SECTION N - TERMINATION OF ADMINISTRATION

(a) In relation to each type of insolvency procedure available in the legal system of this economy, by what means may the administration of the corporate debtor be terminated?

Bankruptcy:

Termination by completed distribution to creditors.

Early termination due to lack of funds.

Cancellation of declaration of bankruptcy

Corporate Reorganization:

Declaration by the court of completion.

Declaration by the court of abolition.

Transfer to other insolvency procedures.

Composition

Approval by the court of the composition plan.

Cancellation by the court.

Withdrawal of application by the debtor company.

Transfer to bankruptcy

Corporate Arrangement

Declaration by the court of completion.

Cancellation by the court.

Transfer to other insolvency procedures.

Special Liquidation

Completion of liquidation or transfer to bankruptcy

 

(b) Who may initiate the termination of each type of insolvency procedure?

Bankruptcy:

The administrator may initiate the termination.

Corporate Reorganization:

Ditto.

 

(c) On what grounds may each type of insolvency procedure be terminated?

Bankruptcy

The completion of the procedure,

Lack of sufficient funds to continue the procedure, and etc.

Corporate reorganization

Completion of rehabilitation,

Failure of reorganization, and etc.

 

(d) What are the consequences for the corporate debtor of termination of the insolvency procedure? (for example to whom does control of the debtor revert following termination of the procedure; or if the debtor no longer exists, what are the procedures for and consequences of its dissolution?)

Bankruptcy and Special Liquidation:

Non-existence of the legal personality of the debtor company.

Corporate Reorganization and other rehabilitation procedures

The supervision by the court on the debtor company ceases to exist.

In the case of failure of rehabilitation, the bankruptcy procedure commences.