Allowances, Realization of Assets & Reports

Section 80bis

Sale of movable or immovable property on authorization of Master

(1) At any time before the second meeting of creditors the trustee shall, if satisfied that any movable or immovable property of the estate ought forthwith to be sold, recommend to the Master in writing accordingly, stating his reasons for such recommendation.

(2) The Master may thereupon authorize the sale of such property, or of any portion thereof, on such conditions and in such manner as he may direct: Provided that, if the Master has notice that such property or a portion thereof is subject to a right of preference, he shall not authorize the sale of such property or such portion, unless the person entitled to such right of preference has given his consent thereto in writing or the trustee has guaranteed that person against loss by such sale.

[S. 80bis inserted by s. 23 of Act No. 16 of 1943 and substituted by s. 10 of Act No. 101 of 1983.]