The Animo compensandi pocedure in juducial sale by auction

Abstract

First of all, I started with an overview of the procedure which must be adhered to before the actual sale is conducted. A thorough study relating to the valuation and the manner in which the property is sold as will be amended will be undertaken (with due emphasis on the 60% of market value (reference will here will be made to the new proviso of the proposed amendments) since this review will also apply also to animo compensandi bids. The right to bid animo compensandi - a right which may in fact be given also to a normal creditor (provided that such person binds himself to pay the price in court in case it is adjudged to him) will be the subject of diligent analyses. According to the proposed law, this condition will only be not imposed on the creditor and on the execution creditor (if he finds opposition) but on any type of creditor who bids animo compensandi. Moreover, I discussed the proposed amendments set in Act XIV of 2006 with regards the solemn declaration which must be accompanied by a set of reasons which justify the application. This holds for everyone without exception who wishes to bid animo compensandi. The important (vital) requirement is that the judgement, or the deed or the private writing must show that there exists a liquidated debt owing to the creditor. Generally, the liquidated debt must be due even though the law precludes from mentioning it. A very detailed analysis of the whole issue of animo compensandi constitutes the basis or backbone of the thesis. Reference was made to the procedure which must be followed so that the creditor can bid animo compensandi, and to the various reasons why the court may not allow the bid to take place. One must here refer to the proviso in the proposed amendments where the deadline for application to bid animo compensandi will be extended to two weeks instead of two days. A very short reference was also made to the notion of privileges and hypothecs (being the most common opposition other creditors may bring forward) and also to the implied oppositions as laid down in the law and to cases where ships are the subjects of the judicial sale. Finally, reference was also made to the cases when there is discontinuance of the judicial sale and under what circumstances this action is resorted to and whether the creditor/s can prevent this action. I have also gone through the procedure relating to the post auction formalities regarding the thorny question of the set-off. Post auction formalities will also include the notion of jus redimendi (better known as irkupru) and whether such right is justified when it is granted to the debtor when the property is sold by judicial sale and when granted in other circumstances. The post auction formalities include the case when the creditor decides to sell the immovable property which he had just acquired. Finally I also discussed the differences between the vendita con incanto and the vendita senza incanto under Italian law which provided me with a diligent analyses on how these two different procedures are adopted under Italian law as opposed to our law.