Article 123. Consideration of External Management Plan

The external management plan shall be considered by the meeting of creditors, which is convened by the external manager no later than two months after the introduction of the external management procedure. The external manager, as necessary, shall notify all creditors of the date, time and place of the meeting of creditors and provide them an opportunity to familiarize themselves with the external management plan at least two weeks before the date of the meeting.

An external manager, a representative of the founders (participants) or the owner of the debtor's property and a representative of the debtor's employees shall have the right to participate in the meeting of creditors with the right of an advisory vote.

The external management plan shall be considered approved if more than half of the votes of the creditors present at the meeting voted for it.

The meeting of creditors shall have the right to adopt one of the following decisions:

on approval of the external management plan;

on rejection of the external management plan and filing a petition with the court to declare the debtor bankrupt and initiate liquidation proceedings;

on rejection of the external management plan and applying to the court for release an external manager from the duties with simultaneously approval of the candidacy of a new external manager. The said decision must provide for the date of convening the next meeting of creditors to consider a new external management plan, and this period may not exceed one month from the date of adoption of this decision by the meeting of creditors.

The external management plan approved by the meeting of creditors and the protocol of the meeting of creditors shall be submitted to the court by the external manager no later than two days from the date of the meeting of creditors.

If the external management plan is not submitted to the court within the period provided for by part five of this article, the court shall have the right to decide on declaring the debtor bankrupt and initiating liquidation proceedings.