Article 103. Early Termination of Judicial Rehabilitation Procedure

The grounds for early termination of the judicial rehabilitation procedure shall be:

repeated or significant (for a period of more than one month) violation by the debtor during the procedure of judicial rehabilitation of the deadlines for repayment of creditors' claims established by the debt repayment schedule;

presence of circumstances indicating that the debtor is not able to fulfill the debt repayment schedule.

The rehabilitation manager, on own initiative or on the basis of a decision of the committee of creditors, shall be obliged, within two weeks from the moment of the occurrence of the grounds specified in part one of this article, to convene a meeting of creditors to consider the issue of applying to the court with a petition for early termination of the judicial rehabilitation procedure.

The head of the debtor shall be obliged to submit to the meeting of creditors a report on the results of the execution of the debt repayment schedule and the plan of judicial rehabilitation. The report must be accompanied by the debtor's balance sheet as of the last reporting date, the debtor's income (profit) and loss statement, the register of creditors' claims indicating the amount of repaid claims, and documents confirming the repayment of creditors' claims. Simultaneously with the report of the head of the debtor, the rehabilitation manager shall submit to the meeting of creditors the opinion on the report of the head of the debtor.

Based on the results of considering the report of the head of the debtor, as well as the opinion of the rehabilitation manager on this report, the meeting of creditors shall have the right to decide to apply to the court with a petition for the introduction of an external management procedure or for declaring the debtor bankrupt and initiating liquidation proceedings. A copy of the protocol of the meeting of creditors, as well as complaints of creditors who voted against the decision taken by the meeting of creditors or did not take part in voting on this issue, shall be attached to the petition of the meeting of creditors.

The court, on the basis of the petition of the meeting of creditors, shall issue a ruling on the introduction of an external management procedure or adopt a decision on declaring the debtor bankrupt and initiating liquidation proceedings.