What can be expected if a request for a contractual procedure is made? And what should we pay attention to when we are already in the process? Upon request for the opening of an arrangement procedure, the court shall take a decision at a secret sitting to be held before two weeks after the submission of the application. If the decision of the court has been taken, the court shall examine the application within the time limit six weeks after its submission.
Documents needed
Within time 30 the day after the opening of the arrangement procedure, the judicial supervisor shall draw up and submit to the judge-commissioner:
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- a restructuring plan taking into account the restructuring proposals submitted by the debtor,
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- the list of receivables.
As soon as the documents referred to are lodged, the Judge-Commissioner shall set a time limit for the meeting of creditors to vote on the arrangement.
The resolution of the meeting of creditors to accept the arrangement shall be adopted if the majority of the creditors voting for it, who have given a valid vote, with a total of at least 2/3 the sum of the claims owed to the voting creditors. In addition, the agreement may be concluded if at least the meeting is attended 1/5 creditors entitled to vote on the arrangement.
Opportunities and limitations
The arrangement procedure may be conducted independently of the sum of the disputed claims which entitle to vote on the arrangement. It also gives the debtor the opportunity to enter into an arrangement after the inventory has been drawn up and approved.
During the arrangement procedure:
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Whereas it is unacceptable to terminate the lease or lease of the premises or real estate in which the undertaking is situated, as well as the credit, leasing, property insurance, bank account, guarantees, licences and guarantees or accreditation contracts which were carried out before the date of the opening of the arrangement procedure, unless the Council of Creditors agrees to terminate the contract in question,
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creditors may claim their claims before the court subject to listing,
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the judicial supervisor shall enter into the law of judicial, administrative, judicial and administrative proceedings and those before the arbitration courts concerning the contractual mass.
Enforcement proceedings concerning contractual claims shall be suspended on the day of the opening of the arrangement procedure. The Judge-commissioner may, at the request of the debtor or of the judicial supervisor, revoke the seizure of the contract-covered debt before the date of the opening of such proceedings.
During the arrangement procedure, execution may be carried out only as regards claims arising after the day of its opening. On the other hand, the execution of claims secured on the debtor's property by mortgage, lien, registered lien may be carried out only on the subject of the security.