Financial Restructuring Procedure: Court Summoning and Asset Order

The Court may summon a person at its own discretion, or upon the request of any person who has interest.

The Court may order that an Asset be subjected to a Financial Restructuring Procedure if the Debtor jointly owns such Asset with another Person and it is not possible to divide said Asset between them, without prejudice to the rights of the Debtors’ Creditors and the Creditors of the co-owner of such Asset.

The Court may order another Person to be subjected to the procedure if the subjection of such other person represents an interest to the Debtor and to this such Person, and if undergoing the procedures by each of them dependently will be costly and un-feasible, provided that the rights of the Debtor’s Creditors and the Creditors of the other Person must be protected.

<p>In its judgment ordering the commencement of Financial Restructuring Procedures, the Court shall appoint an Officeholder from among those listed in the list of Officeholders’ List.</p> Signup and view all the answers