Article 60. Guarantees of the Rights of the Creditors of a Re-Organised Legal Person

1. Within three working days after the date of a decision on re-organisation of a legal person it shall notify in writing the empowered state body that carries out the state registration of legal persons of the commencement of the procedure of re-organisation and indicate the form of the re-organisation. If two or more legal persons are involved in the re-organisation such notice shall be sent by the legal person that was the last to take a decision on re-organisation or that is designated by the decision on re-organisation. On the basis of such notice the empowered state body that carries out the state registration of legal persons shall make an entry in the comprehensive state register of legal entities to the effect that the legal persons are under re-organisation.

After the entry on the procedure of re-organisation is made in the comprehensive state register of legal entities the re-organised legal person shall publish a notice of its re-organisation twice once a month in the mass media which are used to publish information on the state registration of legal entities. If two and more legal persons are involved in the re-organisation a notice of re-organisation shall be published in the name of all the legal persons involved in the re-organisation by the legal person that was the last to take a decision on re-organisation or that is designated in the decision on re-organisation. The notice of reorganisation shall include information about each of the legal persons which are involved in the re-organisation, are formed or continue activities as a result of the re-organisation, the form of the re-organisation, a description of the procedure and terms for creditors to state their claims and the other information envisaged by a law.

A law may envisage the duty of a re-organised legal person to notify creditors in writing of its re-organisation.

2. A creditor of the legal person -- if his rights had occurred before the publication of the first notice of re-organisation of the legal person -- has the right to claim in a judicial procedure early performance of the relevant obligation by the debtor, or if early performance is impossible, termination of the obligation and compensation for the losses due thereto, except for the cases established by a law or an agreement of the creditor with the re-organised legal person.

Claims for early performance of an obligation or termination of an obligation and compensation for losses may be filed by creditors within 30 days after the date of publication of the last notice of re-organisation of the legal person.

The right envisaged by Paragraph 1 of the present item is not granted to a creditor that already has sufficient security.

The claims filed within said term shall be satisfied before the completion of the re-organisation procedure, for instance by placing a debt on deposit, in the cases envisaged by Article 327 of the present Code.

A creditor is not entitled to claim early performance of an obligation or termination of an obligation and compensation for losses if within 30 days after the date when the creditor filed the claims security is provided thereto that is deemed sufficient in accordance with Item 4 of the present article.

Creditors' filing claims under the present item shall not serve as ground for suspension of the procedure of re-organisation of the legal person.

3. If a creditor that has claimed in keeping with the rules of the present article early performance of an obligation or termination of an obligation and compensation for losses has not been provided with such performance and compensation for losses and has not been offered sufficient security for the performance of the obligation, then joint liability to the creditor shall be borne by the following in addition to the legal persons formed as a result of the re-organisation: the persons having an actual opportunity for determining the actions of the re-organised legal persons (Item 3 of Article 53.1), the members of their collective bodies and the person empowered to act in the name of the re-organised legal person (Item 3 of Article 53), if by their actions (omissions) that have promoted the onset of said consequences for the creditor, and in the event of re-organisation in the form of separation, joint liability to the creditor shall be also borne by the re-organised legal person in addition to said persons.

4. Security offered to the creditor for performance of the obligations of the re-organised legal person or for compensating the losses relating to the termination thereof shall be deemed sufficient if:

1) the creditor has agreed to accept such security;

2) an independent irrevocable guarantee has been issued to the creditor by a credit organisation whose ability to pay causes no substantiated doubts, the effective term thereof exceeding by at least three months the maturity of the secured obligation, and with the condition of payment when the creditor presents claims to the guarantor together with evidence of default on performing the obligation of the legal person that is being re-organised or has been re-organised.

5. If the deed of transfer does not allow the identification of a successor in respect of the legal person's obligation and also if according to the deed of transfer or other circumstances the assets and liabilities of the re-organised legal persons have been distributed in a non-bona fide manner as having lead to a substantial infringement on the interests of creditors the re-organised legal person and the legal persons formed as a result of the re-organisation shall bear joint liability for such obligation.