Modifies Law Naº18.175, In The Area Of Strengthening Of Transparency In The Private Administration Of Bankruptcies, Strengthening Of The Work Of The Trustees And The Superintendent Of Bankruptcy

Original Language Title: MODIFICA LEY Nº18.175, EN MATERIA DE FORTALECIMIENTO DE LA TRANSPARENCIA EN LA ADMINISTRACION PRIVADA DE LAS QUIEBRAS, FORTALECIMIENTO DE LA LABOR DE LOS SINDICOS Y DE LA SUPERINTENDENCIA DE QUIEBRAS

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"Sole article.-Introducense the following |! |" (Nº18.175, bankruptcy law changes: 1.-Article 8 to) replace your number 1 with the following: "1. overseeing the actions of the Trustees in |! |" bankruptcies, agreements or assignments of goods at all |! | aspects of their management, are technical, legal or |! | financial, as well as the administrators of the |! | continuation of the giro.
Overseeing faculty includes the de |! | administratively interpret laws, regulations and |! | other rules that govern supervised persons, without |! | prejudice to the jurisdictional powers as |! | they correspond to the relevant courts; "."

(b) replace your number 2 with the following: "2. examine, when deemed necessary, the |! |" accounts, files, documents, books, accounts and |! | relating to bankruptcy, agreement or transfer assets of |! | goods. No display or delivery of stated in |! | This subsection by the trustee to the Superintendency |! | for its consideration, serious misconduct shall be considered for the |! | effects of no. 9 of this article.
The Superintendent of bankruptcy may, in cases |! | qualified that they framed within the rules |! | generals who has been issued to that effect, require audits |! | Independent Auditors, for certain external |! | bankruptcy.
The bankrupt and the creditors whose loans |! | representing at least ten per cent of the liabilities of |! | the bankruptcy with the right to vote, may apply to the judge, |! | founded, the completion of an external audit of |! | those listed in the preceding paragraph. Also be |! | take on board the agreement request these |! | audits with the favorable vote of a least ten |! | per cent of the liabilities of the bankrupt voting.
In the event that the bankrupt, any creditor or the |! | Ombudsman consider that there has been no plausible reason |! | to request the audit in accordance with subsection |! | foregoing, may ask the judge to condemn in costs to |! | those who have requested it.
Auditors concerning this issue shall be |! | appointed by the Board of creditors who will meet |! | unusually for these effects, among which |! | recorded in the register that takes the Superintendency of |! | Securities and insurance, in accordance with the provisions in the |! | Article 53 of the Act Nº18.046. Fees will be |! | set by the Board and, in the event that she not be |! | celebrate or there is no agreement, both the auditor as |! | your fees will be determined by the judge.
Both the documentation of bankruptcy as the of the |! | failed must be retained by the trustee until by |! | a year after meeting the judgment enforceable |! | which declare the definitive stay of proceedings which are |! | concerns article 164.
In the case of the planned final dismissal |! | in article 165, the books and papers of the debtor les |! | they will be delivered in accordance with the provisions in the |! | Article 168 and in relation to the documentation of the |! | bankruptcy applies as provided in the preceding paragraph.
The Superintendent of bankruptcy may authorize the |! | removal of part of this file before that period, |! | even without definitive stay of proceedings, and require |! | certain documents or books are saved by instalments |! | older. You can also empower the Trustees for |! | keep mechanical or photographic reproductions of |! | This documentation in lieu of the original.
In any case, the books may destroy or |! | instruments that say direct or indirect relationship with |! | any matter or proceedings pending.
The Superintendent of bankruptcy may authorize a |! | the Trustees to return the failed party of its |! | books and papers before the final closure to |! | that means the title XI. The provisions of subparagraphs |! | third, fourth, fifth and sixth of this paragraph, be |! | without prejudice to what has the Court |! | competent. "."

(c) disposed of in the number 3, then of the |! | word "trustees" expression "instructions |! |" General"and insert in its replacement the next |! | phrase: "and administrators of the continuation of the |! |" giro instructions";

(d) replace the number 5 with the following: "5. apply to the Trustees and administrators |! |" continuation of the rotation, as a sanction by the |! | failure to comply with the instructions provided with the |! | rules that set, written censure, fines to |! | Prosecutor from one to one hundred units of promotion or suspension |! | up to six months to take in new bankruptcies, |! | agreements or transfers of assets.
The sanctions that apply will be |! | administratively imposed on the offender, prior |! | hearing, founded resolution.
The affected person may claim the resolution that thing |! | suspend temporarily in office to take in new |! | bankruptcy, agreements and transfers of assets, the Court |! | appeals to his home. The |! | claim shall be founded and formulated within ten |! | days from the date of communication of the |! | respective resolution. The Court will give transfer by six |! | days to the Superintendent of bankruptcy, and defeated such |! | term, will issue a ruling at the end of thirty days, |! | without further recourse. The filing of the claim, in |! | this case, will not suspend the effects of the decision.
May also apply, subject to the same |! | procedure, the resolution that apply censorship or |! | fine. The fine must be paid within ten days, |! | counted since the respective resolution is |! | enforceable. The resolution that applies the fine will serve |! | as sufficient enforcement to be collected; "."

