If he reports the club is in cessation of payments it will be wound up.

Most see a cessation of payments on the $132 billion government debt as very likely within a few months, if not sooner.

"Argentina will not fall into a cessation of payments," Mr. de la Rúa said.

The winding up, liquidation, insolvency, cessation of payments and similar procedures that apply to a PLC also apply to a SE registered in UK.

A serious technical impediment to the framework enabling a greater number of enterprises to restructure in a timely fashion is the bankruptcy test or "cessation of payments" which, if proved before the court, triggers bankruptcy.

While there, he tried to persuade the fund to reverse its decision not to release the loans, which are probably necessary to avert a cessation of payments on the $132 billion public-sector debt before the end of the year.