The decision authorizing the sale by private contract of one or more items of immovable property
shall determine the price of each item and the basic conditions of sale.
Notice of the decision shall be sent by the court registrar by any extrajudicial act to the debtor
and to the chosen addresses of the registered creditors whose names are mentioned in the
decision.
Where the price is not high enough to pay off the registered creditors, the said creditors shall
have a time limit of thirty days following notification of the decision to make a higher bid of
one-tenth on the price addressed to the Bankruptcy Trustee by registered letter with
acknowledgement of receipt or by any other means with written proof thereof.
At the expiration of this time limit, the receiver shall sign the deeds necessary for the sale, either
with a purchaser of his choice where there is no higher bid or with the highest bidder in case of
a higher bid.
Paragraph 5
Bulk Sale of assets
Official translation
Spot-checked
In force from 10 April 1998
Source page 54