Article 139. Procedure for Terminating Powers of External Manager

Termination of insolvency proceedings or adoption by the court of a decision on declaring the debtor bankrupt and initiating liquidation proceedings against the debtor shall entail the termination of the powers of the external manager.

If the external management procedure ends with the conclusion of a settlement agreement or the repayment of creditors' claims, the external manager shall continue to perform the duties of the head of the debtor until the election (appointment) of a new head.

The external manager shall have the right, on own initiative, to convene the debtor's management body to consider the issue of electing (appointing) the head of the debtor. The powers of other management bodies of the debtor and the owner of the debtor's property shall be restored.

If the court decides to declare the debtor bankrupt and initiate liquidation proceedings and another person is appointed as the liquidation manager, the external manager shall continue to perform duties until the case is transferred to the liquidation manager. The external manager shall be obliged to transfer the affairs to the liquidation manager no later than three working days from the date of appointment of the liquidation manager.