Local Rule B-6005-1: LIQUIDATORS AND AUCTIONEERS

B-6005-1. LIQUIDATORS AND AUCTIONEERS

(a) Bond Required All liquidators/auctioneers who will come into possession or control of the assets of an estate shall obtain a bond for the full value of the assets in the possession or control of the liquidator/auctioneer, unless the Court orders otherwise.

(b) Disclosures An application to employ a liquidator/auctioneer shall:

(1) contain an affirmative statement that the liquidator/auctioneer sought to be employed by a trustee or the Debtor is bonded; and

(2) disclose the name of the bonding company.

(c) Remittance of Gross Proceeds All gross proceeds shall be remitted to the trustee or the Debtor within 14 days of the sale, unless the Court orders otherwise. Upon motion of a party in interest and for good cause shown, the Court may authorize the liquidator/auctioneer to submit net proceeds or to turn over to a secured creditor the net proceeds realized from the sale of that creditor's collateral.

(d) Liquidator/Auctioneer Purchasing at Sale No liquidator/auctioneer, or any agent or employee of a liquidator/auctioneer employed in a case, may purchase an asset from the estate.