The decision authorizing the private sale of one or more properties shall prescribe the price of each item and the basic sale conditions.
The decision shall be notified by the court registrar by a bailiff’s writ or by any means proving actual receipt by the addressee to the debtor and the registered creditors named in the decision at their elected residence.
Where the price is low and unable to cover payment of all registered creditors, they shall have thirty (30) days following notification of the decision to make a maximum bid of one-tenth on the price to the trustee by hand-delivered letter against a receipt, or by registered mail with acknowledgement of receipt or by any means in writing addressed.
Passed this deadline, the trustee shall carry out the sale, either with a buyer of his choice where there is no maximum bid or with the highest bidder in case of a maximum bid.
Paragraph 5: Overall assignment of assets
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 97
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 159 of the Acte uniforme portant organisation des procédures collectives d'apurement du passif/akn/ohada/act/loi/2015-09-10/aupcap-2015
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