Article 131. Replacement of Debtor's Assets

The replacement of the debtor's assets shall be carried out by creating one or more joint-stock companies on the basis of the debtor's property.

The possibility of replacing the debtor's assets may be included in the external management plan if all creditors voted for such a decision in accordance with the register of creditors' claims.

The replacement of the debtor's assets by creating one or more joint-stock companies on the basis of the debtor's property may be included in the external management plan based on the decision of the owner of the debtor's property or the debtor's management body authorized by the constituent documents to decide on the conclusion of relevant transactions.

If the plan of external management provides for the creation of one joint-stock company, the property of the debtor intended for entrepreneurial activity, including property rights, shall be contributed to its charter fund (authorized capital).

If the external management plan provides for the creation of several, the debtor's property intended for the implementation of certain types of activities shall be contributed to their charter funds (authorized capitals). The composition of the debtor's property contributed as payment for the charter funds (authorized capital) of the joint-stock companies being created shall be determined by the external management plan.

The size of the charter funds (authorized capital) of the companies being created shall be determined on the basis of the estimated value of the contributed property, determined by the appraisal organization, taking into account the proposals of the owner of the debtor's property or the debtor's management body authorized by the constituent documents to decide on the conclusion of the relevant transactions.

When replacing the debtor's assets, all employment contracts that were in force before the decision was made to replace the debtor's assets with the transfer of the rights and obligations of the employer to the newly created joint-stock company or joint-stock companies shall remain in force. The debtor's licenses to carry out certain types of activities shall be subject to re-issuance in the manner prescribed by legislation.

In the event that the estimated value of the debtor's property exceeds the amount of creditors' claims, the shares of the joint-stock company or joint-stock companies created on the basis of the debtor's property shall be included in the debtor's property and sold on the stock exchange.