Company Act Article 308Aug. 1, 2018

Except when the provisions of the Bankruptcy Law shall govern in the case that a court has ex officio, rendered a judgment to adjudge a company bankrupt, a ruling for termination of reorganizers rendered by a court shall have the following effects:

1.Any disposition or effect thereof under Article 287, Article 294, Article 295 or Article 296 shall be null and void;
2.A person who has been barred from exercising his right for neglect in declaring the right shall have such right restored; and
3. The shareholders' meeting, directors and supervisors whose powers and functions have been suspended on account of reorganization shall have such powers and functions restored forthwith.

Same Article Laws

Other Related Laws

Company Act Article 287Aug. 1, 2018

Prior to rendition of a ruling for reorganization of a company, the court may, at the request of the company or an interested party or ex officio, render a ruling for the following disposal: "1.Disposal for preservation of the company's property; "2.Restriction on the business of the company; "3.Restriction on performance of obligation of the company and exercise of claim against the company; "4.Suspension of proceedings for bankruptcy, com- position, or compulsory execution and others; "5.Prohibition of transfer of registered share certificates; and "6.Assessment of the liabilities of responsible persons of the company to compensate the company for loss or damage and preservation of their property. "The term of validity of the ruling to be made under the preceding Paragraph shall not exceed 90 days, unless otherwise fixed by the court; and may be extended when necessary by the court at the request of the company or an interest party provided that the duration of each extension shall not exceed 90 days. "In case the ruling for dismissing a company reorganization application becomes final prior to the expiry of the term of validity referred to in the preceding Paragraph, then the ruling rendered under Paragraph I under this Article shall become null and void. "In rendering a ruling under the provisions of Paragraph I of this Article, the court shall inform, by a notice, the authority in charge of securities affairs and the central authority in charge of the relevant end enterprise.

Details >

Company Act Article 294Aug. 1, 2018

After a ruling for reorganization is rendered, all procedures of bankruptcy, composition, compulsory execution and other litigation involving property shall be suspended in due course.

Details >

Corporate Consulting