Article 157. Possibility of Transition to External Management

If the procedure for judicial rehabilitation and (or) external management was not introduced in relation to the debtor, and during the liquidation proceedings sufficient grounds appeared, including those confirmed by financial analysis data, to believe that the debtorʼs solvency can be restored, the liquidation manager shall be obliged to convene a meeting creditors of the debtor within a month from the moment of revealing the indicated circumstances in order to consider the issue of applying to the court with a petition to terminate the liquidation proceedings and transfer to the external management procedure.

The decision to apply to the court with a petition to terminate the liquidation proceedings and transfer to the external management procedure shall be adopted by a majority vote of the total number of creditors' claims that have not been settled at the time of the meeting of creditors considering the issue of adopting such a decision.

The decision of the meeting of creditors to apply to the court for termination of liquidation proceedings and transition to the external management procedure must contain the proposed term for external management and the candidate of the external administrator, as well as information about him.