The purchaser must pay the price on the agreed terms and conditions, either to the notary who has drawn up the agreement or, in the event of a private contract, to the bank designated as escrow agent. The notary or bank must retain this payment for a period of 30 days from the date of publication of the sale. This is rule aimed at protecting the seller’s creditors, who may raise an objection within this period.
- Right to object to payment of the price: During the 30-day period from publication of the sale, creditors of the seller may notify their claims to the seller, the notary or bank acting as escrow agent, and the RCCM, indicating their formal opposition to payment of the price to the seller.
- Bids in excess of the purchase price: During the same 30-day period from publication of the sale, any creditor who has registered a charge or preferential right or who has opposed payment of the price to the seller can make a bid for the business which exceeds the purchase price by at least one-sixth. In such a case the creditor must deposit with the registrar of the court an amount corresponding to the new bid.
Seller’s guarantees and cancellation
The seller is guaranteed by a preferential right over the business until the purchase price has been paid. In order for this right to be protected, it is advisable for the seller to have it published in the RCCM.
If the purchaser fails to make payment, the seller may apply to the court for cancellation of the sale agreement.
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