(e) be replaced his number 6 by the following: "6. object management accounts in |! |" pursuant to the provisions of article 30.
May also act as a party to this |! | procedure when objection is promoted by |! | the creditors or the failed; "."

(f) replace your number 9 with the following: "9. to inform the Court of the cause |! |" or of the Board of creditors any breach, missing |! | or irregularities observed in the conduct of the |! | respective trustee or administrator of the continuation |! | Giro, and propose, if it considers this necessary, its |! | removal to the judge or its revocation to the Board |! | creditors, bankruptcy, Convention, assignment of property |! | or administration concerned.
The judge, ex officio or at the request of the |! | Superintendent, will know of the removal petition to |! | that referred to in the preceding paragraph, in the form |! | established for the incidents, when people |! | designated incurred serious or repeated failures |! | or in breach of the above-mentioned fines |! | in item 5 of this article or irregularities in |! | relationship with their performance or if they are in notorious |! | insolvency.
The judge, ex officio or at the request of the |! | Superintendent, will suspend the trustee while it |! | handles the incident of removal, when it deems that was |! | It has affected or may affect the right |! | administration of bankruptcy or consider that there are |! | serious presumptions of the existence of the causal |! | invoked for the removal.
Without limiting the foregoing, in any State |! | the bankruptcy, the judge's office may suspend to the |! | trustee of their functions in it, when you consider that |! | the background to merit it.
The failed may intervene as adjuvants and |! | the creditors individually; "."

(g) replace your number 10 by the following: '10. Inform the courts of Justice, when |! | required by these, in matters of its |! | competition; "."

(h) Intercalanse the following numbers 11 and 13 |! | new, from the current 11 and 12 to be numbers 12 and |! | 14, respectively: "11. The records of bankruptcy, |! | continuations of giro, legal agreements and assignments |! | goods in the case of article 246, which will have |! | public, and extend the certifications and |! | copies which may be applicable;

13 receiving, within the exercise of their functions |! | audit, reports to creditors, the |! | failed or interested third parties made against of the |! | performance of the trustee or the administrator of the |! | "continuation of the giro, and".

i) Agreganse following paragraphs second and |! | third, new: "If the Superintendency represents a trustee to |! |" through an oversight, any nursing |! | infringement, lack or irregularity in their performance, the |! | trustee will credit the way in which he has complied |! | their obligations in accordance with the laws, |! | regulations and instructions governing you. When the |! | Superintendent reports to the Court of bankruptcy the |! | infractions, fouls or concerned irregularities |! | above shall apply in article |! | 1698 of the Civil Code.
For the performance of the above functions in |! | This article, the Superintendent will have the same |! | powers that article 37 of the code of |! | Civil procedure gives officials as |! | says. "."

(j) add the following final paragraph: "the Superintendent of bankruptcy must be a |! |" updated information publicly available, to the |! | least once a year, on the number of Trustees to |! | they integrate the national payroll; the number of bankruptcies to |! | each of them have dependants; the number of |! | bankruptcies declared in the year; the number of conventions |! | in force; and other information that is relevant for |! | public knowledge. "."

2. Article 16 be replaced by the following:
"Article 16. Only eligible to be appointed |! | Trustees who have the title of engineer |! | with at least ten semesters of studies or counter |! | auditor or accountant, awarded by |! | State universities or recognized by this or |! | lawyer, who have exercised the profession at least by |! | five years, and that pass the test referred to in the |! | next subsection.
Applicants to join the roster of Trustees |! | they must pass a test of knowledge before the |! | Superintendent of bankruptcy, which must declare |! | date to pay it, at least twice a year.
Trustees comprising payroll must pay |! | a review of knowledge to |! | Superintendent, at a frequency not exceeding three |! | years.
The trustee who fails the examination shall be |! | suspended for taking in new bankruptcy, conventions or |! | transfer of goods, and shall lay it again, inside |! | of the calendar year following, on the date set by the |! | Superintendency for all who are in the |! | same situation. If on that occasion reproaches |! | again, no longer form part of the national payroll |! | of Trustees.
The tests will include common requirements for |! | all applicants or trustees who give it up |! | together at every opportunity. The Superintendent |! | You must declare with due anticipation materials |! | that will include exams. "."

(3.-Artículo 17 a) deleted at its commencement after the |! | word "trustees" phrase: "or integrate Payroll |! |" corresponding".

