L. Paul Bremer, Coalition Provisional Authority

Name: Order 78: Facilitation of Court-Supervised Debt Resolution Procedures
Author: L. Paul Bremer, Coalition Provisional Authority

Order 78: Facilitation of Court-Supervised Debt Resolution Procedures

Summary

“Order 78: Facilitation of Court-Supervised Debt Resolution Procedures”, is a work by L. Paul Bremer, Coalition Provisional Authority. It explores elements such as bankruptcy, creditors and paragraph.

Quotes from Order 78: Facilitation of Court-Supervised Debt Resolution Procedures (L. Paul Bremer, Coalition Provisional Authority)

L. Paul Bremer, Coalition Provisional Authority, Order 78: Facilitation of Court-Supervised Debt Resolution Procedures

“ Article 689 of the Law is amended to read as follows:
“ (1) A composition shall be valid in regard to the ordinary
creditors even when they have not participated in the proceedings
or did not approve the composition.
(2) A composition shall have no effect with respect to
claims secured with a mortgage or that are otherwise privileged,
except where the creditors with such claims agree on an
individual basis to be subject to the composition.” ”

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Source: Wikisource

L. Paul Bremer, Coalition Provisional Authority, Order 78: Facilitation of Court-Supervised Debt Resolution Procedures

“ The “state of union of creditors” is the stage of the
bankruptcy proceedings where the property of the bankrupt is
disposed of, with the proceeds used to repay the creditors to the
extent possible.
Article 563. The purpose of this Part of the Commercial Code is
to establish judicial proceedings by which a trader and his
creditors may resolve the trader’s indebtedness in a collective,
transparent, and realistic manner, when the trader no longer can
pay debts when they come due. ”

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Source: Wikisource

L. Paul Bremer, Coalition Provisional Authority, Order 78: Facilitation of Court-Supervised Debt Resolution Procedures

“ A “general privileged creditor” is a creditor that has a
preference in payment to the debtor’s property that is not subject
to a mortgage or special privilege. The general privileged
creditors include those described in sub-paragraphs (a) - (c) of
paragraph 2 of Article 708.
(2) An “ordinary creditor” is a creditor whose claim is
neither secured by mortgage nor otherwise privileged.
(3) The “body of creditors” consists of the general
privileged and ordinary creditors. ”

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Source: Wikisource

L. Paul Bremer, Coalition Provisional Authority, Order 78: Facilitation of Court-Supervised Debt Resolution Procedures

“ The making of the order of opening the proceedings
of the scheme shall not cause the debts owing by the debtor to
mature nor shall it stop the running of interest thereon; any
stipulation to the contrary shall be void.
(2) The effects on the debtor’s contracts stipulated in
paragraphs 2 and 3 of Article 638 and paragraphs 2, 3, and 4 of
Article 639 shall apply to proceedings for a scheme of
arrangement.
(3) The debtor may continue to retain possession of
property of others so long as he is performing the obligations on
which his right of possession is based. ”

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Source: Wikisource

L. Paul Bremer, Coalition Provisional Authority, Order 78: Facilitation of Court-Supervised Debt Resolution Procedures

“ Article 776 shall be supplemented with a paragraph 3, which shall read as
follows: “A proposal for a scheme of arrangement that is not approved in
the second meeting shall be deemed rejected. Creditors shall be free to
pursue their claims, pending any judgment of bankruptcy against the
debtor.” ”

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Source: Wikisource

L. Paul Bremer, Coalition Provisional Authority, Order 78: Facilitation of Court-Supervised Debt Resolution Procedures

“ A trader that is under bankruptcy proceedings in a
foreign state and that has a branch in Iraq may seek the following
relief in the court designated to hear bankruptcy petitions:
CPA/ORD/19 April 2004/78
�
(a) an order suspending all individual suits brought against
the trader in any court in Iraq by ordinary creditors or
those having general privileged rights;
(b) an order prohibiting the seizure of assets of the trader
wherever located in Iraq unless such assets are subject
to a mortgage or privileged right under Iraqi law ”

L. Paul Bremer, Coalition Provisional Authority

Summary

Quotes from Order 78: Facilitation of Court-Supervised Debt Resolution Procedures (L. Paul Bremer, Coalition Provisional Authority)

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