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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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Will I be eligible to repurchase any of my bankruptcy (company)

Resolved Question:

Will I be eligible to repurchase any of my bankruptcy (company) assets prior to or during the auction (organized by the trustee)?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.
Welcome Back ArtCarlo,

You may bid on any of the assets sold by the trustee at the bankruptcy auction. It is within the trustee's discretion to allow you to purchase assets prior to the auction.
Customer: replied 5 years ago.
Who is responsible for notifying me of the bankruptcy auction date?
Expert:  Ellen replied 5 years ago.

No one is responsible for notifying you directly. The trustee must only publish notice of the auction date. I suggest that you contact the trustee's office and inquire as to the sale date and the trustees requirements to bid
Customer: replied 5 years ago.
It's too late, I was notified after the fact. $120,000 of the company assets were sold at the bankruptcy auction for a ridiculously low amount ($6,500). The only notification that I recieved was from the US Bankruptcy Court disclosing the employment of the auctioneer on June 13, 2011. There was no mention of the actual auction date. Do I have any recourse?
Expert:  Ellen replied 5 years ago.
Unfortunately this happens regularly. Unless you have proof that the trustee did not publish any notice or was involved in some type of fraud, you do not have recourse. Sorry.
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