Article 186 of Bankruptcy Law

The Bankruptcy Judge may approve the liquidation and distribution plan even if it proposes selling all or some of the debtor’s assets through a public auction or without a public auction, or selling all or a portion of the debtor’s assets as a single unit on a “going and operating concern” basis or on any other basis, or selling them in parts, or any other proposals. The Executive Regulations shall specify the conditions and procedures for selling the debtor’s assets through auction, provided that the procedures include how to determine the reserve price at which the auction will open for the sale of the debtor’s assets consisting of securities, real estate or other assets of the debtor, the procedures for announcing the auction, how to submit bids, the provisions governing the submission of bids in sealed envelopes, the cases in which a bidder remains bound by his bid, and the procedures for reducing the reserve price and selling the asset without setting a reserve price to the highest bidder if no purchaser comes forward to purchase at the reserve price.