Article 111. Procedure for Submitting Candidate for External Manager

The meeting of creditors which has decided to apply to the court for the introduction of an external management procedure shall approve the candidature of an external manager.

The candidacy of an external manager may be proposed to the meeting of creditors by any of the creditors or by an authorized state body.

The court shall be offered the candidate of an external manager who received the largest number of votes of creditors, in accordance with the procedure for adoption of decisions by the meeting of creditors, provided for in Article 17 of this Law.

In the event that the external management procedure is introduced by the court in the absence of a decision of the meeting of creditors to apply to the court with a petition for the introduction of the external management procedure, the meeting of creditors shall have the right to consider, approve and submit to the court the candidature of the external manager within three weeks from the date the court issues a ruling on the introduction of the external management procedure.

In the event that the meeting of creditors does not propose a candidate for an external manager, the court shall appoint an external manager from among the candidates proposed by the authorized state body.