Article 590 — Définition of Cessation of Payements

1/ Cessation of payments shall occur when the debtor is unable to pay its debts which are due and payable with its liquid assets. 2/ For the purpose of Sub-Article (1), liquid assets shall include credit reserves, overdraft and similar facilities available to the debtor. 3/ Debts which are granted grace periods, moratoria or debts which are the subject of standstill arrangements shall not be considered to be due and payable. 4/ For the purpose of Sub-Article (1) of this Article, debts shall be considered due and payable only after the creditor has given a default notice as required by law.