| Company Act Article 311Aug. 1, 2018 |
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Upon completion, the reorganization of a company shall have the following effects: "1. The rights of claims on the unpaid parts of obligatory rights already declared shall expire except such parts as assigned to and assumed by the company after reorganization according to the plan of reorganization; the same shall apply to obligatory right not declared; "2. The changed, decreased or cancelled part of the right of shareholders in consequence of the reorganization shall expire; and "3. Procedure of bankruptcy, composition, compulsory execution and other litigations involving property of the company prior to the ruling for reorganizers shall be ineffective. "The rights of creditors of a company against securities and other common debtors of the obligations of the company shall not be affected by the reorganization of the company. |
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Provided by Kingdoms Law