The best bid should not be disqualified in the preparation phase solely on the basis that it is submitted by a party closely related to the debtor. Parties closely related to the debtor should, therefore, be allowed to submit a bid and, where their bid is successful, to acquire the business free and clear of debts and liabilities. The eligibility of closely related parties to bid should, nevertheless, be subject to enhanced scrutiny in the bidding process. Providing equal opportunities for other bidders, particularly in relation to access to information and ensuring information symmetry, facilitates quick and efficient pre-pack proceedings and allows other bidders to prepare their bids.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
