| Company Act Article 304Aug. 1, 2018 |
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The following particulars, if any, in the reorganization of a company, shall be stated clearly in the reorganization plan: "1.Changes in rights of any or all creditors in reorganization or shareholders; "2.Changes in part or all of the business; "3.Disposal of property; "4.Ways and means of paying debts and the financial source thereof; "5.Standards and methods of valuation of assets of the company; "6.Alteration of the Articles of Incorporation of the company; "7.Readjustment or reduction of employees; "8.Issue of new shares or corporate bonds; and "9.Other necessary matters. "Subject to the deadline date for discharge of all liabilities otherwise fixed, the duration for execution of the company reorganization plan shall not exceed one year as calculated from the date on which the court ruling of approval of the reorganization plan becomes final. In case the reorganization plan can not be completed as scheduled with good cause shown, an application for extension may be filed, with prior consent of the reorganization supervisors, with the court for a court ruling of extension provided, however, that if the reorganization plan is still not completed upon expiry of the extended period, then the court may, ex officio or at the petition of interested party or parties, render a ruling of termination of the company reorganization plan. |
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