SECTION 150

The sale of immovable property shall take place in accordance with the procedure prescribed for the attachment of real property. However, the Judge Administrator shall, after receiving the observations of the Controller, where one has been appointed, and upon hearing the debtor and the Bankruptcy Trustee or summoning them, fix the reserve price and the main conditions of sale and determine the terms and conditions of publication. The Judge Administrator may, under the same conditions, where the substance of the property, its location and the offers received are of a nature to allow for a transfer out of court, authorize the sale, either by auction at a reserve price which he shall fix, or by mutual agreement at a price and under the conditions which he shall determine. Where, within a period of three months following the liquidation order, the Bankruptcy Trustee has not commenced the procedure for the sale of the immovable property, a secured creditor may exercise or recover his right to institute an individual lawsuit pending his report to the Bankruptcy Trustee. The Public Treasury, the customs services and security and social insurance institutions shall have the same right to the recovery of their preferential claims which they shall exercise under the same conditions as the secured creditors. Any auction sale carried out in pursuance of the preceding paragraphs shall entail redemption of the mortgaged property concerned. The Bankruptcy Trustee shall distribute the proceeds of the sales and fix the order the creditors shall be paid subject to any dispute which shall be brought before the competent court.