Article 108. Procedure for Introducing External Management Procedure

The external management procedure shall be introduced by the court on the basis of a petition from the meeting of creditors, an application from the authorized state body for the debtor, in the charter fund (authorized capital) of which there is a state share, if a real possibility of restoring the debtor's solvency is established.

A court ruling on the introduction of an external management procedure shall be subject to immediate execution and may be appealed (protested against) within the period established by legislation.

The external management procedure shall be introduced for a period of twelve to twenty-four months, unless otherwise provided by this Law.

At the petition of the meeting of creditors, the decision of the authorized state body or the application of the external manager, the established period of the external management procedure may be reduced or extended by the court within the time limits established by part three of this article.

The combined duration of judicial rehabilitation and external management procedures may not exceed thirty months.

If more than eighteen months have passed from the date of the introduction of the judicial rehabilitation procedure to the date of consideration by the court of the issue of the introduction of the external management procedure, the court shall decide on declaring the debtor bankrupt and initiating liquidation proceedings.