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    © All Rights Reserved
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    7 views71 pages

    Argentine Bankruptcy Law

    Uploaded by

    Mariana Nasjleti

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 71
    ‘TRADUCCION PUBLICA ————- INSOLVENCY AND BANKRUPTCY LAW No, 24.522". ‘Amended by Laws 26.760, 25.113, 25.563 and 26.588 —— INSOLVENCY PROCEEDINGS —————-—-——~ TITLE | - GENERAL PRINCIPLES -—-—————— Aric 1. Suspension of Payments. The suspension of payments, iraspectve of the reason and tho nate of fe faites flected is conion graceent te the aston of slvency proceedings ‘gowemed by ts aw, caspite the prousons of Avices 68 and 88 Universality. The effects of insolvency proeetings apply © the debtor's ful estate, excapt fr hose ‘ctusons whieh are legal establehad in respect f Specie 881, mem Aticle 2, Parias Subject to insolvency Proceedings. Naural persons, private legal eniies and Companies n which the National, Prove! of Municipal Goyernment may have sn interest, espe of poreentago, may be dedared subject o nsoWency proceedings. “The following ae algo eubjact to insolvency proceedings: 1) Theeslate of te deceated, dung such te as tromains separate fom the heirs! estate, —~ 2) Debtors domicted abroad with eepect to asses in Argentina, ‘he persons goverad by Laws Nos. 20.097, 2021 an 24241 and tase ohewise seectealy ceelued byl, ay not be aared subjects nsoivency procestngs; ame Aicle 3. Competent Cour, Caucs vested wth ordinary compstetjisicton shall esr the insovency proceedings, pursuant 0 the flown 1) Inthe case of an individu, the competont Court shal be tat vested with json over te lace where the debtor's adminsatie affeas ar loess. orf tn te place of demicle-—- 2) Should the debtor hava several admiisalie ofces, the Cour vested wit edition over the place where the debtors main adranitatve offices ace tcated shal be compet this cannot be ascertained, then he Coua whieh fist heard the case shal be deemed to be commpatent 5) cases of insovency proceedings of diy oqanized private legal entites and compares i ‘which the Natenal, Pravin or Murlepal Goverment hasan ees, withthe exceptions noted In aficle 2, the competent Court shal be that vested vith juscicion over the pace were te (bors somite i locas — Perera 4) When companies 0 rot duly ganized, the competent Court is that vested wth uicicton ¢ the place where ne headquarters are located of, secondary, at wi jurscicton over te place ‘nara the peep placa 0f BUSI seed, mm 5) When deblars are domiced abroad, the competent Court is thal having jursdicion over the administrative offees cated wit Argentina of, secondarily, that wit jurgeetion over the pace approved o Jay 23,1995 Promila on Asp 7, 1995 ~ (Pay vnc by Exetie Branch Orde 26195) Pasi te Ofc Gnesi 9, 198 were te principal place of business Is ncated or principal aces are conducted, as the caso maybe. [Arie 4. Insolvency proceedings instituted abroad. insolvency proceedings insted abroad consis ‘younds to pen nsolvency proceedings Argantna, atthe requast of he debor or cred whose csi Bt be satsied in the Republic of Argentina. Wihout detimert to the covenanis estabished i intematicnal Vetis, the existence of insolvency proceedings abroad may rot be invoked ageinst those ‘edtors whose claims are to be paid inthe Repubc of Argentina in oder to contost gh claimed by Such ereltors over assets existing within the temtor O10 annul any agreements wich they may Nave ‘rterad into with he dace. ~ E tiple Proceedings. n te event debior i also adudged benkwpt in Argentina, the creas involved in the insolvency proceedings pending abroad may arfoce thir claims on the Balance, once the other ‘aime proven tha Argentine proceedings have been salsied. Rocproaty. The proct of a credo’ claim payable abroad, which is no vohed in foreign insolvency proceedings, is conditonal upon evidence being submited to the effect at recprocaly, 3 crecior's ‘am payable in Argentina may be proven and callecod -under the same condtions- in an insolvency ase insted inthe couniry where Such csim i peyeble en Parity of dividends, Sum collected sbroad for unsecured claims after insolvency proceedings have ‘beon insted in Argantina shalbe allocated to the dividend payable to et beneficiaries on account of eneral claims.” Holders of ceims querariaed by a secutly interest are exempted fom endensng (CIoroGy TITLE INSOLVENCY PROCEEDINGS | =-—————- CHAPTER |- REQUIREMENTS — SEGTION |- SUBSTANTIVE REQUIREMENTS nicl § Paros Subject Those indicus covered by Ale 2, inckusing compan in the process of fqudation, may fe a peiton fr te ination of valuta insobeancy proceedings. —————— [Arie 6. Companies. Representation and ration, Inthe case of legal antes, viet orate or State-owned, the legal cepresectatve shal fle the peiion upon por resco, if pertinent, by the ‘istrative Body. ——S : ahi the thity G0) days folowing the gation fing date, a cre to canruo withthe proceedings tvidence must be submitted of the resoluton adopid byte relevant shareholders’ meeting. masting of parners oF respective governmental agencies, with te majoriies requiad to reselve ordinary mates.—~ nis eequirement is ret met, the proceedings shal caste by operation of aw, resulting in abandonment FN Pt en Artcta 7. Incompetant and dlsquatfed parties. nthe case of incompetent or diaaualfed pares, tne submission must be fled by a lgal representative and railed, if apptcable, by the respactve Cour, ‘ethin thity 0) days 3 fom the submesson. Lack of alifeaion shel result the acts described in the las paragragh oF the preceding Ace. — in ‘tice 8. Deceased persons, While the estates contin fo be soparata, any noi ray te apetiion for insoWvency proceedings with respect to the deceased estate. A peliion musi be relied by the obec favs with Duty (0) days. tn the event of falure fo do 80, the ast paragraph of Arle 8 shal apply. = | BEE om Ace 8. Vain epresertaion_ A mqiest to ti insoeey proceedings may 0 bee yan llores infact spectealy auhonzed for such gurpas@.