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Is bankruptcy trustee obligated to offer a deal to the third auction participant?

A case in which the parties disputed the actions of a bankruptcy trustee was submitted for consideration of the Arbitration Court of the Moscow District. Some of the participants believed that he should had offered the deal to the third auction participant, while others believed that he should had initiated another procedure. The district court dealt with the legislative subtleties on this issue. As a part of the bankruptcy case, the trustee organized an auction for the sale of the ...

THE ONLY HOUSING OF DEBTOR WAS FIRST SOLD AT AUCTION

... exclude an apartment from the bankruptcy estate for the second time, but he received only the definition of termination of production with reference to the fact that this issue had already been solved earlier. As a result, the real estate was sold at auction. Probably the fate of this case may have a direct impact on a variety of similar situations. Now the debtors, demanding an exception of their only but luxurious housing from the bankruptcy estate, may face the refusal and replacement of their ...

THE SUPREME COURT OF RUSSIA EXPLAINED THE PROCEDURE FOR INVOLVING THIRD PARTIES TO HELP THE BANKRUPTCY TRUSTEE

... justified due to the specificity of the property being sold. What is more, they did not see an overstatement of the cost of services rendered by a third party and referred to the decision of the creditors to attract this company to the organization of the auction. At the same time, the economic board recalled that if the limit of expenses established by law is exceeded, third parties can be involved only after the approval of such a measure by the arbitration court. In this case, the bankruptcy trustee needs to confirm not only the validity of such an attraction, but also the amount of expenses. The applicant, on the other hand, first attracted the third party and after that, he applied to the ...

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