Article 122. External Management Plan

The external manager, within a month from the date of their appointment by the court, must develop an external management plan, which they shall submit for approval to the meeting of creditors.

When considering the issue of approving the external management plan, creditors of the first and second groups shall participate in the voting.

The decision of the creditors' meeting with respect to approval of the external management plan shall be considered adopted if the majority of creditors' votes in each of the first and second groups voted for it. In this respect, the creditor or creditors with the right to vote and who voted against the external management plan shall be entitled to receive a guaranteed compensation at least equal to what they would have received in the event of the liquidation of the debtor.

In the event that the creditors of each of the first and second groups do not make a decision to approve the external management plan, and the required number of votes of the creditors of one of the groups is not collected during the voting, a decision to apply to the court with a petition to declare the debtor bankrupt and start liquidation proceedings shall be adopted.

The decision of the meeting of creditors to approve amendments to the external management plan shall be adopted by the creditors of the first and second groups, if the majority of the number of votes for each group separately voted for it.

The external management plan should include:

measures to restore the solvency of the debtor, the conditions and procedure for the implementation of these measures, the costs of their implementation and other expenses of the debtor;

period for restoring the debtor's solvency.

The solvency of the debtor shall be recognized as restored in the absence of signs of insolvency and (or) refusal of creditors from the stated claims established by Article 5 of this Law.

Creditors who voted against the approval of the external management plan, in order to protect their rights, may involve experts to verify:

right of the creditor with the right to vote and voted against the approval of the external management plan, and the creditor without the right to vote to receive guaranteed compensation at least equal to what they would receive in the event of liquidation of the debtor;

possibility of successful implementation of the external management plan;