Art. 1166. – Terms of application when applied.
1. Where the balance sheet submitted by the debtor or subsequent information shows that the assets in the bankruptcy do not exceed one thousand Ethiopian dollars, or where the dividend to the distributed cannot exceed ten per cent, the court may, either of its own motion or on the application of the creditors, order that the bankruptcy proceedings shall be by way of summary procedure.
2. Where in the course of such proceedings it is shown that the assets in the bankruptcy exceed one thousand Ethiopian dollars or the dividend exceeds ten per cent, the court shall order that the proceedings in bankruptcy shall continue under the normal procedure, but such order shall not affect the validity of any act already done.
3. The normal bankruptcy rules shall be applied where they are applicable to summary procedure.
Art. 1167. – Special rules applicable in summary procedure.
In a summary procedure:
1. seals sha1l not be fixed;
2. the appointment of a creditors’ committee shall be optional;
3. the commissioner shall decide on debts in dispute unless an application is made to the court;
4. the commissioner may authorize any negotiations;
5. there shall be one distribution only;
6. differences relating to the trustee’s accounts and his remuneration shall be decided by the commissioner.
Art. 1168. – Proof of debts.
1. The trustees shall prepare the list of creditors on the basis of the accounts, the statements of the debtor and any other information available.
2. The list, together with documentary evidence, shall be sent to the commissioner who shall ascertain the liabilities and order enforcement. The list of debts and the decree shall be deposited in t1he registry and shall be open to inspection by any interested party.
3. Within three days from such deposit, the trustee shall inform each creditor by registered letter of the decision taken regarding his debt.
4. Within fifteen days from such deposit, creditors not admitted may lodge a claim with the commissioner. Within the same period of time, objections with regard to creditors having proved may be lodged by other creditors.
5. The commissioner shall fix the date for hearing objections and, where they cannot be settled by agreement he shall make ibis final decision thereon.
Art. 1169. – Demands for recovery.
The provisions of Art. 1168 shall apply to demands for recovery and restitution of movable property in the debtor’s possession.
Art. 1170. – Composition.
1. A proposal for a composition shall be approved, by a majority vote of the creditors representing a majority of the debts.
2. The commissioner shall approve the composition where there is the required majority and the composition is acceptable. He shall enforce the composition against which there is no appeal of any kind.