Upon receiving and filing said petition, schedule, and inventory, the court shall make an order declaring the petitioner insolvent, and directing a commissioner of a district to take possession of, and safely keep, until the appointment of a receiver or assignee, all the deeds, vouchers, books of account, papers, notes, bonds, bills, and securities of the debtor, and all his real and personal property, estate, and effects, except such as may be by law exempt from execution. Said order shall further forbid the payment to the debtor of any debts due to him and the delivery to the debtor, or to any person for him, of any property belonging to him, and the transfer of any property by him, and shall further appoint a time and place for a meeting of the creditors to choose an assignee of the estate. The order shall be published in the manner and form used in Guam for such times and periods as the court may prescribe. The time appointed for the election of an assignee shall not be less than two (2) weeks, nor more than three (3) months, from the date of the order of adjudication. Upon the granting of the order, all civil proceedings pending against the said insolvent shall be stayed. When a receiver is appointed, or an assignee chosen, as provided by this Title, the commissioner shall there-upon deliver to such receiver or assignee, as the case may be, all the property, assets, and belongings of the

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7 Guam Code Ann. CIVIL PROCEDURE
CH. 50 INSOLVENCY LAW

insolvent which have come into his possession, and he shall be allowed and paid as compensation for his services the same expenses and fees as would by law be collectible if the property had been levied upon and safely kept under attachment.

SOURCE: CCP § 1304.