————— |Arioe 10. Term for itn the petition. Insolvency proceedings may be roquested provided bankruptey "88 nok eer aie nice 11. Requirements to fle the peition. The fomal requtements to patiton for nsclvency procoedings ara —— 1) Debtors enroled in a profesional association and roguaty organized corporato entsos must fvidance ragietraton with ta respectve Register, The lr must aso allach thei Aces of Incorporation o Partnership Agreements, and amendmonts thereto and evidenca ofthe relevant js svssiiilchhinelsantinliieeinanaetlasiedial mec companies must fle, when relevant, ther Arties of tnexporaion or Padneshio Agreements and amendments thereto, even when not gist, 2) Anexplanaton ofthe actual causes of the Sancial satus, speciving the date wien symients ‘eased andthe fais by which such inabilty became manifest 3) A detailed statement of assets and lates must be appended withthe amount there updated to the date of suomission,speciicaly deserting ther “acuerdo preventive’ the mes apples i preparing tie assessment, the locaton, stale and fens on assets and ater data necessary © Become approccately acauakioa wi the esate, This fnancial statement codon must be ‘epompanied by an opinion signed by 2 carted puble accountant —————— 4) A eopy ofthe balance shaets cr ther Francial statements must be appended by the debior as ‘recur by legal provsins applcabla to the debtors business, ar ac, those set for inthe Gebiors bytows oF propared voluntary by the debtor, covering the last tvs (3) fiscal years ‘When relevant, annual rpors and opinions ofthe debtors supenisory body shalbe attached — 5) Aliso rectors must ba appended, spectying domicile, amourts of eaims, grounds invokes fue cates, oodebtos, quaraiors or thrc-parias abla or fable forthe Gebi and peferances LUkewiso, a cossier on each creiior must be attached, contaring a copy of the documents ‘evidancing the debt calmed and induding an oprion by a cari public accountant regarding the consistency between the doutors dam and ls accountng records or existing docurants and the absence of otiar crediors in its records or existing documents. A deta of the judicial or ‘urinstatie proceedngs ieling monalay lssuse whieh are ponding or judgmant whereot has not Dean enforced shal also be submited, spectying the court or agenoy which Is Peaing such proceedings, 5) An azourate list of the commercial and other books kept by the debtor must be fumished, Spacing the sl page used in ech case, acy them ab Sapo! ofthe Court, ager wth th lated documentation mm 7) Notice must be sored reporting ary former insovency prosecdings and evidence, wen pplcabie, thatthe debtor fs not subject to the retrane peti set fort by Article 58, or the ‘bandonsient of such insolvency procaodings, when relevant. ee “Two @) Sgned copias ofthe potion and the documents attached thereto shall be submited, ——— Whenever an appropriato and valid raason is invokod, tha Cour shall grant a nor-extondab ton day {ex 25 fom the few date, forthe interested prt to comply nul wh thw provisions of ts secton. Aficie 12. Domicile, The insolvent party and, when applicable, such [insolvent party's] managers and {Genera partners shall estableh domi for Rigaion purposes a he place whore the lawsut i boing eard Ino such domi is eatabished at tha ume of te fst appearance inthe proceedings, si ‘Gomicle sal be deemed to have been esabished al the Courthouse, fora purposes ofthe nscivency proceedings. —— (CHAPTER I INSTITUTION OF PROCEEDINGS —————_ ‘SECTION = JUDICIAL Annie 13. Term. Once a pation has been submited or if appicabe, after the term granted by she CCourthas expire, the Court shall save a dcision witin a petod of fie (5) days, —————— Dismissal. The potion shall be smissed ven the debtors nt subject othe insttuton of insolvency proceedings, when Article 11 has not been compiled wth, when is subject to the restraint period (stabished by Arise $9, or when the Court has na compatont jurisdiction over the case, An appeal may e lodged against such resol. rice 14, Resohtion to instiute Proceedings. Requirements, Once the legal requirements have been dy compted wir, te Court must issue a reoltion providing fac —————~ 1) A declaration that insolvency proceedings are instituted, stating the name of the debtor and, ‘appieabi, te names of ts general partes. 2) The seheding of a hearing for the appeiment of the Trust by maans of Jott system, 3) Adnadine for eects ta submit her quests othe Tries to have tei cans proven, wich shal be a date not earl than fen (15) days nor lair than twenty (20) days counted 95 trom {ha date when tha pubbeaton of nolces is expected 1p concide m— 4) Tre order to pubish notions a te manner sat forth in Arcias 27 and 28, the designation ofthe respecive newspapers ang, appcabe, an oder to issue the necessary laters cogatory. —- 5) The determination of tern not exceeding thee (8) days forthe debtor o submit the books in wich tainting recor@s of Hs nancial station at such lace as tha Court may fic wan is Jursditon o enable the Court Clerk to af 9 dated mato afor the ast arty and fin any banc spaces pee aoe 6) The der to record the opening af the insolvency proceedings in the Register of Insolvency Proceedings and in any coresponding records, raquasing a rest en the existence of any ror ooweney poceedings, 7) A gensrat restraint on he dispostion and encumbrance of those asses eile for registration. Conmad by te debtor and, when appeable, by any parners win unimitedYabity, whieh restart ‘Shallbe recorded nthe especie ejay 5} A demand forte dabtorte epost in court, within the tee (3) days following service of noice of ‘he rescuton, tue aru the Court deems nacossary to pay tha relevant posal expensos. 9) Thedatas when the Taste shal subi nvidual reposts on claims and a generat repo. 10) The scheduling of an informational hoasng which shal be held ve (8) days betoe the exci of ‘he exclusivity tar selon in Arie 4, 11) The exganizaton of a temporary castors’ committee, comprised by tvs unsecured creditors vw he largest claims reper By the debt ee ‘SECTION ll- EFFECTS OF INSTITUTING INSOLVENCY PROCEEDINGS ———————— ‘Aticle 45. Management by the debtor. The deblor retains the management ofits estate undar ho Suparssion of he Triste, ed 2) Ala 18. Proibted act. The debtor may net engage nary acy few of charge or any actwich ‘nay entail change in the standing of those cretors with claims, inespectve ofthe cause or is, ‘ro tothe intston of te proceeN gS, ‘Prompt payment oflabcr calms, The Coust hearing tw insolvency proceedings shall authorize payment ‘of any remuneration owed to workers, componsaton fo occupations! acidens, compensation in ou of ror moze, payment of te full nth of dismissal, a wel asthe Indemies provised for in Ailes 245, trough 254 ofthe Employment Contact Law, which enjoy a general or special preference, upon poof by the Tesi fhe armours of ich cas, ich sal be preererialy sted wi he pocoeds of he business concem a For promet payment to proceed. shall not be necessary prove the claim in the insolvency rocnadings oro blah jgment in @ PT Lar WS mem Notice of ye request fr prompt paymant shal be saved upon the Trustee dung a tor-day penios. The request may be rejected, ether in ful or in part by a wel-grounded rezoksion, in the foowing Creumstances: ifthe claims are ot evidenced by the employers lal and accountng documents ot ‘shen te claims are puted or tere are doubts 98 to bw ogin or legitimacy, or suspicion of wil ‘omivanes between the worker and the debiee In these cases, a worker shall prove is ar har clit) pursuantto the procedure provided forin Atle 82 andthe flowing Ailes,————— ‘Acts abject to suthorzaion. Por judicial authorization shal bs requis to perform any of he flowing ‘cs: ote conneciod wif astets Subject 10 registrafen, the daposal or lease of gotig concams, Pe