Legal Updates

A receiver may not act to convince purchasers to make low offers in order to finalize the sale as soon as possible

April 10, 2018
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Published in Afiklaw 256 09.05.2018

For the purpose of realizing an apartment two lawyers were appointed as receivers to carry out an auction and one of them approached a bidder to make a bid considerably lower than the appraiser's assessment of the apartment telling him that it is intended to quickly finalize the sale.

The Court accepted the request to disqualify the sale and replace the receiver because a receiver is the Court's representative and is required to act to maximize the income from the sale of the apartment and cannot, even ostensibly, appear to be trying to sell it at a cheap price.

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