The possibility of enforcing pre-emption rights in the course of the sale process would distort competition in the pre-pack proceedings. Potential bidders might abstain from bidding if rights holders could, at their discretion, reject those bids, irrespective of the time and resources invested or the economic value of the bids concerned. In order to ensure that winning bids reflect the best price on the market, pre-emption rights should not be conceded to bidders, nor should such rights be enforced in the course of the liquidation phase. Holders of pre-emption rights that were granted prior to the commencement of the pre-pack proceedings should, instead of invoking their pre-emption rights, be invited to participate in the bidding. Nevertheless, Member States should be able to enforce statutory pre-emption rights that are not affected by the insolvency of the debtor.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