issue of debentures with special or floating guaraiees, the issue of negotabe obigatons wih special or foning guarantees, he creaton of pees and any ads ober than tase perored i the rege courte of using The authoration procedure involves a hearing held win the Trustee and the creditors! commitas; tder'o grant authotzaton, the Cour shal assess the advisability Werf vis he contnuation of he ‘sclvant's ates and te protection of eredRoré interests = ‘rie 17, vad acta, Act wich volte he proviso of Aric 16 a, by pero of aw, nl ard (0d vis-bvis rectors me Separation from management. in addtton, should the deblor contravene the provisions contained ‘Afiies 16 and 25 of conceal acy property, flo discloc the infomation requested bythe Court o re ‘Trustee, supply any fase information or perform any acs to the cretors' evden! datimen, the Cour ‘may rsove to remove the debtor from the management of 15 business by issuing a wel-grounded decision and shal appoint a successorto actin the dato Sead. An appa agaist his tesokiion oy ‘be fled by the debtor solely forthe purpose of refering the lower court decision to the Appeite Court. The Trustee may appeal against ts rng if the measne is imiss0d = ‘The manager shal atin accordance win the provisions of Artes 15 and 16 —————— Liintatons, According to the pacar creumstanoss, te Court may Sts nding to the appeininent of ‘2 comanager an oversee’ ofa controling ste, who shall be vested wih te powers species bythe ‘Court “An appeal may be fled agains the decision in he condions spaced in the secand parenreh, tn all cases, the deblor shal retain exclusive lagalcapacty to act in respect ofa fsues connected with the proceedings at under the provisions of tis aw, pertain othe insaivent.~ Avice 18. General Parners vith united Eabity. Effects The provisions of Aeles 16 and 17 sha opiy 0 the estate of general partners with united iabilty of parnerships subject to insoWency proceedings . [Aticle 19, Interest. The institution ofinoWency proceeding suspends interest accruing on ary dims hawng any cause or tle pra hereto which are not secured by pledge or morigage. iterast accrued on Coauad dime sussequert 10 fe fing may only be clarmad in respect of amounts originating trom propery encumbered bythe morigage or pledge —_——— ‘Nonmonetary debts, Nonemonetary debs ae converted, fo a purposes of the proceedings, to legal teder as of te fing Gate, or upon mati date, earer, atte cracto’s opson. Debts i foreign Corey are calculated Tegal tander as ofthe date of te fling of tha Tuste’s report referred to in ‘Arce 35. solely for the purpose of calculating bles an rites, ——m ‘cle 20. Contacts with pending reciprocat considerations. The dabtor may continue to perform tngong contracts whan thre ave pending recprocal consigerations. Far such purpose, the debior shai fequest authorization by the Cour when val rancor is decsion afer senving notce to the Trusee ‘Sontwaton of te contact enites a counterparty to demand performance of obligations dus as ofthe ‘ston of insolvency proceedings, under warming thatthe contract shat be teminates, —~- CObigaions discharged by a third party aftr th instiuton of insolvency proceedings are subsequent to Compianee wit) Bw prowsons hereot, enoy te preference set forth in Ale 240. Such obfgations Sha ol be deemed parted fo the purposes ofthis secon by constructive delivery peer to ling such proceedings nem . Notthstanding ne appcaton of Arle 753 ofthe Ciul Code, a third party may terminate a contract Such td pay does nat recaive noice of an intention tp cornu such contract, afer tity (20) days Fave elapsed towing nstiuton of inslvency procaedngs, Notice therect must be served upon the ‘sebiot and the Trustee _— Labor contracts. The opening of nsahvency precaedings annulscurent collective vargaining agreements fora toe year term or such lenglh of ime as may be required to honor the “aduerco preventive vtichever is shorter —— : ‘ouing such period, labor relatanthips are governed by indkidual contracts and by the Employment Conte Lt The insovert company and tha acknawiedjed trade union shall negotiate an emergency cailectve urparing agreement fo te duraton of he insolvency proceedings, up io a maximum thee (3) yer Conclusion ofthe insaency proceedings, respective of fe cause, 32 wel as the nal abandonment of Sich nsoleney proveednge, shall esut in tho trmnaton of ary emergency callactve ageemen’ that ‘nay have been entered inf and the relevant collocve agreements shal caver their efecavenass, ——- Puble Utes, Pubic utes supped to the debtor may nat be suspended on the grounds of des ated porto the nsttuton of the proceedings. Publ uflties supped subsequent to the institution of 6 — mm TI eS I proceedings must be paid on theirrespectve due dates and may be suspended inthe event of dau by rear of ho procedure provided for inte regulations govering the relevant tty. Inthe event of qudation upon bankuptay, clans asin by reason ofthe uty services mentioned in the previous paragraph are ened tothe prforence asabished by Ari 240, ane ‘arigie 21. Lawsuts against he insolvent. Opening insolvency proceedings ental he flow: —~ 1) The Cout hearing the insolvency proceedings stall also try al actons volving monetary issues Trought against ihe insolvent A plaitil may chonse to request te proot of its cian. 0 Sccowanex with the provisions of APSGos 32 and related Articles or continue fernaitiss Spaicable to ordinary jada proceedings unil judgment is rendered by te Court hearkg te 2olrancy case, which judgment shal ako be vald, when perinent, 2s proof of the relevant aim, 2) Ligation deating with condemnation mators and actons based on family relationships ace fxclided fom the jatsdiion of the Court bearing the insolvency proceedings. Proceedings for Sntorcement of secury interests are suspended oF may not bp Brought, unt such me as = ‘east fx proof of the am In question has been submited the pubsaton of notices has not ‘Saitmoncod or te ratieauon under Aries 6 thvough 8 as oot been submited, only acts of forced execution willbe suspended. — 13) No new adions involving monetary iceues agaist the Insolvent on account of any cause of te Dror to instiuing provesdngs may be broupl, except for Hose wficn are not subject to pansion according to Hem 4 Dove — 14) Any precautionary measures levied shall conlirua in etfac, save for those affecting assts which fro Recossary for tne insolven o continue £5 regufar busnass; the release tneret sha nt Cases ba deeded by tha Cout hearing the incolvancy procaedings, after service of noice upon the Trusteo and te garishor 5) When prompt payment of lor claims cannot proceed because the dais are under dsp the Coster shall proves claim in accordance wh be procacures proved fr in Aces 32 et soa. ff ts iaw.Any acton araady brought shal be joined wih the request forthe proof of csi Exczpton is mede in the cate of an acto fr occupational accidents brought undor the appicabe