The bankruptcy creditor of the debtor's company appealed to the Anti-Monopoly Service Department with a complaint against the arbitration manager's actions in selling the debtor's property by entering into direct agreements.
In his complaint, the bankruptcy creditor referred to the absence in the Federal Law "On Insolvency (Bankruptcy)" of a specific rule allowing the bankruptcy manager to sell the debtor's property through direct contracts and, as a consequence, the bankruptcy manager's lack of authority to enter into such sales contracts.
The Office of the Antimonopoly Service, in its Decision, explained that the possibility of selling the debtor's property that was not sold through the conclusion of a direct contract was not regulated by the Bankruptcy Law. If the arbitration manager of the debtor, at all stages of the sale of property under Art. 110, 111 of the Bankruptcy Law, they were held and the debtor's property was not sold, the arbitration manager has the right to sell such property through direct contracts. The only condition for such a sale of property is the consent of the meeting of creditors or the committee of creditors of the debtor for such a sale.
The debtor's creditors meeting approved the Regulation on the procedure, terms and conditions for the sale of property with the right of the arbitration manager to sell the debtor's property through direct contracts if the debtor's property is not sold at the minimum price (cut-off price) at the tender through public offering.
Thus, if the debtor's property is not sold at the minimum price (cut-off price) at the auction through public offer, the bankruptcy trustee has the right to sell such property through direct contracts, but subject to the approval of the Regulations on the procedure, terms and conditions of sale of the property a meeting or committee of creditors.
The Office of the Antimonopoly Service found the complaint groundless.