- when the purpose of the reorganisation is deemed to have been achieved,
- if the company requests a termination and a decision to proceed to composition has not been passed,
- if the company fails to participate in the creditors’ meeting,
- if the administrator or a creditor so requests and the purpose of the reorganisation is deemed not to be possible to achieve and
- if a special cause otherwise exists for a termination.
As mentioned in an earlier blog post, the time period during which the administrator should finalise his action to achieve a reorganisation is three months from the date of the reorganisation decision by the court. In line with that, the court has a duty to terminate the reorganisation three months from that decision.
However, if special causes exsist, the court may prolong this period by additional periods, each time of a maximum of three months, but the total reorganisation period may not exceed one year.