(b) replaced the number 1 with the following: "1. which have been declared bankrupt, or |! |" found in State of evident insolvency, and the |! | that, within the two years preceding the Declaration |! | bankruptcy of a legal person, may have acted |! | as directors or managers thereof; "."

(c) disposed of in the number 3 the conjunction "and" and |! | replace the comma (,) existing after the |! | word "superior" by a semicolon (;).

(d) replaced the number 4 with the following: "4. that have physical or mental incapacity |! |" "to occupy the post, and".

(e) add the following number 5, new: "5. which have ceased to integrate Payroll |! |" National under the grounds listed in the |! | numbers 3, 4, 5, 6, 7, 8, 10, 11 and 12 of article 22. "."
4 Article 21 bis new added following article 21 new bis: "article 21 bis." The meeting of creditors, in their |! | first regular session, shall agree whether required or not |! | to the trustee a guarantee of faithful performance of his position and, |! | If so, the kind and amount of it.
The trustee must maintain existing warranty |! | While persists its liability. "."

(5.-Artículo 22 a) overridden in your header after the |! | word "trustees" expression "will no longer be |! |" part"with the phrase:"will be excluded".

(b) move the current number 3 as a new number |! | 7, leaving the following number 3, new: "3. by intervening to any title in bankruptcy |! |" that they are not or have been in charge, except the |! | actions that apply to you in your quality of |! | trustee, creditor prior to the bankruptcy, de |! | legal representative in accordance with article 43 of the |! | Civil Code, and the provisions of article 28. The |! | partial delegation of functions established in this |! | last article must be known and approved in the |! | next meeting of creditors; "."

(c) replace the number 4 with the following: "4. for purchasing for Yes or third parties any |! |" class of assets in bankruptcy, agreements or assignments of |! | goods involving as receiver; "."

(d) Insert the following number 5, new, |! | passing the current number 5 to replace the current number |! | 8:

"5. By sell any kind of goods of the |! | bankruptcy or transfers of assets in which to intervene as |! | receiver to your spouse; any legal person that |! | has an economic interest direct or indirect; to the |! | partners or shareholders of companies in which note |! | participation, except those which are |! | registered in the register of securities; people with |! | possessing property in the community, with the exception of the |! | co-owners referred the Nº19.537 law, about |! | Real estate property; their dependents; to the |! | professionals or technicians who provide you with services; and a |! | ascendants and descendants and collaterals by |! | consanguinity or affinity up to the second degree |! | inclusive; "."

(e) Insert the following number 6, new, |! | passing the current number 6 to be number 9 and this be |! | number 12: "6. By providing or obtaining any advantage in |! | bankruptcies or transfers of assets in which to intervene as |! | receiver; "."

(f) eliminate the current number 7;

(g) add the following number 10, new, happening |! | the current number 10 to number 14: '10. Enforceable ruling that rejects the |! | final account which must be presented in accordance to the |! | law; "."

(h) Agreganse the following numbers 11 and 13 new: '11. For repeated infractions that altogether |! | constitute a serious infringement or serious behavior to |! | the legal or regulatory provisions or the |! | instructions that is providing the Superintendency in use of |! | its powers;
13. by failing the examination, for the second time in the |! | "case of the fourth paragraph of article 16, and".

i) Agreganse following paragraphs fourth, fifth |! | and sixth, new: "without prejudice to the cessation of the trustee in the |! |" charge, will survive the obligation to render account of its |! | management, where appropriate, as well as the responsibility |! | civil, criminal and administrative in that there may be |! | incurred.
The trustee which stops early in the post |! | you need to delivery of goods and a history of |! | every bankruptcy, agreement or assignment of property under its |! | Administration or intervention at the new Syndic, |! | within five days from the date on which East |! | latter has assumed.
In the event of failure to comply with this obligation or |! | the pay account of administration, the Court of |! | bankruptcy, ex officio or at the request of any |! | interested, will require compliance with them under the |! | warning referred to in article 238 of the code de |! | Civil procedure, case in which fines them |! | laid down in that provision may reach up to |! | 60 development units, notwithstanding that new |! | Syndic take immediately the goods and |! | a history of bankruptcy, in accordance with articles |! | 94 et seq. of this Act. "."