legsiatve provision ‘ile 22. Stpuations that are null and vid, Ary stpulations conrary fo the provisions contained in ‘afiles 20 and 21 shal bs null and vid, Anicle 23, xecuton by nonjudcial auctor. The holders of claims guarenised by security nor. ‘Gh aro eid to exectte ages! assets belonging © the insole or, when applicable, (othe genera Darters, by means of non-judeial aueton, must render account hereon the procaadings by submit ‘Pavuments dancing ha clams andthe respective vouchers, witn the twenty (20) days subsequent ‘Sie auction A credhor fr ane per eant (14) of to amount of scam in favor ofthe insclvarcy provsecings estate par day of daly, provided there has been a per judciat demand therefor | The ‘nance shal be depeatied once tha Galme ar satad, win the period to be apecied by the Court — ‘men the publication of the aocas eat forh in Arce 27 has commenced, a creditor must prio: 10 pusleston of notees ef the nonucical aucson, appear before the Court hearing the hsalvency ‘rouecings, orepor upon the dala, pace, day and tine established fr te aucon and the asses © be Tictoned: thevise suomiting te mstument evidencing &s csim. Omission of tis prior notice shal validate the eucion, mansbadickl “The rendaring of accounts must be implemented by means of ancitay proosedings, wih the participation ofthe eaten and ofthe Truss benibcbcambaniee Aricle 24. Suspension of aucions and precauionery measures. In casas of evident need and urgency ‘ihe proceesings and accordeg tothe eraron eet ern in tie 16 f fre, the Court may order the temporary suspension of te auction and of the pracaulonary measures which prevent the debtor fom Using the encumbered asset in the exocuton of claims backed by pladges or mengages. Interest Sosted sflar he suspension shal be paid as pat of the expenses of the proceedings, should the proceeds of fe sncumbeted asset prove maul. Ths suspension may nat excood ninety (80) cays ‘Te resolution is subject to appeal -sfly forthe purpose of refering the tower court decision to the Agpetate Court: by a erect, Pe debtor and the TR, Arie 25. Tips abroad. The Insolvent and, if applcabie, the managers and general pares of ‘ompanias under nsolvency proceedings may ct rave abroad without prior communication t the Court peeing the inaotvency case, mang known the pod oftheir absence, which may not exceed fry (40) Caleedar days. in the event ofa longer absence, Court authorization mst be requested CHAPTER Il. FORMALITIES PRIOR TO THE “ACUERDO PREVENTIVO™ SECTION. NOTICES eee ‘Acie 28. General Rule. Ones the pettion fr Insolvency proceedings has been fled, the debtor or his ‘eprasentalves must appear athe Court lens ofles on the dates notice is served. Al court orders are ‘deemed shave been noted by aperaton ofthe aw, unless the appearing pat records is presence in the relevant book kept atthe court Car's offen and evidences thas been unable o examine te dossier. ‘nice 27, Notices. The reson nstuting insolvency proceedings shal be mace known by means of ‘oticss whicn must be published dng ve (5) days nth lgal newspaper o the jaisccion of tre cout tnd in another leading newspaper published inthe jursdicbon ofthe debts pace of comico, as shall De ordered by the Court The natcas must contain fornaton refering to teensy of he debtor ad Dl he general parnars: data deserbing the aeton and te competent court, te name and domicile of he SFrustee, the demand that cectors fle requests fo the proot of thor claims ard the period and locations 99 “This publication shal be a the expense of te debtor and shal be made within the fve day following seme of patos ofthe rescluign Amie 28, Establishments in another julsdcion, Whenever the debi possesses establishments in fancther judi jrdicton, notes must ago be published during fve (8) days in te jusciion where fac) located and, when avalabla, in the respective legal newspaper. The Court shal fi fe term for the deblor to make there pubicons, which term may not exeiod twenty (20) days as fom neicaton Of he wt nstiuing insolvency proceeds, ———————— os Evidence of notice. In al cases, the debtor must evidence that notices have been published, by “suming the rceipts within th slated periods; th debior must also rove te actual publication of the fates wat fve days afer the frst publi, Aricie 29, Lettato the creditors, Notwihstancng the provisions of Articles 27 and 2, the Trustee must fdeross a registered leter o each reported crt aasng sucn creditor that insolvercy proceedings fava been msttied,inctoding a bit repot on the requirements set frt in toms 1 and 3 of Article 14 the Trstae's name ang dom, ofce hour, designaon ofthe incumbent Court and Court Ciark and ‘ocaton tereo, as wel as any cher inforration the Trustee may consider of intrest to cers. ——~ ‘Te laters must be sent within ve (8) days ater the fat publication of natees. Faire bythe Trust to Sond tho keto doesnot hvatdate th process ———- ‘SECTION I - ABANDONMENT See eee ‘Acie 20. Penalty. Inthe avent the dbtor fat to comply wh the provisions of Hams 5 and 8 of Article ‘and Articles 27 and 28, fst paragraph t willbe deamad to have abandoned its pation [arid 31. Voluntary abandonment. Wihout requting the consent fs crear, 8 debtor may abandon {3 pelifon uni the date when the st naices ae published, In addition, the debtor may abandon the peiion unl he date scheduled to commence the exchusivty perod under Arle 43 provided tia, together wih tha pein. the dabior encloses evidence ofthe Consent of the maoniy of the gener! cedtors representing severtyfve patcant of the unsecured Capita i order to calculate these majrtes, according to the stago of th lgal actin, the folowing xe tsken into acount reported creditors plus those who have subitied roquess for proot of cams, when abandonment occurs belo fling the report required under Arle 36, after fing such report, those ‘ecommonded bythe Trusts for he proof of ther aims shall ba takan bo account ance the judgrrent provided for by Arte 36 has bean rendared, the majo is calcdated on the basis of proven claims ox those which have been dodared adrissbio by the Cour if fhe Coutt dismisses a pliion for abandonment by reason of inuflertconsant by credtos, but such consent is subsequently obtained, ber dus fe deisons upon ths proof of claims or to naw consents, the abandonment willbe sustained fans be inslvency shal be declared conchided =—— Inacimissibilty. Whar a peiion for insolvency proceedings is smissad, abandoned or not rated, then seins fled wit the feowing year must rat be amie, howd thar be involuntary bankretey pions pending ————— SECTION II - PROCESS FOR PROOF OF CLAIMS Aricie 32. Request for proot. Alleredtors, onthe grounds of any caus or ite rior fo the ing as wa 85 ther quarantrs, must subst a roquest for tha proof of fer clams tothe Truseo, stating te aroun, ‘rounds and prefecnces, The patton must be in wring, n dupfeaa,alacing insiuments evidencing the clam and two signed copies