English
1/ Where the debtor fails to carry out the terms of the
restructuring plan, a creditor may file an application
to the Court to set aside the restructuring plan and to
open reorganization or bankruptcy proceedings.
2/ The opening of reorganization or bankruptcy
proceedings shall result in the automatic setting aside
of the restructuring plan.
3/ The setting aside of the restructuring plan shall have
no retroactive effect; in particular, creditors shall
retain, without any possibility of claw-back, the
amounts received under the restructuring plan;
Creditors shall retain the benefit of new financing
privilege priority obtained under Article 628 of this
Code.
4/ Notwithstanding Sub-Article
(3) of this Article, the
rescheduling of claims and any grace period provided
under the restructuring plan shall automatically cease
to have effect. Creditors shall recover all claims and
security interests that have been waived under the
restructuring plan.
