant of the Superintendency of Insolvency and Reentrepreneurship and the remuneration scheme applicable to it. 2. Dispose, without solution of continuity, the transfer of plant officials and contracts from the Superintendence of Bankruptcy to the Superintendence of Insolvency and Reentrepreneurship, as indicated in the following number. 3. Carry out the transfer of personnel to the level of the Fiscaler Scale closer to the total remuneration that the official receives. In the same act, it shall fix the date of entry into force of the typesetments and transfers of personnel that it has. The law enforcement decree will determine the legal status and quality in which the officials will be transferred, in addition to the time limit for this process to be carried out. The individualization of the transferred personnel will be carried out through decrees issued under the formula "By Order of the President of the Republic", through the Ministry of Economy, Development and Tourism. In conjunction with the transfer of staff, the budgetary resources which are released by this fact will be transferred. 4. To establish the necessary rules for the proper structuring and operation of the plants and the system of remuneration to be fixed. You can also have the number of charges for each floor, the requirements for the (a) the names of those, the positions of the exclusive trust, the hierarchical levels for the purposes of the application of Title VI of Law No 19,882, and the levels for the application of Article 8 of the Law No. 18,834, on Administrative Statute, whose consolidated, coordinated and systematized text was established by the decree with force of law No. 29, of the Ministry of Finance, of 2005. In addition, in the exercise of this power, it shall lay down the supplementary rules to Article 15 of the said Administrative Staff Regulations for the establishment of plant-derived personnel. 5. To determine the date of entry into force of the plants to be established and of the encasillements that are practiced, which may not exceed the six-month period counted since the publication of this law. It will also set the maximum staff of the Superintendency of Insolvency and Reentrepreneurship. 6. The use of the powers mentioned in this article will be subject to the following restrictions, in respect of the personnel concerned: (a) It may not have as a consequence nor may it be considered as a cause of service termination, removal of charges, termination of duties or termination of the employment relationship of staff. It shall also not be able to import change from the usual residence of officials outside the region where they are providing services, except with their consent. (b) It shall not mean cessation of duties, reduction of remuneration or modification of personal rights. Any difference in remuneration must be paid by an additional payroll, which will be absorbed by future remuneration improvements that correspond to the officials, except those arising from general readjustments to be granted to workers in the public sector. Such a template shall maintain the same amount of imputability as that of the remuneration it compensates. (c) the officials concerned shall retain the age allowance they have recognised, as well as the time taken for such recognition. 7. To fix the special status that will govern the staff of the Superintendency of Insolvency and Reentrepreneurship that performs professional and oversight functions, according to the letter (e) of the first article 162 of the decree with the force of law No. 29 of the Ministry of Finance, 2005. 8. To determine the date of initiation of activities of the Superintendency of Insolvency and Reentrepreneurship, considering a period for its implementation, which cannot be less than six months. In addition, it will determine the date of deletion of the Superintendence of Bankruptcy, establishing the destination of its resources. 9. Dispose the transfer of all kinds of goods from the Superintendence of Bankruptcy to the Superintendence of Insolvency and Reentrepreneurship. Article 4.-The President of the Republic, by supreme decree issued through the Ministry of Finance, will make up the first budget of the Superintendency of Insolvency and Reentrepreneurship and will transfer the funds from the Superintendence of the Quibebras necessary to fulfill their functions, being able to create, delete or modify the chapters, assignments, items and budget glosas that are relevant. Article 5.-The President of the Republic shall appoint the Superintendent of Insolvency and Reentrepreneurship in accordance with the provisions of Title VI of Law No 19,882. Since the Superintendency of Insolvency and Reentrepreneurship has begun its duties, it will be the superintendent of Insolvency and Reentrepreneurship who will be the Superintendent of Bankruptcy for the entire term that will be lacking in order to fulfill his period of designation. In the same way, those who perform as Heads of the Legal and Financial Departments and Administration will continue in their positions until the fulfillment of their term of office. Article 6.-The Superintendence of Insolvency and Reentrepreneurship will be constituted, for all intents and purposes, in the legal successor of the Superintendence of Bankruptcy, in the matters of its competence, in such a way that the General or special make to the specified institution will be understood to be made to the Superintendence of Insolvency and Reentrepreneurship, as those made with respect to the Superintendent of the Bankruptcy will be understood to the Superintendent of Insolvency and Reentrepreneurship. Article 7.-The remuneration rules contained in this law shall govern from the date of the commencement of the functions of the Superintendency of Insolvency and Reentrepreneurship. Article 8.-The largest expenditure representing the application of this law during the first year since its publication in the Official Journal will be financed from the budget of the Ministry of Economy, Development and Tourism and, subsequently, the budget item of the Treasury. The greatest expense that the application of article 3 of this law represents, since its publication in the Official Journal, will be financed with resources from the Public Treasury. The following years will be financed by the resources available to the respective Public Sector Budget Law. Article 9.