The debtor or trustee
is seeking to sell assets of the bankruptcy estate. The debtor/trustee
is a fiduciary of the bankruptcy estate and must follow certain
procedures governed by both the Bankruptcy Code and the Bankruptcy
Rules. This Notice will set forth general information concerning
bankruptcy sales. For specific information relating to a particular
sale, please refer to the contents of the particular sale
you are interested in.
The public sale of bankruptcy estate assets must be approved
by the bankruptcy court before the sale is considered final.
Therefore, public sales of estate property may be subject
to higher and better offers up until the court approves the
sale. It is at this hearing that objections to the sale will
be heard.
Prospective bidders may be required to deliver “good
faith” deposits along with its bid. Additionally, bidders
may be required to deliver the full amount of the bid within
so much time of the acceptance of the bid by the debtor/trustee,
subject to the return of the monies should the court not approve
the sale.
The sale may be “with or without reserve.” Additionally,
the sale may be made with or without representation of fitness
and/or guarantee or warranty of any kind. Unless otherwise
noted in the specifics of any sale, the bidders should perform
their own due diligence.
Generally bankruptcy estate asset sales are conducted pursuant
to §363 of the Bankruptcy Code. As such, the sales are
generally made free and clear of all liens and encumbrances
with those liens and encumbrances attaching to the proceeds
of the sale.
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