As soon as the bankruptcy is submitted, the office cantonal of bankruptcy should immediately take all the measures for its implementation (example: firing of personnel, closure of the trade, sequestration of bank accounts sequestration of mail)Once the bankruptcy pronounced by the judge, the bankrupt may revoke (cancel) the bankruptcy is proof that all his debts are paid (those leading to bankruptcy), either by obtaining from its creditors in the original bankruptcy, an arrangement with a declaration on their part whereby they give up to the bankruptcy. With these receipts and, if applicable, the statement of his creditors, it must then present themselves at the registry of the Court of Justice and file an appeal using a form that the office cantonal of bankruptcy remains available. In a first step, the Court of Justice may, at the request of the appellant, order the suspensive effect. As the Court of justice has not ordered suspensive effect of the appeal from the judgment of bankruptcy, the provisional measures taken by the office cantonal of bankruptcy to keep their effects and are maintained.
And then, in a judgement later, if all conditions are met, the Court of justice annuls the bankruptcy and the effects it has products.
When it is probable that the mass will not be sufficient to cover the costs of the liquidation summary, the office cantonal of bankruptcy, asks the judge to declare the suspension of the bankruptcy here are the steps. The publication is that the bankruptcy will be ended if, within ten days, the creditors do not require the liquidation and do not provide the required security for costs will not be covered by the mass. If the creditors require the liquidation and provide the required security for costs will not be covered by the mass, the bankruptcy will be then processed by the If any creditor does not pay the advance of costs within the time limit, the office cantonal bankruptcy reports to the court, requesting the closure of the bankruptcy. The judge shall declare the closure of the bankruptcy The publication of the fence is not necessary. The prosecutions before the opening of the bankruptcy are reborn after the suspension of it.
The elapsed time between the opening and the suspension of the bankruptcy does not count for the calculation of the time limits provided by this act.
do demand, before the distribution of the proceeds, that the liquidation takes place in the ordinary form and no longer provides adequate security for the costs which may not be covered. As a general rule, it is not necessary to convene a meeting of creditors However, when special circumstances make a consultation of the creditors desirable, the board may convene a meeting or cause a decision on their part by way of circulars. At the expiration of the period of production, the office conducts in the best interests of the creditors, and by observing the provisions of the.
