In order to ensure that a business is sold for the best price through the pre-pack proceedings, Member States should ensure that the sale process in the preparation phase is conducted under high standards of competitiveness, transparency and fairness. Alternatively, Member States should be able to provide that, after the opening of the liquidation phase or the presentation of the recommended best bidder, a public auction is run to select the best bid or the bid recommended by the monitor is approved by the creditors. It is for Member States to decide whether the approval of the creditors is given by the general meeting of creditors or by the creditors’ committee.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