6.-Article 24 be replaced by the following: "article 24. May not be appointed Trustees of |! | a bankruptcy, agreement or assignment of property: 1. the spouse or relatives up to the fourth |! | degree of consanguinity or second of affinity of the |! | failed or debtor; and of those who have been directors |! | owners or managers of the legal person, in |! | the two years prior to the bankruptcy, proposition de |! | agreement or application for transfer of property;
2. creditors and debtors of the bankrupt or debtor and |! | all those who have a direct or indirect interest in |! | bankruptcy, agreement or assignment of property;
3. the administrators of assets of the bankrupt or |! | debtor who is a natural person and which have |! | had such quality within the previous two years to |! | the Declaration of bankruptcy, agreement or assignment of property, |! | as also the workers of the creditors and |! | debtors of him;
4. those who have challenged the account in any of |! | its bankruptcy, from the moment in which it is insistiere in |! | one or more objections. However, if the objections not |! | they are supported by the favourable opinion of the |! | Superintendent of bankruptcy the trustee may be |! | appointed, and 5. Those who are suspended in accordance to |! | N ° 5 of the article 8 provisions. "."

(7.-Artículo 25 a) Insert, in its paragraph first then |! | the word "substitute", the expression "in accordance |! |" with articles 42 or 44, as appropriate, "."

(b) add in your second paragraph, below |! | of the separate dot (.), which happens to be followed, the |! | next sentence: "the appointed Trustees in |! |" pursuant to this subsection must still assume when the |! | bankruptcy does not have assets or funds for distributing or its |! | final bill approved. "."

(8-Artículo 27 a) replace the comma (,) and the letter "and" by a |! | semicolon (;) at the end of paragraph 21.

(b) Insert the following paragraph 22 new passing |! | the current 22 to 23: "22.-execute the agreements legally adopted |! |" by the meeting of creditors within the scope of its |! | "competition, and".

9.-Article 29 be replaced by the following: 'article 29. The trustee will pay regular |! | provisional accounts of its management to the Board of |! | creditors, in the manner and terms set the |! | Superintendent of bankruptcy in accordance with number 3 |! | of article 8. These deadlines may not be superior to |! | six months.
The statement of the Board of creditors |! | respect of interim accounts shall not prevent object |! | the final count in matters falling under them.
If the trustee does not submit any statement of the |! | provisional accounts referred to in this article, the |! | Superintendent may apply a fine to benefit |! | tax of up to 15 drives development. "."

(10.-Artículo 30 a) move the current item first item |! | 29 as the first paragraph of article 30, with the |! | following modifications:
i) Reemplazanse the words "will present the" by the |! | word "surrender" and delete the phrase "the Board of |! |" creditors".

(ii) disposed of the expression "inside of", add |! | in replacing the preposition "a".

(b) incorporate the current second paragraph of the |! | Article 29 as the second paragraph of article 30;
(c) Agreganse the following third subparagraph and |! | Fourth, new: "the final bill will be presented to the Court, the |! |" that it will order notified by notice. The tribunal |! | It will be a meeting of creditors, which should be mentioned |! | celebrate the 15th next day to your |! | notification. The notice shall contain a summary of the |! | account final e will indicate the place, day and hour of |! | celebration of the respective Board. Together with the |! | presentation of the final account to the Court, the |! | trustee shall forward a copy of it to the |! | Superintendent of bankruptcy.
To have the date set for the meeting, háya is |! | This made or not, the creditors and the failed to not |! | have pronounced in favour of the adoption of the |! | account and the Superintendent of bankruptcy, will benefit from the |! | within thirty working days to object to the account |! | rendered by the trustee. "."

11.-Article 31 be replaced by the following: 'article 31. In the case of which any creditor, the |! | failed or the Superintendence objetaren account, the |! | trustee shall have the term of ten days, counted from |! | the last notification by identity card or the |! | objections, to answer founded the |! | observations. If however the reply, which |! | transfer within ten days will be given to the |! | objectors, any of them insistiere in their |! | objections, the Court will solve in short, previous |! | report of the Superintendent, which shall be |! | evacuated within thirty days. "."

12.-Article 32 to) its heading shall be replaced by the following: 'article 32. The trustee shall cease in his office in the |! | bankruptcy, agreement or assignment of property: "."

(b) replace number 5 the figure "6" by |! | the number "9" and the semicolon (;) must be replaced by a |! | "(comma) and add the comma (,) after the conjunction |! |" and".

(c) replace paragraph 6 with the following: "6. by befall any of the grounds of |! |" disability referred to in paragraphs 1, 2 and 3 of the |! | Article 24. The trustee shall give account to the judge of the |! | cause and to the Superintendent of bankruptcy of the |! | disability that affects you. The breach of the |! | mentioned obligation shall be constitutive of serious misconduct.
Declared the inability by the Court the trustee |! | He shall cease in his position.
The Declaration of disability may not be opposite |! | third parties in good faith. "."

(d) delete the number 7.

