Article 35 — Parties closely related to the debtor in the sale process

1. Member States shall ensure that parties closely related to the debtor are eligible to acquire the debtor’s business, or part thereof, provided that all of the following conditions are met: (a) the parties closely related to the debtor disclose in their bid to the monitor their relation to the debtor; (b) parties other than those referred in point (a) receive adequate information on the existence of parties closely related to the debtor and their relation to the debtor; (c) in the case provided for in Article 29(1), point (a), a valuation of the business as a going concern is carried out for the purposes of the statement of the monitor referred to in Article 24(2), point (c); (d) parties not closely related to the debtor are granted sufficient time to submit a bid. Member States shall provide that, where it is proven that a party closely related to the debtor failed to comply with the conditions set out in the first subparagraph, point (a), the court or competent authority can revoke the benefits referred to in Article 31(1). 2. Where the bid submitted by a party closely related to the debtor is considered as the best bid, Member States may introduce additional safeguards for the authorisation and execution of the sale of the debtor’s business or part thereof.