Article 151. Sale of Debtor's Property

After the inventory and assessment of the debtor's property, the liquidation manager shall proceed to sell this property in the bidding in the form of an electronic online auction.

The procedure and terms (schedule) for the sale of the debtor's property must be approved by the creditors' meeting or the creditors' committee.

If, within one month from the date of submission by the liquidation managers to creditors of their proposals on the procedure and terms for the sale of the debtor's property, the procedure and terms (schedule) for the sale of the debtor's property are not approved by the meeting of creditors or the committee of creditors, then the meeting of creditors or the committee of creditors or the liquidation manager shall have the right to apply to the court with an application on the resolution of the disputes that have arisen. Based on the results of consideration of these disputes, the court shall either approve the procedure and terms (schedule) for the sale of property, or release the liquidation manager from the performance of duties.

If circumstances arise in the course of liquidation proceedings that require amendments to the terms (schedule) for the sale of property, the liquidation manager shall be obliged to develop and submit appropriate proposals for changing the terms (schedule) to the meeting of creditors or the committee of creditors within one month from the moment the specified circumstances arise.

The debtor's property, which is classified as restricted in circulation, can only be sold at closed biddings in the form of an electronic online auction. Closed biddings in the form of an electronic online auction shall be attended by persons who, in accordance with the law, may have the specified property on the right of ownership or other real right.

The liquidation manager shall conduct bidding in the form of an electronic online auction on the basis of an agreement with a specialized organization. A specialized organization conducting biddings in the form of an electronic online auction cannot be an interested person in relation to the debtor and the liquidation manager.

The sale of an enterprise (business) or a part of the debtor's property shall be carried out in accordance with the procedure established by Articles 126 and 127 of this Law.