Article 548 — Rights of Creditors

1/ The rights and duties of the former organization shall pass automatically to the new business organization as from the date on which the amended memorandum of association of the latter is entered in the commercial register. 2/ On entry into the commercial register of the amended memorandum of the new business organization, creditors of the former firm shall be required to establish their claim forthwith, and shall be informed that, unless they object thereto, they shall be deemed to be creditors of the new business organization. 3/The provisions of Article 484 of this Code shall apply to make calls for creditors. 4/ The organization shall pay creditors who make their objection to conversion pursuant to Sub-Article (2) of this Article or provide adequate guaranty to them, if it cannot pay. No payments of profit out of the assets of the firm shall be made to shareholders until all creditors have been paid. 5/ The general manager, or the secretary of the organization, as the case may be, shall cause the conversion of the firm to be published in a newspaper which has wide circulation. 6/ The general manager and the secretary of the business organization shall be jointly and severally liable for carrying out the provisions of Sub-Article (2) to (5) of this Article.