When selling land in a receivership process additional bids may be submitted even after a bid won

A Purchaser won a bidding process to purchase land and transferred 60% of the payment after Court approval of the transaction, although the Court held that the Execution Office Registrar must also approve it. Before final approval of the transaction, a third party submitted a slightly higher bid.
The Supreme Court held that, despite the fact that the transaction was not finally approved, new third party bids may not be accepted unless significantly higher, thus the transaction is to be approved. In proceedings toward liquidation land, the sale agreement enters into force upon transaction approval and not upon winning the tender or bidding process and, considering that the aim of the sale is to generate maximum yields for creditors, the bidding process may be reopened if a new and higher offer is submitted prior to transaction approval. However, in order to protect the winning bidder expectations, it is only in rare and exceptional cases (such as, for example, a significantly higher offer) that a later offer will be accepted and the bidding process reopened. In this case, the purchaser won the bid at a reasonable price, the later offer is not significantly higher (higher by only 3%) and the transaction was approved in principle, awaiting only technical approval by the Execution Office Registrar. As such, there is no justification for reopening the bid in light of the new offer.