What is the sale by the creditor?

The creditor who holds a hypothec on the property of a business can, after publishing in the land register a prior notice indicating his intent to sell, proceed himself to the sale of the property charged with security.

After surrender of the property by the debtor, the creditor can proceed to a sale by private agreement, sale by way of a call for tenders or auction sale.

The creditor must sell the property without unnecessary delay, for a commercially reasonable price, and in the best interest of the debtor against whom the hypothecary right is exercised.

When he sells himself the property, the executing creditor acts on behalf of the owner and he is required to make known his quality to the purchaser at the time of sale.

The creditor must accept the highest bid, unless the conditions offered will make it less advantageous than another offer with a lower price or unless the price offered is not a commercially reasonable price.

If the proceeds of the sale are insufficient to pay the debt and the expenses, the creditor keeps against his debtor a claim for what remains due to him.