-The sanctioning and audit procedures initiated prior to the entry into force of this law shall continue to be substantiated in accordance with the rules in force at the time of the commencement of such procedures, until their total termination. Article 10.-Without prejudice to the provisions of Article 42 and for the first five years since the publication of this law, the Liquidators and the Veers may be registered at the same time in the Nomina de Veedores and in the Nomina de Liquidators. During the period indicated, the guarantee of the true performance to be performed by the Veedor in accordance with the provisions of Article 16 shall be different from that which it is required to render as a Liquidator if it applies for registration in the Liquidator's Nomine, and vice versa. The legal liability of the Veedor can only be pursued with respect to the guarantee of faithful performance that has yielded in its quality of Veedor. The legal liability of the Liquidator can only be pursued with respect to the guarantee of true performance that has yielded in its quality of Liquidator. The economic advisors of insolvencies who also have the quality of liquidators will continue on the payroll of economic advisers of insolvencies once this law is in force, whether they are incorporated into the Liquidator's Nomina or the one of Veedores. Article 11.-To comply with the provisions of Article 295, those who integrate the list of lawyers who may be appointed arbitrators according to Book IV of the Commercial Code to the date of publication of this law shall be understood as incorporated in the Nomina of Confederal Referees, and must seek their training in accordance with Article 297, within the period of vacancy indicated by the first transitional article of this law. Article 12. The penal provisions referred to in this law shall only apply to the events that occurred after their entry into force. Consequently, Article 38 and Title XIII, both of Book IV of the Code of Commerce, shall be in force for all purposes relating to the pursuit of the offences referred to in their provisions and carried out prior to entry into force. in force of this law, without prejudice to the rules relating to the penalty, in which the provisions of Article 18 of the Penal Code shall apply. ' Having complied with the provisions of Article 93 (1) of the Constitution of the Republic of the Republic, and because I have had to approve and sanction it; therefore, promulgate and take effect as the Law of the Republic. Santiago, 30 December 2013.-SEBASTIAN PINERA ECHENIQUE, President of the Republic.-Tomas Flores Jana, Minister of Economy, Development and Tourism (S).-Julio Dittborn Cordua, Minister of Finance (S).-Juan Ignacio Pina Rochefort, Minister of Finance Justice (S). Constitutional Court Bill of law replacing the insolvency regime in force with a law of reorganization and liquidation of assets of companies and individuals, perfecting the role of the Superintendence of the branch, establishes the bankruptcy as a causal the term of the contract of employment and appropriate rules of other laws. Bulletin No 8324-03. The Secretariat of the Constitutional Court, who subscribes, certifies that the Honorable Senate sent the bill enunciated in the rubric, approved by the National Congress, in order to have this Court exercise preventive control of constitutionality of the project and that by judgment of 19 December 2013, in the cars Role No 2557-13-CPR, it is declared: 1. That the provisions contained in Articles 3, first, 19, first and second, 68, 140, second and second Fourth, 142, first indent, 143, 147, 295, 296, 300, final point, 301, point (h), in the part that it provides ' in the case the debtor does not have his domicile in Chile, any of the courts with jurisdiction in the civil jurisdiction where the assets of the debtor are located in the territory of the State of Chile ", 303, 305, 337, number 7, second, fourth and second paragraphs The fifth, the final paragraph of Article 465 of the Criminal Code, which introduces Article 348 (3), and Articles 349, 355 and eleventh transitional of the draft law sent to control, are not contrary to the Charter of Fundamental Rights. provisions contained in Article 341, first, second, third and fourth, of the draft law are not contrary to the Fundamental Charter, in the understanding that the complaint to the Court of Letters referred to in its second indent may also be brought in if the rejection of the administrative reimposition is partial or total, always to the exception of the right to challenge of the Article 38, second paragraph, of the Fundamental Charter. 3. That the provisions contained in Article 335 of the draft law sent to control are not themselves of constitutional organic law, in the understanding that, in the on the "internal levels" of an organ of the State Administration, refers to the subject matter regulated by article 32 of the Constitutional Organic Law of General Bases of State Administration (Nº 18,575), without the faculty there conferred on the Superintendent allows him to create a new and different form of internal structure, nor to grant its decision-making powers, all without innovation in respect of the provisions referred to in Article 32 of Law No 18,575, for establishing a work distribution provision and an allocation which, in addition, will be exercised only after the Decree of the Decree with Force of Law referred to the third transitional article of the plan submitted to control. 4º. That the provisions contained in Articles 99, 103, 309, 311, 313, 314, 316, 318, 319, 320, 322, 324, 325, 326, 328, 329, 389 and eighth transitional of the draft law subject to control do not deal with matters of organic law constitutional. 5º. That no pronouncement is issued on the other norms contained in the bill, for not dealing with matters of constitutional organic law. Santiago, 20 December 2013.-Marta de la Fuente Olguin, Secretaría.