Buying a property from a trustee is, next to bailiff auctions, another way of finding an attractively priced home. Before deciding to buy, however, it is worth knowing the transaction process inside out to find out what a buyer can expect.
In the event of a declaration of bankruptcy, the assets of a debtor who is an entrepreneur or a consumer become the bankruptcy estate. It consists of all rights and things belonging to him on the day of its declaration, including the debtor's right ownership of real estate, the right of perpetual usufruct, cooperative ownership right to premises, share in co-ownership of things and rights. Thus, the debtor loses the right to manage and use the property included in the bankruptcy estate and to dispose of it, which in practice means that it is impossible to sell the real estate or premises or conclude a lease or tenancy agreement. So how can you buy property from a debtor who has declared bankruptcy?
Inventory and subsequent liquidation of assets
The next step after declaring bankruptcy is for the trustee to prepare an inventory. Based on this inventory, an estimate is made. bankruptcy estate assets, which the debtor had on the day the court issued a decision on its announcement. Determining the assets and their value is necessary to prepare the process of liquidation of the bankruptcy estate. However, before it can take place, the judge-commissioner must approve the terms of sale.
- explains Małgorzata Anisimowicz, President of PMR Restructurings SA.
In the case of real estate, the regulations provide for the possibility of their sale by tender, auction or free-hand sale. – The basic form of sale in bankruptcy proceedings is a public tender, which is conducted by the trustee and supervised by the judge-commissioner. (...) The next method of liquidating the bankruptcy estate is free-hand sale. However, this does not mean that it is a completely arbitrary and unregulated process. When selling real estate, perpetual usufruct, cooperative ownership right to premises, the consent of the creditors' council or the judge-commissioner is required (when creditors council was not appointed).
29 March 2018:
" Housing from a trustee - how to buy and is it worth it?
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