Article 24 — Principles applicable to the preparation phase

1. Member States shall ensure that the sale process carried out during the preparation phase is competitive, transparent and fair and meets market standards. 2. Member States shall ensure that the monitor, if necessary with the assistance of the debtor: (a) justifies why it considers that the requirements under paragraph 1 are fulfilled; (b) recommends the best bidder as the pre-pack acquirer of the debtor’s business, or part thereof, in accordance with Article 33; (c) provides a statement that, on the basis of its assessment, the best bid does not constitute a breach of the best-interest-of-creditors test. The monitor shall document and report on each step of the sale process in writing. Those documents and reports shall be made available in digital format and in a timely manner. Member States shall ensure that the monitor is subject to the same confidentiality requirements as an insolvency practitioner. 3. Member States may provide that a public auction be conducted in accordance with Article 29(3) in order to ensure the realisation of a fair market price. Member States may provide that such a public auction is conducted, in particular, in situations where one or more creditors demonstrate that there is reasonable doubt as to whether the best bid recommended by the monitor reflects the fair market price. Where such a public auction is conducted, Member States may provide that the obligations set out in paragraph 1 and paragraph 2, point (a), do not apply to the monitor. 4. Member States may provide that, where the recommendation referred to in paragraph 2, point (b), is approved by creditors in accordance with national law, paragraph 1 and paragraph 2, point (a), do not apply. 5. Member States shall ensure that: (a) if no subsequent liquidation phase ensues, the monitor is remunerated by the debtor; (b) if the liquidation phase ensues, the monitor’s renumeration is borne by the insolvency estate.