there The peliion mus! epeaty the domicile estabiched wh espoct tothe acion, The Trusoe shall relum te orignal instuments, afin to them a statement to the effect that a requect for the proof ofthe claims has been made and the date thereat, The Trustee may requre the submission of he originals whenever deemed adasable. Faire o submit the originals precudes the pros of te daen, ects. The requestor proof hatte same atts ata jill compl, ls the statute of tations ‘nd preven the right and the petilon from apsing, a ‘Fees, For each requast forthe prool ofa claim which ie submited, the ereitr shal pay the Trustes 9 fein te amount of By pesos (A750) whlch shal be acded to said calm. The Trustae shal alocate the referenced sum othe expenses inared inthe process of proof of claims and drafting of repos and ‘hol bp requred 0 render acount thareot to tha Court in du time and the balance shall be credited to ‘he fees to be assessed for fis perfomance. Labor daims as well as those involving fess than one ‘thousand pesos (ArpS1,000) aro exam fom ta fee, wihout te naed for any judil decision, —-—- Aricle 32 bis, Proof by Trustoss and otter lawful partes, Proof of claims may be requested by no Trusioe designated in issuances of debentures, converte bonds, negotiable struments or oer secures issued in sorias and Skowisa by whoover has bean’ lagaly vested wit powe:s of representation to act by @ group of creditors, The edent of the powers vested in the Trustee, the 9 tenful paty or the representative shall be deemed in accordance with the contract or documents ‘enereby such party has been vested withthe capacity of Trustee, lawful party oF representative, No ‘confimaton af submission of other powers of atomay shal be requited [Ancle 33. Informative Powers, The Trustee must undertake al necessary examinations ofthe deblors books and documenis and. whan rBlvant those of cats. The Trustee may aso aval imsai of at data it may conser usfal and, n be ever of 2 refusal to fuish the late, he sented to request he ‘ncumbent Court to adopt the relevant measures. —— He must mayan the credors’ flessvomied by tho insolvent, inchudng in tem tne requests for prot ‘re tha documentation presertad by te creditors and shall arrange and mainan the fles onthe non- ‘eported credtors who have requested poof of heels. The Trustee must record al measures taken inthe fa3,—————— Atle 24. Patod to object to claims. During tan (10) days folowing expiration ofthe tar fo request ‘proof of dams, the debtor and crecitors who have dane so may appear atthe Trustee's domi, n oor {o review the fla anc lodge writen objecsons and obsorvatons against the requests made. Two (2) {Copies of these objections must be subtle and shall be added tothe relevant fle, The Trustee shat delver tothe interostes parbes evdanca acknowedging receipt thereof, spectyng the date and te of the sitistion- a \Wiin forty-eight (48) hours ater the expiration of the tem sel forth in the previous paraaraoh, he ‘Trustee must fle wit the Court a set of copias of tha abjecons received for ther nchsion inte fe pected n Arle 278, oo Acie 35. individual repor._Upon expkaten of te ter forte debtor and the creditors to fle objections. “tin 8 period of venty (20) days, the Trustee shal drat a rapt on each request for acknowledgment, Cae Shale sunt the Sb en ‘Te report must contain each credo’ full name, actual domicle and domiile ad Flam, amount and ‘rounds of the dam. preference and guarantee invoked frtharmare, must summarize the information oianed, ne objectane dyed by the debtor andthe creditors in respect of the requests and render 2 ‘founded opinion on each lam a8 tothe corecinass of te proof ofthe caiman its preference, ‘Rims also be accompsnied by a copy, tobe attached to the fle refered ton Aila 779, nich must be ‘ermanerty avaliable o erested pats for examination, as wll as a copy ofthe fle, AAricte 38. Juss raion. Witin ten (10) days flowing submission of the Trustee's repo, the Court shal iasue a desision as tothe corecnoss an scope af he requests made by the creciors. The Cams or ptetarences uncontasted by tha Trustee. the debir cr the cedtors, shall be proven, if ‘out eansiders here isa fogal basis taro. — bin Wien no objections have been raiges, the Coun shat issue a decision, cadaring the cla ar th preference to be efter admissible or nadmisibe fn ‘hase esolitons are fal for he purposes of calculating he malories and the basis af he agreeme \nthout etrmant to the provisions ofthe folowing Ati nn ticle 37. Juda resolution, The ressiuton declanng the claims proven and, i applicable, the preferences, has the elect of reseSeaa, savin the case of aud ———— ‘The esolaion which daciares them admissible or inadrissble may be reviewed at the request ofthe interested pay, provided such requost is made witin tony (20) days fofowng the resolution proviced 10 1 | 2 ae ee for in Ale 26, Once tis period has elapsed and provided that no objections have been fd. such Fesoluion shall be final and shal alsa have te foto es udcat, except in tha case of fraud. Aicle 38. Akegaton of fraud. Effects. The actos for rato which the previous Article refers sha be Settled’ by means of ordinary proceedings, Defoe the cout hearing the igavency case ar shall become atutony barred mney (8) days afar tha dat on whch te judcal resolution set fot in Arle 36 was ‘Ssued. the fing of fis action does nol hinder the ereétors gh o seek futiimart ofthe agree ‘without datnmant to the presautonary maasures which may be ordered Zs SECTION IV- GENERAL REPORT BY THE TRUSTEE ‘Anice 32 Timeliness and coments. Thty (20) days ater tha spacifc report onthe claims is ube, {he Trustee shal le a general repod containing - 1) Ananalyis ofthe grounds or te debtors franca itcstes, ——— 2) A.detaled updated breaksowm of assets. An estimate must be made ofthe probable realeaton val ofeach asset, incuding intangibles, 3) Breakdown oflabiting, including also, a prosion und, deal faim thatthe deblor reported in ‘ts submasion and which had net been presortad fr veriicaton as wel ose otters arising fom the aacountng books or aher tue ams. ———— 4) stor tne accounting books with an opinion as to thir accuracy, deficiencies and satisfactions of ‘cles 43,44 and 51 of the Cortmarcal Code. —- 5) References to the registation of te deblor in the flovant ragistoes ang, in the case of Companies, fo the reghtvalon of the incorporating ocumenis and. amendments thereto, Speclying the name and dome of the managers and parrors wi united ay, ©) The tine when payments were suspended, specying the events and creurstances which les to sun determination 7) tm the case of companies, it must be reported whether or not the partners made requlsr ‘onibutions, and if monelay Eabiity may be asseted agsinst them on account of the performance such capacly ——— = 8) A etaed enmeration of the acts which are considered subject to revocation, as provided fr in ‘alos 118 and 198, ———-——~ ee 