PROCEDURE FOR SUSPENSION OF PAYMENTS

1. Filing of the petition by the debtor (Sec.2);
2. Issuance by the court of an order calling a meeting of creditors (Sec.3);
3. Publication of the order and service of summons (Sec.4);
4. Meeting of creditors for the consideration of the debtor’s proposition (Sec. 4);
5. Approval by the creditors of the debtor’s proposition
6. Objections, if any, to the decision which must be made within 10 days following the meeting (Sec. 11);
7. Issuance of order by the court directing that the agreement be carried out in case the decision is declared valid, or when no objection to aid decision has been presented (Sec. 11);
8. If the decision of the meeting be negative, the proceeding shall be terminated and the creditors shall at liberty to enforce the rights which may correspond to them (Sec. 11).

EFFECTS OF FILING OF PETITION:
1. No disposition in any manner of his property may be made by the petitioner (Sec. 3);
2. No payments may be made (Sec. 3);
3. Upon request to the court, all pending executions against the debtor shall be
suspended except execution against property especially mortgaged (Sec. 6)