13. Article 33 be replaced by the following: 'article 33. The final speaker will have as |! | only remuneration for the performance of their duties the |! | fee determined in the designated form on the |! | next article. This fee shall constitute expenditure of |! | administration of bankruptcy, and through this the |! | trustee must pay the expenses of his office, the |! | compensation of employees, all payment of |! | fees to lawyers, accountants, advisors, any |! | another class of professionals, technicians and providers of |! | services who has contracted for the fulfillment of its |! | role, and the part of the Minister of faith fee a |! | that referred to in article 94, insofar as it exceeds the |! | tariff set for notaries. The above not be |! | apply to expenses included in the 1st paragraph of the |! | Article 111.
Prohibits the trustee perceive the bankruptcy by |! | Yes or by any person, any income |! | In addition to the designated fee, without prejudice of the |! | fees that may apply in accordance to the |! | Article 113, as administrator of the continuation of the |! | turn. "."

14. Article 34, new move current article 34, going to be 35; |! | and add the following article 34, new: "article 34. The only fee referred |! | the previous article will be proportional to the amount of the |! | distributions of funds which are carried out in the bankruptcy, except |! | provisions for the first section in this article, de |! | agreement with the scale expressed in u.f. |! | which is then designated according to their value in pesos to |! | the date of the respective distribution: about the part that exceeds 0 and do not exceed of |! | 2.000 unidades de Fomento, 20.00%.

On the part that exceeds 2,000 and do not exceed |! | Development of 4,000 units, 15.00%.

On the part that exceeds 4,000 and not exceed |! | the 8,000 Unidades de Fomento, 11,00%.

On the part that exceeds 8,000, and do not exceed |! | 16,000 units building, 8.00%.

On the part that exceeds 16,000 and not exceed |! | 32,000 units building, 6.00%.

On the part that exceeds 32,000 and not exceed |! | 64,000 units building, 4.00%.

On the part that exceeds 64,000 and not exceed |! | the 130,000 units of promotion, 3.00%.

On the part that exceeds 130,000 and not exceed |! | 260,000 units building, 2.25%.

On the part that exceed 260,000 and not exceed |! | 520,000 units building, 1.75%.

On the part that exceeds 520,000 and not exceed |! | UF 1,000,000, 1.50%.

On the part that exceeds 1,000,000 units |! | building, 1%.

The first section of the table will be calculated on the |! | When there is no deals or if bankruptcy income |! | by its application to the distributions correspond to the |! | trustee a fee less than 15 units of building, |! | and in this case the fee may not exceed this |! | quantity.
In all funds to the trustee deals |! | effected, shall previously deduct the amount you |! | appropriate fees.
For the calculation of the fee corresponding to the |! | Syndic in each deal, the preceding table applies |! | progressive as described, from the respective |! | stretch. Consequently, for the purposes of the table and |! | determination of the percentage of fee which you |! | corresponds in every deal, it should be considered the |! | total amount distributed in previous deals.
However as provided above, in Board of |! | creditors may agree and set a fee |! | less or greater than that provided for in this article.
For the purposes of according a higher fee |! | to the table, simply vote in favour of each of |! | the creditors who agree to attend the payment of excess |! | at its own expense and only to them shall be responsible for its payment.
These creditors may agree with the trustee the |! | corresponding values and its form of payment, which |! | recorded must be in minutes. The minutes of the |! | respective Board will be enough enforcement for |! | be covered by the trustee to creditors of the |! | the values that are agreed upon. Such minutes shall be signed |! | also by all creditors that have agreed to the |! | increase in fees.
Extraordinary meeting of creditors may |! | authorize the permanent trustee advances which may not |! | exceed ten per cent of income in money |! | cash has been produced up to that bankruptcy |! | time, or twenty-five percent of the fee of |! | the table corresponding to the first two sections, neither |! | of the ten per cent in the following sections. In case |! | any, advances total may exceed thirty |! | and three per cent of the fees corresponding to the |! | trustee. For these purposes, the table of this article |! | shall apply effective income which until that |! | time have occurred in bankruptcy. "."

15. Article 36 shall be replaced by the following: 'article 36. Notwithstanding the provisions in the |! | Article 33 and prior agreement on board |! | extraordinary creditors, the trustee may |! | hire, charged to the expenses of the bankruptcy, |! | natural or legal persons for |! | properly qualified specialized activities like |! | such by the Board.
Specialized activities must relate |! | directly to the care and maintenance of the asset of the |! | failed, the realization of the same and their delivery |! | material. The hiring will be done prior report of the |! | receiver which will contain the foundations thereof, |! | the degree and scope of the activity and the way in which are |! | they will benefit the creditors or to avoid damages to the |! | seized assets.
Only prior arrangement adopted for each case in |! | extraordinary meeting of creditors may seek |! | reports about matters or matters of |! | direct interest for the mass, charged to expenses of |! | the bankruptcy.
The agreements referred to in this article are |! | adopted by creditors representing at least, |! | two-thirds of the liability of bankruptcy, voting |! | and may be challenged by the bankrupt or any of |! | the creditors, founded in that it is a |! | activity included in article 33, inside |! | thirty days of held the extraordinary meeting in which |! | they have been adopted. Objection will not suspend the validity |! | of the agreement and will be processed as incident. The judge |! | you will fail the Superintendency report of |! | Bankruptcy.
Not require the authorization referred to in this |! | article for the person hiring |! | especially technique referred to in number 2 of the |! | Article 94.
The trustee, spouse and their relatives, to the |! | fourth degree of consanguinity or second of affinity, non |! | they may have any participation in the acts or |! | contracts that are executed or held in accordance to |! | This article, as they may not participate as |! | partners, shareholders, employees or consultants of the |! | legal persons who are hired for the |! | activities or reports indicated. This transgression |! | ban will be constitutive of the causal exclusion |! | the national payroll, provided for in paragraph 6 of the |! | Article 22. "."