5) A.duty rounded opinion as tot grouping and eassfcation mace by the debtor with respect to the credtors Se eee 10) Information as o whether dabor may be subject tothe lgal procedure set fh by Chapter i of Law Ne, 25,158, Besause ti nuded in AED ef a ‘Acie 49. Objactons tothe Report. Within tn (10) days aftr the submision of te report provided for Inne provious Arte, the debtor and any pares who have requested poo! of clams may fle objacions {0 the report, these shal be attached t ne record of tha case wahout urer processing and sha remain ‘vatale to interested partes for consultation. (CHAPTER IV - PROPOSAL, PERIOD OF EXCLUSIVITY AND REGULATIONS GOVERNING THE "ACUEROO PREVENTIVO" ee Aricle 41, Classification and grouping of rectors into categories. Win the tn (10) days fotowing te sata sa whch the resolution set forth Arle 96 is issued, the debtor sha sub tothe Trustee and to the Gout 8 grounded proposal for grouping and classiyng those creitors whose clas have Deen Proven and Geared admissible ilo categories, taking clo azcount the amounis proven or declared cneuis, the natre of fo obigations giving ise to the claims, wheat they ara prefeed or general ‘odio or any eter featue which may reasonably determine ther grouping oF categorization in oder {0 offer them differing “acuerdo preventvo” proposals. = ‘Toe categorization must group credits i at ast three (3) catagories: general. general abo (tary) rd pretarrd, and may aso consider subcategories of each, mm subordinate coins. Acknowledged creditors who have agreed wih the debtor to postpone their gts “nt spect to other debt, ar to form a category comprising al such aims. — Anise 42. Resoluton reganing the catagoiaton. Wein the tn (10) days following he expiration of ‘ha torn set orth iy Aete 40, Be Court shall save a resolution astabishing te fal categones and the ‘reddtarsinuded win each, : Crganizatin of the Creitors Committe. In such resohson, te Court shall appoin the new members of the provisonal creditor’ commitae, which shal be compiised of at least one eretor from each [Stabtahed category, and thal rector having the Fighast claim with each category shall necessary Secome a member As from thet tm, We cues of te fomer members of the prior commitise sat Aicle 43. Petiod of exchusviy. Proposed "acuerds provers". Win the ninety (90) days folowing ‘enves of notice by operation of aw ofthe rescluen set fort in the previous Arce, oF win such fnger {Som the Court may establish, onthe grounds ofthe number of codtors or catagories, which may not treed ity (20) days ar the onary term, the Gebtor shal enjoy a period of exch fo submit 1 fs creditors proposes "acuerdos preventive by calegores and oblan the approval, accor tothe ‘mechanism stforh m Arite 45. — —— a “The proposals may corset of debt reducton, extension or both; the defivery of assets fo credo: the Constnaton of 2 company with the unsecured crediors 3s partners; reorganization of the debtor Company, menagement of ll or part of Bie as206 for he creditors’ bene, issuance of negotiable Solgatons or debentures issue of bonds convertbe into shares; coaton of guarantaes cn Wid party Sssets assignment of shares of stork hs oer companies, cantatzation of dais, inci labor aims, if shares, or in employee slack ownership plans, or of any other understanding accepted by a sufcient ‘umber win each category and wh respect to tne aggregate numberof cers to whom the proposal ‘The proposals must canta equal provisions fo all erecta within each eatsgory and may sifer one from another, ee The debtor may make mare than cre proposal with respect to each category, from among which the {elevant cedars may make 8 shoica, ‘> crecitor must exercise ls option upon rendoring ts consent to he propos ‘The proposal may not contain any provision which s voluntary on the par of te debtor, ~———~ ‘When the proposal does not cont ofa reduction or extansion, it must stata the manner and tre at which any ing debt denominated in foreign curtency shal be defitvely calculated, regard fo the ‘Spates obigaions ns ———— 2 Prefered credtors who expressly wave thar profrence must fa within the seope of one of the Coregures of unsecnd creGlars, ‘Te waver ray not be fortes than thty percent (20%) ofthe claims | preference sing from an employment relationship may be waived, such decison to be rated at 3 Feang before ne Court eversoeing the insonency proceedings, © which the lil trade union wait De Sammored. ifthe worker does nat fal wii the scope of the Cotlacive Ageement System, a summons {o the Wade union wil not be reqared. "The waiver of te labor preference may not amount o fess than twanty percent 20%) ofthe dam and the labor cediors who have waived their preference shail be Incuded wih the calogoy of unsecured labor credios in respoct of the aroun ofthe eli whose prelerence they have waived, The preference waived by @ wotkar who vole in favor ofthe “acuerdo provertvo lb restated in cate of subsequent barkrupicy due to afar to reach an agreemen oF Inte avert tne agresment shot approved. es “The debtor must make Its proposal pubicly known by submiing to the racord of the proceedings not tess than ‘wort 20) days beloe tha exgxtaton of he excusialy period, W the deticr tas to do 30, “hal be declares bankrupt except inthe spacial cases set forth in Aric 4 “The debor may submit amendments fo i orignal roposal unt the Ue the infomative Hearing ished {eset ierth mn Atle ¢S,ponutmata paragraph =e ‘Afila 44, Prefered eredters. The debtor may offer a proposed “acuerdo preventvo" including prefered credors or any catagory ofthe ater — “The “acuerdo prevention question requres the malores sat for in Arie 40, but must be aperoved by of eectore with special proferences hat fl win Bs Scope, ————— [Arcle 45. Ter and majorities to approve the “acuerdo preventive" applicable to unsecured zedtors In ‘iter to obtan spproval of he proposed agreement, the debtor must send to the cour. by the day the txcuswy pered expres, the tat of the proposal, Ncung the consent thereto, evidenced by 0 wnten Statement wh signalces cere by 8 Notary Putt, a court or an administrate authority inte case of atonal Provncal or lunsipal pub ens, of an absolte majority of creditors, within each end every Category, representing twoshids of te comauiable eaptal win each catogory. Only tose consents wien are dated subsequent to te lst proposal or amendment thereto submited by the deblor in the ‘eco, shal be daclared valid ad computa. ———————— ‘The majony of he capital in each category shal be computed taking nto account the otal amoure of the Totowng cant: 2) Unsecured claims, either proven or declared admissible, fling within the category ————— 1) Prefered claims whose holders have waived the preference and which ha een incuded within ‘ht estegory of unsecurod clans. a ©) Creditors admited as unsecured cretors because the preference ty invoked was rejected ‘hall be excluded from ths categoy, fr calculation