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“The team was recently visible advising on a number of pharmaceutical cases. Sources agree that the team is “moving in the right direction” and are particularly impressed by its work in the pharmaceutical sector”.

 

Auction organizer in bankruptcy case

31.03.2014

Vadym Kizlenko, attorney at law, insolvency receiver, Ilyashev & Partners Law Firm, answered the question of Yurydychna Praktyka

- What is the ground for activities of the auction organizer – the contract with the client or the court ruling?

Pursuant to Art. 49 of the Law of Ukraine “On restoring debtor’s solvency or declaring a debtor bankrupt” (hereinafter, the Law), the client (the liquidator) shall designate the organizer of auction for the sale of the bankrupt’s property. The auction can be organized by either an individual or a legal entity being the signatory to the agreement on holding the auction with the liquidator.

Article 51 of the Law envisages that according to the agreement on holding the auction, the organizer shall hold an auction at own expense and sign agreement with a successful bidder, and the client shall pay remuneration to the organizer.

According to the stated rules of the Law, I believe that the auction organizer shall act on the basis of the agreement.

However, the Higher Commercial Court of Ukraine stated in the Information Letter № 01-06/606/2013 dd. 28.03.2013 (as amended) that the auction organizer acts on the basis of a court ruling declaring it a party to bankruptcy proceedings.

For more information see the website of Yurydychna Praktyka.

 
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