16.-Article 37 the final dot (.) be replaced by a comma (,) and |! | Add the following sentence: "like the |! |" notifications for warning in these |! | bankruptcy and the notification by identity card referred to in |! | the fifth subparagraph of article 42. "."

17 article 42 Agreganse following paragraphs fourth, fifth and |! | Sixth, new: "for the purposes of designating a syndic and |! |" one Deputy in the ruling which declared bankruptcy, the |! | judge will be mentioned previously, in accordance with provisions |! | in the paragraphs following the three creditors that |! | listed with the major credits in the State of debts |! | presented by the debtor, or to those who would have if they were |! | less, in order to identify the names of the |! | respective, and only these Trustees the Court shall |! | designate in the statement.
The designated creditors will be cited by |! | notification made by card, in which are |! | It will indicate the name of the creditor and his address, also |! | the object of the citation. The Court keep to the |! | turn receiver for this notification, so |! | as soon as receipt of the request for declaration |! | bankruptcy of the debtor. The hearing shall take place within |! | third day of carried out the last notification, the |! | the receiver must practice more take the third |! | day after issued the resolution requiring it. The |! | untimely notice shall not invalidate the hearing |! | designated. The breach of this obligation will be |! | enacted pursuant to the third paragraph of the |! | Article 393 of the organic code of courts. The |! | enjoy rights corresponding to the receiver of the |! | preference that specified in number 4 of article 2472 |! | of the Civil Code.
The audience will take effect with the |! | creditors attending, and in it you will be nominated to the |! | Trustees. If formed more than one creditor, the election |! | shall be made by a majority of the total liabilities with right |! | to vote, in accordance with the amount appearing on the State of |! | debts. If not any creditor, the court appearance |! | He will repeat the procedure with the three for once |! | following creditors, or which would have if they were |! | less. In case that the designated proves impossible de |! | apply, shall be appointed to the trustee by lot, in the |! | which must include the names of all the Trustees |! | enabled to exercise in the jurisdictional territory |! | of the Court. These procedures shall not give rise to |! | incidents, and must resolve the Court of plane |! | any matter that arises and its resolution will not be |! | liable to recourse. "."

18. Article 44 shall be replaced by the following: 'article 44. In the application for a declaration of |! | bankruptcy filed by a creditor be designated the causal |! | that justifies it and the facts of such |! | causal and will accompany documents to prove the |! | Fundamentals of the request or be offered tests |! | that it correspond. In addition, be designated name of the |! | Syndic and the of the alternate trustee, and only a |! | them the Court shall designate in its judgment that |! | declare bankruptcy.
Together with request bankruptcy, the creditor |! | petitioner must include vale view or ballot |! | Bank to the order of the Court for a sum |! | equivalent to one hundred units of promotion, to provide a |! | the initial costs of bankruptcy. That sum will be |! | considered to be a credit of the applicant against |! | of the failed, who will benefit from the established preference in |! | number 4 of the 2472 article of the Civil Code. "."

19.-Article 52 its heading shall be replaced by the following: ' article 52.-without prejudice to the provisions in the |! | " Article 169 of the code of Civil procedure, the |! | final judgement declaring the bankruptcy will contain, |! | In addition: "."

20.-Article 57 following final new subsection be added: "If during the processing of the special appeal of |! |" replacement decretare is the suspension of the procedure |! | or is unlawful order not innovate with subsequent to the |! | seizure of goods, this shall be without prejudice to the |! | trustee to perform all acts of administration |! | necessary for the proper conservation of the asset of the |! | bankruptcy. It will be up to the Court that any |! | Dictation resolve in any verbal hearing |! | difference that arises between the trustee and the |! | petitioner. The trustee may only sell the goods |! | exposed to next deterioration, without prejudice to that with |! | agreement from the debtor, or authorized judicial before the |! | negative of this, you can also sell goods |! | subject to imminent devaluation or wasteful |! | conservation. If the suspension or the order not to innovate |! | is granted prior to the seizure of goods, in the |! | resolution shall be established that the trustee shall act |! | as an auditor, with indication of the powers of |! | He will be holding. The remuneration of the trustee be |! | established in the same resolution and not may be |! | less than 75% not more than the total of the remuneration |! | Manager or legal representative of the failed. In the |! | other cases the Court resolved in conscience. "."

