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Article 69 - Conversion to Creditors' Voluntary Winding Up

As from the day on which the creditors' meeting is held under Article 68 these Regulations have effect as if:

(1) the directors' declaration under Article 63 had not been made; and
(2) the creditors' meeting and the Company meeting at which it was resolved that the Company be wound up voluntarily were the meetings mentioned in Article 71

and accordingly the winding up becomes a Creditors´ Voluntary Winding Up.