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Scope
Article 716
The real estate and the chattels as a whole or parts of them, the chattel and the other property rights within the bankruptcy estate shall be converted into money, insofar as it is required for the payment of the debtor's obligations.
Sale of Chattels and Property Rights
Article 717
- (1)
- The chattel and property rights out of the bankruptcy estate shall be sold by the receiver under the respective terms and procedures the Civil Procedure Code, the receiver having the powers of a bailiff.
- (2)
- Upon proposal by the receiver, the bankruptcy court shall allow the public sale of the chattels and the property rights as a whole or parts or detached property rights. The court shall rule on the proposal of receiver on the day of submission of the proposal in the court or at latest on the next working day. In the case the chattels and the property rights comprise real rights over immovable property, the sale shall be carried out under the rules of Art. 375-389 of the Civil Code.
- (3)
- By sale of the chattels and property rights as a whole or detached the creditors shall not be in a position which to be more inconvenient than the position in case of sale of the single chattels and property rights.
- (4)
- The court order for the assignment shall have a transferring effect.
Sale in Special Cases
Article 718
- (1)
- Upon the receiver's proposal, the bankruptcy court may permit the sale to be made through direct negotiations or through an intermediary, in case the chattels or the property rights as a whole, the detached part thereof or the chattel or the property right were offered under the terms and procedures of Art. 717, paragraph. 1, but the sale was not realised because the buyer did not appeared or desisted. The court shall rule on the receiver's proposal on the day of its submission in the court or at latest on the next working day.
- (2)
- Interests in other companies owned by the debtor, shall be sold after they being offered to be purchased by the remaining partners and the offer is not accepted within one month.
- (3)
- By sale of the chattels and property rights as a whole or detached the creditors shall not be in a position which to be more inconvenient than the position in case of sale of the single chattels and property rights.
- (4)
- In the event of a sale under paragraph 1 of the chattels and property rights as a whole or as detached parts acts on disposal performed by the buyer before the completely payment of the price shall be deemed null and void in respect to the creditors on the bankruptcy.
- (5)
- The seller on the contract under Par. 1 shall be the receiver.
Sale of a Pledged Chattel
Article 719
A pledged chattel, held by a creditor or by a third person, shall be demanded by the receiver and shall be sold under the terms and procedures of this chapter, except for another law provides for the sale to be accomplished by the creditor without intervention by the court.
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