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Part 1 · General provisions  ›  Division 2 · Merger by absorption › Section 22

Protection of creditors

(1) Inasmuch as the creditors of the legal entities involved in the merger cannot demand satisfaction of their claims, security is to be provided to them, provided they file their claim in text form, citing the merits and the amount of such claim, within six months of the day on which the entry of the merger in the register maintained at the seat of that legal entity of which they are creditors has been published in accordance with section 19 (3). However, the creditors will be entitled to this right only if they demonstrate satisfactorily that the satisfaction of their receivable is jeopardised due to the merger. This right is to be indicated to the creditors in a notice published regarding the respective entry.

(2) Those creditors who are entitled to preferred satisfaction of their claims, in the event of insolvency, are not entitled to demand the provision of security out of cover funds that were created for their protection pursuant to the stipulations of the law and that are monitored by the state.

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