Bankruptcy Law

Subject to the provisions of Chapter 14 of this Law, automatic set-offs shall be prohibited after the initiation of any of the following procedures: a) Protective settlement. b) Financial restructuring. c) Small debtors' protective settlement. d) Small debtors' financial restructuring. As an exception, the proposal may, in any of the procedures, allow set-offs for specific debts if such debts or transactions are reciprocal. Debts and transactions shall be deemed reciprocal if carried out by the same parties having the same capacity and rights vis-a-vis said debts or transactions.