From the opening of a rehabilitation procedure until it ends, what may the debtor not do outside the procedure, and what must a corporate debtor obtain to change its articles outside the procedure?
General information · Not legal advice
Material to check
In a practice file of this kind we read the court's ruling opening the rehabilitation procedure, which fixes the start of the period the provision turns on, and the papers showing when the procedure ended. For the articles of association point we read the debtor's existing articles, the drafted amendment, and any application to the court seeking permission for it.
These are types of material to look for, not evidence already verified by PRO SE.
Where readings differ
One reading bars the debtor, from the opening of the rehabilitation procedure until its end, from carrying out any listed act otherwise than through the procedure: reduction of capital or paid-in amount, admission of equity holders or issue of new shares or bonds, increase of capital or paid-in amount, comprehensive share exchange or transfer, merger, division, demerger-merger or conversion, dissolution or continuation of the company, or distribution of profits or interest.
Another reading keeps the two routes apart: the listed acts are barred except through the procedure, while a corporate debtor amending its articles otherwise than through the procedure must first obtain the court's permission; the provision sets no standard for that permission and says nothing about an amendment made through the procedure itself.
Your judgment
If the debtor amended its articles after the opening, what in the file would show whether that amendment was made through the rehabilitation procedure?
PRO SE does not make this decision or keep a case record on this public site.When to reconsider
We look at this again if the provision is amended to change the listed acts or the permission requirement, or if a court decision explains when permission is needed or on what standard it is granted.