Article 173. External Management of City-Forming and Equivalent Enterprises

External administration of a city-forming enterprise or an equivalent enterprise may be introduced by the court on the basis of a resolution of the creditorsʼ meeting, or, in the absence of such a resolution, upon the application of the local executive authority and/or the relevant ministry, agency, or economic administration body, provided that they have furnished security for the debtorʼs obligations.

The external administration plan of a city-forming enterprise or an equivalent enterprise must, before being submitted to the creditorsʼ meeting, be agreed with the relevant local executive authority, and, in the case of enterprises performing state defence orders, with the relevant ministry, agency, or economic administration body.

Upon the application of the relevant local executive authority and/or the relevant ministry, agency, or economic administration body, and provided that they have secured the performance of the debtorʼs obligations, including by way of state guarantees, the court may decide to place the debtor under judicial rehabilitation proceedings, provided that such proceedings have not previously been applied to the debtor.