21. Article 80 article 80, be replaced by the following: "article 80. The actions referred to in the |! | two preceding paragraphs will be prescribed within the period of two |! | years from the date of the Act or contract. "."

22. Article 81 shall be replaced by the following: 'article 81. The actions referred to in the |! | two preceding paragraphs shall be handled pursuant to the |! | summary procedure, and may be exercised by the |! | trustee, prior agreement of the Board of creditors, or |! | individually for any of the creditors, in |! | both cases, in the interest of the mass.
The adoption of the agreement to exercise some of |! | the actions concerned, shall not be entitled to vote the |! | creditor in bankruptcy against whom it will exercise |! | the actions, either by itself or by any other person |! | natural or legal to be linked as directly or |! | indirect. Either your credits will be considered for the |! | purposes of determining the quorum referred to in the |! | Article 102.
Creditors who individually engage such |! | actions for the benefit of the mass, shall be entitled, if |! | they question at trial, so they compensated with |! | the bankruptcy of any expenditure revenues and so is |! | pay it the fee for its services, |! | all of which will be the No. 1 preference of the |! | 2472 article of the Civil Code.
In case of loss, they alone bear the |! | expenses and not entitled to remuneration. "."

(23.-Artículo 102 a) replaced its first subparagraph, by the |! | following: "on the boards of creditors concluded |! |" during the trial of bankruptcy will only be entitled to |! | (votar: a) creditors whose credits are recognized, |! | (y b) creditors whose credits are not |! | recognized and which, hugging the procedure |! | provided in the following paragraph, the judge of the |! | bankruptcy recognize them right to vote. "."
Business day, which is Saturday, not immediately |! | prior to the designated for the holding of the meeting, be |! | perform a verbal hearing before the judge of the |! | bankruptcy, in which the trustee will inform you in writing |! | about the likelihood of the existence and amount of |! | appropriations not yet recognized, but which have been |! | checked over by the second business day, that no |! | is Saturday, prior to the date in which the |! | conclusion of the hearing. In this hearing |! | prior to creditors, the judge will resolve only |! | instance and on the basis of background |! | available are which credits not recognized, |! | or not contested, and why amount shall be entitled to vote |! | in that meeting. The judge will appreciate the background in |! | consciousness. The recognition of the right to vote only |! | It will produce effects for the Board in reference and nothing |! | It will limit the freedom of the trustee and creditors |! | to challenge the credit and agreement preferences |! | pursuant to articles 131 et seq., or |! | of the judge to resolve the dispute.
The aforementioned hearing shall be the designated day, |! | at the time that starts the Court. "."

(b) replace the current fourth paragraph, by the |! | Next: "creditors who have been verified, but that |! |" lack of right to vote will have only straight to |! | attend the meeting and written record of |! | his remarks, under his signature, in document is |! | will add to the relevant Act. "."

24.-Article 111 to) replace your subsection first with the following: "at the first ordinary meeting, the trustee must |! |" submit a full report, a program of |! | realization of assets, a plan of payment of liabilities and a |! | estimation of the costs of administration of the |! | bankruptcy. In any case, the administration costs of |! | bankruptcy shall conform to instructions |! | General of the Superintendent of bankruptcy. "."

(b) repeal paragraphs third and final.

25. Article 120
Be inserted between the word "creditor", and the |! | conjunction "and" the expression: "if any,".

(26.-Artículo 148 a) replaced the point apart (.) of the subsection |! | second by a comma (,) and add the following sentence: "except those listed in the next subsection.".
(b) add the following new third subparagraph, |! | passing the third subparagraph to be fourth and thus |! | on: "personal applicant creditor coasts of |! |" bankruptcy, will enjoy the preference of the number 1 of the |! | 2472 article of the Civil Code, and the expenses of the |! | request of the bankruptcy by the debtor shall enjoy of |! | the preference established in number 4 of the article |! | 2472 Civil Code, up to the following limits: the |! | 2% of the credit invoked if this does not exceed 10,000 |! | UF and 1% in what said to exceed |! | value. For these purposes, if the bankruptcy is requested |! | by the debtor himself, and this calls on more than one credit, |! | will be one in which payment has ceased in the first |! | place. The balance, if any, it shall be deemed |! | valista. "."

