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Structural division: BOOK THREE › party › SECTION THREE
Article 671 — Mandatory Invalidation
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
At the request of the supervisor in reorganization, the court shall invalidate the following acts performed by the debtor during the suspect period:
1/ assets or rights transferred to other persons through gratuitous assignments, donation, cancellation or waiver of rights;
2/ assets or rights transferred to other persons for a price that is manifestly undervalued;
3/ payments of debts that are not due, whether in cash, by assignment, set-off or otherwise;
4/ payments of debts due otherwise than in cash, or by set-off, or by negotiable instrument or by transfer to a bank;
5/ creation of mortgages, pledges or other in rem security interest, over the assets of the debtor, in respect of debts contracted before the creation of such rights in rem.