Article 795 — Closure by Reason of Insufficiency of Assets

1/ Where at any time during the bankruptcy proceedings, it becomes apparent that the proceeds of the sale of the assets, net of any distribution to secured creditors, is insufficient to cover the costs and expenses of the proceedings, at the request of the trustee in bankruptcy, the court may order the closure of bankruptcy proceedings. 2/ Where at any time the bankruptcy proceedings, it becomes apparent that the remaining assets are insufficient to pay unsecured or a category of preferred creditors in accordance with the ranking of Article 786 of this Code, at the request of the trustee in bankruptcy, the court may order a stop to the verification and admission procedure of such pre- insolvency claims which are unlikely to be paid, and order the closure of bankruptcy proceedings. 3/ Where at any time the bankruptcy proceedings, it becomes apparent that the sale of assets is unlikely to produce positive net proceeds, at the request of the trustee in bankruptcy, the court may order the closure of bankruptcy proceedings. 4/ The closure of bankruptcy proceedings shall not affect the rights of creditors to call on personal guarantees of the debtor for the unsatisfied portion of their claim.