1. The person to whom the ownership the business assets is transferred shall fix a date for the creditors holding debts prior to announcing the disposition, in order to submit a statement of their debts for settlement. Such date shall be announced according to the procedures and time limits set out in the statutes in force in the State; however, the time limit scheduled for creditors may not be less than (90) ninety days from the publication date. 2. The person to whom the ownership of the business assets is transferred shall remain liable for the debts if the creditors of such debts submit a statement thereof within the said prescribed time limit if such debts are not settled within such time limit. 3. As for debts where the creditors fail to submit a statement thereof within the said time limit, the person to whom the ownership of the business assets is transferred shall be released on any debts. 4. Furthermore, the disposing party shall remain liable for the debts related to the business assets, which had arisen prior to announcing the disposition unless he is discharged therefrom by the creditors.
Interpretation and application must be checked against the official text and current version.