English
1/ Subject to Sub-Articles
(2) to
(6) of this Article,
Article 5 654 to 657 of this Code shall apply mutatis
mutandis upon the opening of bankruptcy proceedings.
2/ Guarantors, including natural persons, may not invoke
the benefit of a stay of individual enforcement actions
in bankruptcy proceedings.
3/ The trustee in bankruptcy shall have the power to sell
all assets, including encumbered assets, except where
such encumbered asset is in possession of a creditor as
a pledgee.
4/ The creditor in possession of an encumbered asset may
realize his in rem security interest or, at his discretion,
entrust the trustee in bankruptcy with the sale of such
an asset; where the encumbered asset is realized by the
secured creditor for a sum exceeding the amount of the
claim, the excess shall be collected by the trustee in
bankruptcy; where the price of sale is less than the
amount of the claim, the creditor may submit his claim
for the difference, as an unsecured creditor.
5/ Where the trustee in bankruptcy fails to take actions
towards the sale of encumbered assets within six
months after the judgment opening bankruptcy
proceedings, all creditors whose claims are secured by
a specified assets of the estate, including creditors
benefiting from a sale contract with ownership
reserved, may realize their in rem security interest.
6/ Notwithstanding Sub-Article
(1) of this Article,
creditors entitled to recover goods from the estate
under Articles 751 and 752 of this Code may bring
their claims of recovery.