(c) Agreganse the following penultimate paragraphs and |! | new end: "holders of labor credits benefiting |! |" the preferences of the numbers 5 and 8 of the article |! | 2472 Civil Code can conditionally check |! | their respective credits with the only merit of the |! | presentation of the lawsuit previously |! | bankrupt or with the notice to the trustee of the |! | lawsuit filed subsequent to the Declaration |! | of bankruptcy to the Court, and the Syndic |! | You must reserve sufficient funds for the event that |! | will welcome such claim, without prejudice to payment |! | administrative proceeding.
In the event of bankruptcy, there are unlawful object in the |! | waiver of any amount of the appropriations to be |! | They concern the numbers 5, 6 and 8 of article 2472 of the |! | Civil Code. "."

27. Article 168 Add the following new second subsection: "If the designated requirements is not fulfilled in the |! |" preceding paragraph and not may apply provisions in |! | the second paragraph of article 25, in case of |! | physical or mental incapacity or death of the trustee, the |! | books and papers of the debtor shall be delivered to the |! | Superintendent of bankruptcy. "."

28.-Article 175 to) your number 1, be replaced by the following: "1. that the debtor is subject to the intervention of |! |" a trustee of that part of the payroll |! | National. For this purpose, the judge shall designate to the Syndic |! | holder and the alternate who nominate the resident creditor |! | in Chile that appears with the greatest credit in the State |! | debt presented by the debtor to the Court. For |! | These effects, the clerk of the Court will take care that was |! | notify promptly the indicated creditor, who |! | You must make the nomination in writing to the Court |! | within a period of five days of effected the |! | designated notification. If within this period the |! | creditor does not make the respective nomination, the |! | Court shall notify the resident creditor in Chile than |! | has the second largest credit for the |! | nomination in the expressed form. If thing |! | designated proves impossible to apply, be appointed to the |! | trustee through the draw established in subsection |! | end of article 42. "."

(b) add, following new number 7: "7. the Syndic delivered to court |! |" in third day of practiced that notification |! | points to the previous number, a proposition of |! | fees, respect of whom should the debtor |! | to pronounce by document lodged at the Court, |! | within three days of the proposal formulated. Yes no |! | any agreement, the Court will be mentioned three |! | creditors referred to in the fourth paragraph of the |! | Article 42, the debtor and the trustee to achieve a |! | Agreement, solving the Court ultimately not be |! | It arrangements that agreement. The Court may decree that |! | the time limits referred to in numbers 2, 3, 4, and 5 of this |! | article are extended, the circumstances |! | provided for in this number, extension to in no case |! | exceed 15 days from notification |! | referred to in the previous number. If the trustee or any |! | creditors it has not voted or not concurriere to |! | the citation that formulare Court, you will have by |! | waived in his office or law, as appropriate and the |! | procedure is repeated with the alternate trustee and |! | creditor who follow you in importance to third |! | summoned. "."

29. Article 206 Add the following new second subsection: "Board that rejected the propositions should be |! |" Note the names of a syndic and one |! | alternate, to whom the Court shall designate with the |! | definitive character. May not be appointed for |! | such charges who have been in conformity to the |! | number 1 of article 175. "."

30.-Article 207 to) replace the third subparagraph by the following: "rejected the preventive judicial Convention in |! |" accordance with article preceding or discarded in |! | any of the cases referred to in subparagraphs |! | earlier, the Court shall declare ex officio the |! | bankruptcy of the debtor. "."

(b) add the following final new subsection: "in the cases referred to in subparagraphs and |! |" two of this article, the Court shall proceed to |! | appoint trustees in accordance with the provisions in the |! | Article 42, while may appoint such charges to |! | those who have been appointed as provided in the |! | number 1 of article 175. "."

31. Article 214 Agreganse second subparagraphs following and ultimately |! | New: "the demand for annulment or resolution of the |! |" Convention, the claimant shall designate the name of the trustee |! | holder and the alternate trustee, and only these the |! | Court shall designate in its judgment giving rise to |! | the demand and declare bankruptcy. These designations do not |! | they may fall on those who have served to |! | that referred to in number 1 of article 175.
If it brought more than one request for an annulment or |! | resolution of the Convention, the judge shall appoint the trustee |! | in one of the demands which will accept. "."

32. Article 222 replace your subsection first with the following: "declared bankruptcy, the creditors Board may |! |" making complaint and any creditor may be |! | a complaint or file a criminal complaint if he considers that |! | Configure any of the facts provided in the |! | articles 219, 220 and 221. "."

33. Article 246 insert, number 1, then of the |! | expression "custodian," the following phrase: "in the |! |" as provided in article 42, "."

34. Article 251 add the following second paragraph again, passing |! | the current subsection second to be final paragraph: "prior to the enactment of the sentence are |! |" shall be designated in accordance with article 42, to the |! | trustee owner and to the trustee alternate, failing |! | put these appointments who have exercised |! | the fee referred to in article 246. "."