Subsection 4: Higher bids

Any person may make a higher bid of at least one tenth of the main sale price.

On pain of inadmissibility, the higher bid must be made by a lawyer and filed at the registry of the enforcement judge within ten days of the auction. It is equivalent to a request for a higher bid hearing to be set. The lawyer must certify that he has obtained from his principal an irrevocable bank guarantee or a bank cheque for one tenth of the main sale price. The…

No later than the third working day following the declaration of the higher bid, the higher bidder shall denounce it by bailiff’s deed or by notification between lawyers to the pursuing creditor, the successful bidder and the distrainee debtor, failing which it shall be inadmissible. The notice of seizure recalls the provisions of article R. 311-6 and the second paragraph of this article; a copy of the certificate provided for…

The higher bid hearing is set by the enforcement judge for a date within a period of two to four months following the declaration of higher bid. If the declaration of higher bid is contested, this period runs from the date of the rejection decision. The distrainee, the pursuing creditor, the registered creditors, the successful bidder and the higher bidder are notified by the court registry of the date of…

The publication formalities are carried out at the behest of the higher bidder or, in his absence, the pursuing creditor, on the price modified by the higher bid.

On the day of the hearing, the bidding is resumed in accordance with the conditions set out in articles R. 322-39 to R. 322-49, at the price modified by the higher bid. If the higher bid is not covered, the higher bidder is declared the successful bidder. No higher bid may be received on the second auction. The provisions of article R. 322-49-1 are applicable.