The trustee may continue or liquidate the company (art. 347 LGS)
Article 347 of the General Companies Law empowers the trustee, with floating security, to continue the business of the company or liquidate it as resolved by the assembly of debenture holders.
What article 347
Article 347 sets out the trustee's powers over the course of the debtor company.
The trustee may continue the conduct of the business of the debtor company without judicial intervention and with the broadest powers of administration, including that of disposing of assets or carrying out the liquidation of the company, in accordance with what the assembly of debenture holders convened for that purpose resolves.
Source: Law 19.550, art. 347 — InfoLEG (updated official text)
Commentary
Having taken over the administration, the trustee decides, together with the assembly of debenture holders, whether it is advisable to continue operating (to recover the claim) or to liquidate. Broad powers, aimed at maximizing collection.
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