Cap. 12 Art. 319Opening of sale by auction.

(1) The auction shall be, save the exceptions mentioned in the preceding articles, conducted by a public auctioneer in the presence of the Registrar.

(1A) The auction shall commence at the time established by the

Court and shall continue until the highest public bid is adjudicated.

(1B) The sale of different items to be sold by auction may be held during the same time, each one separately and in consecutive order.

(2) Bids are made orally. Each bid shall be announced at least three times, unless a higher bid is previously made. The highest bidder, within the time stated in the advertisement, shall be the purchaser.

(3) An offer shall no longer be valid immediately when a higher offer is accepted, even though such higher offer is later declared to be null.

(4) The public auctioneer or broker shall be entitled to a fee which is taxed by the Registrar in accordance with a tariff to be established by the Minister responsible for justice.

(5) No offer may be accepted if such offer is less than sixty per cent (60%) of the value at which the movable or immovable property or the going concern has been appraised: Provided that if no offer is made which is at least equivalent to sixty per cent (60%) of the value at which the movable or immovable property or the going concern has been appraised, the creditor may request that the movable or immovable property or the going concern be placed again for public auction: Provided that this sub-article shall not apply to ships and other vessels exceeding ten metres in length only.

(6) The public auctioneer shall have the right to demand that a person submitting an offer should be in possession of the necessary guarantees.