purposes, when thay have insted aneiiary proceedings for oview under te toms Of ARG 7. The debto’s spouse, blood relatives to the fouth degree, second degree by mariage or adopied Ielaves and ter assignees within ane year pitt the ng are exchded frm this cafculafon. Inthe ‘ase of companies. the padners, manago's and cediors described inthe previous paragraph are ot Caleuated The proniton is not appteabie lo credtors that are shareholders in the debtor company, Unless they contr such company eee B “Tae debtor must also submit, as pat ofthe proposal, a system for management and imitations to acts of disposal appcable tothe stage of performance, and te formation ofa Crediors Comittee which shat | act as controler ofthe "acuerdo proventvo" and shal rplace fe commitce setup by Arise 42, second paragraph. The Commitee Mambars shal be those credtorsrepresering the may of capa arin the five (5) days belore the expraton of the axusity period, an informational hearing shat be held wit the atlendanc ofthe Judge, the court clark, the debtor, the provisional Crier’ Committee 2nd nose crediors who wish to be present Al his hearing, he debtor shal exian the negotatons itis conducting with its cretors and those resent may pose questions concering th BropeSa8, m= ln the event tat prior to the date scheduied forthe Informational Hearing, the debtor has obained the 2pprovals required under Aricle 45 ond has notified the Court accoringy, atiaching the rlevant ‘evidence, the hearing shal not Be neh, ‘rile 45 bis, Voting system for secuities issued in series. The holders of debentures, convertible bonds, cvtificats or ther socurtes issued in sores representing caims against the insect, shal lake partis obtaining consents using the folowing system 1 They shall hold a maeting summoned bythe tustes or, whea pertinent, ty the Court mm 2) At such meating those present wil approve or relect the proposed “acuerdo preventvo" relevant to them and shall tate which altemative they supportin the event the proposals approved. =~ 3) The consant shal be caledatod by the capital represented by all those who have accepted the proposal as ough granted by one single person, rejecions shal alzo be calculated as one angle person, 4) Consent shall be reported by the Trustae or whoever has been appoinied by te Shareholders’ Meeting, and the Mirus of such meeting shal serve as suflent evidence for all purposes. ~~ 5) The Shareholders’ Meeting may be dispensed with when the Trust oF applesble regulations establish a aiferent method to obtain the acceptanes of holders of cains which the Cout deems Sule, ©) In those cases in which the Trustee is the one who has been acknowledged or declared ‘missble as holder ofthe ciims, as sot oth in Arco 2, bi, the Trustee may spt Rs vate the vole wil be calculated as acceptance forthe capital of those beneficiaries who have expressed {heir agreament with the "acuerdo prevent according o te method astabshed inthe Trust of in the applicable law, and as a rejection by the remainder. In the majory of persons shal be ‘computed as one acceptance and one rejection 1 nev aulenupiti demain cacmmaenniadnoden : ) In ll cases the Court may order the relevant measures lo ensure that eettors patcpate and that Ime consents o¢ rections ae property eblained == Aico 48. False to obtain consant. Should tho debtor fd to subeitin the record ofthe case, within the stipulated term, the general crediors' consent graniaa pursuart to the system of categores and majors set forth in the previous Arica, te debtor shat be dectares bankrunt except in hose, ‘Sroumstances descbed in Arle 48 wi respect cartan parsons, GB ma oe oe GL ‘aril 47. “acuorde preventivo" win prefered credors. When the dablor has submited a proposal for aitoned crestors oF any category erent and has not obained, por othe expiration of be excusvty od, he approval fa smoot of eedior a twos ofthe computable capt as wel 5 Fecrmnoce suppor o! the prefer creditors having special preferences covered by the proposal he WiSsor chal ony be schadged bankrupt should Rave, at any te, declared inthe record ofthe case st se ersfonal tthe quneral creditors was condsonal upon the aperoval of the proposats made fo the prefered credrs. —ee ‘Arie 48, Special Situations. Inthe case of itd fabity conparias, stuck companies, cooperatives wrcee companies in which the National, Provirsel or Munizpal Govemmedt fas an rea 205 Jang move persons governed by Laws Not, 20.081, 20321, 26.241 and those excoped by sped ee SEL ove dobter fatto obtain te consents requked 19 approve the "acuerdo preva” once the SSusuiy torn has expired, there shat be ne adudicaten in bankruptcy, instead, the folowing sal only zh 1) Opening ofa Register. atin two 2 day, the Cout shal order that a Register be opanedin the prenediegs for five-day (5) frm, during which Be creiors and third pares inleresieg pchesh shares ar quot representing the capital sock of th insolvent company, may reser Pee ene. the pubose of propasng acuerdo prevenivs”. Upon instructing that a Regist: Ce cponad the Courtwn fix an amount delay payment of published novices, Upon regis aton that stn must be deposed by those partes itaesid in proposing a “acuerde preventvo" — Ansence of egisratons. Should ne regtratons have been entered upon the expiration of he {Gon entabahod n the previous lem, the Court shal declare te Dankrupiy, +3) Aopreisal of corporate quotes or shares, When intrested parios fave cagistered their names abinine tem provided forin Hem (1) of vs Arse, the Court shall appoint the Appeisar refered wane 25% who must scoepl such offce before the Court Clerk. The aporasal must be ‘ainitod ae dossier ofthe proceacings win the subsequent ity (20) days. ——~ ‘he appraisal shall establish the rel market value or which pupose, and without deinen o oher ‘tens deemed appropri, shal conser —~ 1a) The reper provided for in Arce 99, tems 2 and 3, whieh shal not be binging upon the appease ga deal by. Substantal increases, decreases and modcations of asses; —————— 9) Theinauence of bites aftr the Insolvency Proceedings have been insted ‘the sopretal may be objected to win 2 fve (5) day period, without leaing to ary eubstan Wate ae “Taking ino account the appraisal, any events! objecton thereto and an adktonal aby estimated for Teta Srooceddngs related ensts equal o fur parcant (4%) of assets, the Court shal x te value of {he quotes or shares representing the insolent’ corpora capital The Court esoluton is nat subyect ape heel avnistoniil —— 44) Negotiation and presentation of proposed “acuerdos prevents". In the avant tna intrested ator register ter names athin the team sot in the fis tem, they shall be quai to present Froposed “acuerdos preventvos” to the credo, fr which pupose they may preserve or mextfy Fe'cassiteston ofthe excisivty pesod. The debior may seek support of its farmer proposal oF Samy new proposals f may suomi, af the same time and on the same