Entrepreneurial risks of property purchasers at bankruptcy tenders

Abstract

Bankruptcy tenders perform several functions that are aimed at maximizing profits, transparency of the procedure, protection of the private interests of creditors and the insolvent debtor. Contracts concluded at such auctions have significant business risks due to the high probability of their contesting by interested parties, possible legal defects of property and property rights realized at tenders, limited application of contract law to the requirements for the performance of contractual obligations in kind. Participation in the tenders means taking on entrepreneurial risks, provided that the information is disclosed in good faith by the y of bankruptcy officer. The protection of the tender winner interest is limited to the interests of the creditors of the insolvent debtor.