English
1/ The court shall terminate simplified reorganization
proceedings where the reorganization plan has not
been adopted by the required majority of creditors
voting in the classes of creditors’ or the general
creditors’ meetings.
2/ Upon such decision, simplified reorganization
proceedings shall be automatically converted to
reorganization proceedings.
3/ Notwithstanding Sub-Article (2), where the sale of
the ongoing business is unlikely to occur, the court
shall, in its discretion, after having heard the debtor
and the supervisor in reorganization, convert
simplified reorganization proceedings to bankruptcy
proceedings
