In the event of the sale of a business, the transferee may apply to the official receiver to have the registrations cancelled. He shall attach to his application a statement of the registrations, proof of completion of the purging formalities or of the agreement of the registered creditors to dispense with them, and proof of payment of the pre-sale costs.
The court clerk notifies by registered letter with acknowledgement of receipt the creditors who have not discharged their registrations that they have a period of thirty days from the date of dispatch of the letter to contest, by petition or by registered letter with acknowledgement of receipt, the request for cancellation on any ground based on non-payment of the price.