tam, witout any preference whatsoever. as those offered by other interest partes presenting proposals 1s 5) 7 Al intersted partes, including the debior, have a maximum twonty (20) day tm to obtain tha required consent by creditors subsequent to the date when the value ofthe quotas or shares ‘epracentingineolvents corporate captal has been fixes by the Court. Those eredsore wha have been acknowledged and declared admissble may grant ther consent tothe proposals subaited by more than one intrested party andr by the deblar, The same majtties and formal requiements sot for tie exclsivy paid for to “acuerdo preventive’ must be met ————— Informative Hosting. Five (5) days pir tothe expiraon ofthe tar soto present proposals an Informative Hearing shall be bald onthe date atthe ime and place to be fae by the Court upan issuing the resoluton seting the value of the quotas or shares reprasoning the insolvent’ cparate capital The Informative Hearing is the last chance to submit tre proposed “acuordo proventva" fa eiors, which may nctbe mod as fem such dat ————— CCoreunication of the existnce of sutfint consent. Whoover has obiained the suffiant ‘number of consents forthe “acuerdo preventive" to be approved, must make tis Known in the ‘cord in the proceedings befor th lagal tam sot in hem 4 has expied._ nthe event the fist party to obtain such consens is the debior, the rues provided for the “acuerco preventive ‘obtained within the exchisivty porid shat apply. Should atid paty be the Fst to obtln such consents, Se procedure set forth in tem 7 shal be flowed. Agrooment oblained by a tind party. inthe event the Fist person to cbtain the consent of ‘rears and to serve noon tiecbot sa thd pay 42) When as a resut of the appraisal the Cout has ascertained thatthe quotas or shores representing the corporate capil are valuoless, tie Und pay acquces the mht to be ‘assigned the awnership thereof, jit wih the aporoval of he agreement, without any oer fenmaliy, payment or adctonal equrements = >) When the quotas ar shares represoning the corporate capt’ are aacertaned ts have value, the amount st by the Court shal be reduced in the same percentage as te Cust pulges — ae a prior report by the Appralser~ that fe unsecured labity shal be racuced fo relect ‘currant values nd a8 consequence of he “acuerdo proveiva” by the id party._h order to ascertain the above-eferanced cuent value, the convactual intrest ate of lam, te intorastcataprovaing i the Argentine market and, wien relevant. in he iniemational markt {and the ralaive isk exposure ofthe nsokent company dus to is patcular orcumtaces, ‘shall be faken ino account. The resung Court estimate I not subject © appeat ©) Once the value described inthe preceding paragraph has been judcialy detwmined the hed party may: State that it wil pay the respective amount tothe parners, posting at that ime twenty fe percart (25%) 26 quaranoe of te balance must doposi at Cour win the ten (1) days subsequent to the Court approval of tha “acuerse prevervs", at which Sma the ‘efnive conveyance of tre nership ofthe corporate capa wil take pace: er, ——— 6) Within ha twenty (20) folowing days, agro upon the acquisition of the carprat intrest ‘ata vale lower Dian that set by the Cou, for which purpose it must obtain he consent of pathars or shareholders representing two tied ofthe ieolvents corporate capital. Once these consents have been granted, the Gir party must serve tie Court notice caordngy and, when relevant pay the Court deposit andor supsoquont payment of any balance ‘outstanding, inthe manger and onthe occasions sated nthe previous paragraph (), fer wich wl definitely acquire ownership ofthe ful corperate capt 6 2) Bankruptey, When no “acuerdo preventvo" is obtained during this stag, by the third paty or the ‘bor, othe "acuerdo preventvo” net approved by the Court, the Court wit dectare the bankruptcy. — (CHAPTER V- CHALLENGE, APPROVAL, FULFILLMENT ANO— NULLITY OF THE *ACUEROO PREVENTIVO™ SECTION t Aticle 49. Esistence of an ‘Acuerdo Praventvo". Within the tree (3} days folowing submission of the Fespective consents, he Court shall render its resoluton making known the exstonoe of the "Acuerdo Preventvo" eee ‘Artice $0: Challenge. The ceiltors ented to vote and those who fled a motion for encitary proceedings because of falure lo fe their submission within the sipulated petos or on account of ejection oftheir unsecured caims may fle objections tote “acuerco preventive” win the five (5) days Totowing the date’on which nots of te reschtion established in Aricie 43 was served by operation of (he a a Grounds. A challenge may only be based onan 1) Anema eateatating the required majority ——— 2) Lackot representation of those crests who oily comprise a majority in the catagories ~~ 3) fraudulent exaggeration of abies, 4) Concealment or frausuant exaggeration of assets, 5) Failure to observe the required formalities to execute the “acuerdo preventive ‘This cause may only be invoked by hose creditors whe have not approved the proposal submmitad bythe debtor, the rectors or til parbas.—————— Age $1. Rasokaion, Oncs the challenge has ban processed, shout tie Court conser it acs. i shall ssue the related resauion ordering the adjudaton of bankrupcy. Inthe case of ented labity ‘companies, stock comparies and those in wich the Nationa, Provincial ar Municipal Gavommant nas an Interest the procedure estabishad by Aricie 48 shall be appl, unless the chatenge has been fled ‘against a proposal made by application of this procedure ——— ‘Should it be considered inadmissibe, the Coust shall approve the “acuerdo preventiv!’—————-— Both decisions are subject to appeal, soll for the purpose of reer the omer court decison tothe _appelte court inthe Fst case, by te debtor company and in tw second, by a challenging cedtor.—- SECTION i APPROVAL eee [Aricle 52: Approval. if no chabenges are fled within the established period, or i those fled are rejected, ‘he Court shal render @ ruling upon the approval ofthe "acuerdo preventyo" ~ 4) Hitconsiers a single proposal, approved by legal majoras, x must be approved. — 2) it considers a “acuerdo preventivo" which dassiies unsecured creditors and consequanty ‘mule pronosale prtaining tothe respective categoria: ———————————- 0 4) it must approve the “acuerdo preventivo" when the majorios set forth in Article 45 nave been ‘obtained o, hace appropriate, those eatin Arle G7: ') when the requred majoras in all categories have not been obtained, the Court may approve the “acuerda prevent" and impose it upcn all unszcured creditor, provided the folowing ‘roquioments have bean met — oa 1) Approval by atleast one ofthe catagories of unsecured creditors; ) Consent by atleast tives quartars of the unsacured capta, i) Non-discrimination against the dssident category oF categories. Discrimination Is understood as preventing the creditors incuded in such

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