SECTION 160

All or part of the movable and immovable assets including if necessary operation units, may be the object of a bulk sale. In this connection, the Bankruptcy Trustee shall call for bids and shall fix the time limit within which they shall be received. Any interested person may submit his bid to the Bankruptcy Trustee; the manager of the company in liquidation, the relatives or relations by marriage of the said manager or of the debtor up to the second degree, where he is a natural person, shall be excluded from making bids. Every bid shall be in writing and shall state, in particular: 1. the price and modalities of payment; where payment time limits are requested, they may not exceed twelve months and shall be guaranteed by a joint and several security of a banking institution; and 2. the date of the transfer. The bid shall be deposited at the registry of the competent court where any interested party may read it; it is then communicated to the Bankruptcy Trustee, the Judge Administrator and to the representative of the Legal Department.