Article 176. Sale of Property of City-Forming and Equivalent Enterprise Declared Bankrupt

When selling the property of a city-forming and equivalent enterprise, the liquidation manager must offer the enterprise for sale in the first bidding in the form of an electronic online auction as a property complex.

If the property of the city-forming enterprise and the enterprise equated to it was not sold as a property complex, then the sale of the debtor's property shall be carried out in accordance with Article 127 of this Law.

The property of the debtor enterprise, which is the subject of a natural monopoly, used by it in the process of production and (or) sale of goods (works, services), shall be put up for bidding in the form of an electronic online auction only as a property complex.

The liquidation manager shall be obliged to ensure the execution of contracts for the supply of goods (works, services) of the debtor enterprise, which is the subject of a natural monopoly, during the period of liquidation proceedings in cases where the termination of the execution of such contracts violates the living conditions of the population or the activities of enterprises with a continuous production cycle.

Liquidation proceedings in respect of a debtor enterprise that is a natural monopoly entity must be completed no later than six months from the date on which the court decision is adopted and the liquidation administrator is appointed. If, upon expiry of that period, the enterpriseʼs property remains unsold, the liquidation administrator shall complete the liquidation proceedings through the substitution of assets in accordance with the procedure provided for in Article 131 of this Law, based on a resolution of the creditorsʼ meeting or, where the meeting refuses, on a decision of the local executive authority.