1. The Bankruptcy Court may approve the liquidation and distribution plan even if it proposes the sale of all or any of the debtor's assets through an open auction or without open auction, or that all or part of the debtor's assets be sold as one unit on a "going concern" basis or on any other basis or selling the same in parts, or any other proposals. 2. The Executive Regulations of this Law shall specify the conditions and procedures for selling the debtor's assets through auction, provided that these procedures include the following: a. The method of determining the opening price of the auction to sell the debtor's securities, real estate or other assets. b. Procedures for announcing the auction. c. Method of submitting bids and provisions for submitting bids in closed envelopes. d. Cases in which the bidder remains liable for its bid. e. Procedures for reducing the base price and selling the assets without specifying a base price to the highest bidder in the event that a purchaser does not propose to buy at the base price.
Interpretation and application must be checked against the official text and current version.