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Structural division: BOOK THREE › party › SECTION THREE
Article 673 — Institution of Legal Proceedings for Invalidation
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ The supervisor in reorganization shall institute legal proceedings for invalidation where such proceedings are beneficial to the estate or confer an unjustified preference upon the creditors.
2/ Where the supervisor in reorganization decides not to institute legal proceedings:
a) a controller or a creditor, acting ut singuli on behalf of the estate, may institute such proceedings after having summoned the supervisor in reorganization to do so and, where such a summon is duly served, no or a negative response within one month from the receipt;
b) where such action is successful, the expenses engaged by the controller or the creditor for purpose of the proceedings shall be borne by the estate.