Article 92. Termination of Monitoring Procedure

The court, on the basis of the decision of the first meeting of creditors, unless otherwise provided by this article, shall adopt decision on declaring the debtor bankrupt and initiating liquidation proceedings, or issue a ruling on the introduction of a judicial rehabilitation or external management procedure, or approve an settlement agreement and terminate the insolvency proceedings.

If the first meeting of creditors fails to decide on the application of one of the insolvency procedures, or if none of its decisions is submitted to the court within the period established by Article 16 of this Law, the court, if there are signs of insolvency, shall decide on declaring the debtor bankrupt and initiating liquidation proceedings, unless otherwise provided for in this article. If there are no signs of permanent insolvency, the court shall return the submitted materials for consideration at the meeting of creditors of the issue of introducing one of the restoration procedures in relation to the debtor.

If the first meeting of creditors decides to apply to the court with a petition to declare the debtor bankrupt and initiate liquidation proceedings, or if none of its decisions is submitted to the court, the court shall have the right to issue a ruling on the introduction of a judicial rehabilitation procedure at the request of the founders (participants) or the owner of the debtor's property, an authorized state body, as well as a third party (persons), provided that the applicants ensure security for the fulfillment of the debtor's obligations in accordance with the debt repayment schedule.

Prior to the appointment of a rehabilitating or external or liquidation manager, the fulfillment of their duties in full shall be assigned to the person who previously performed the duties of a temporary manager.

From the moment the court declares the debtor bankrupt and the commencement of liquidation proceedings, or the introduction of a judicial rehabilitation or external management procedure, or the approval of a settlement agreement, the monitoring procedure shall be terminated.