Article 777 — Sale of Immovable Assets

1/ Where foreclosure proceedings have been stayed due to the judgment opening bankruptcy proceedings, the trustee in bankruptcy shall be subrogated to the foreclosing creditor and shall sell the security in accordance with the provisions of this Chapter. The process of sale of the immovable assets shall start within eight days of the order of the supervisory judge in bankruptcy. 2/ The supervisory judge may authorize the private sale of immovable assets by the trustee in bankruptcy where such procedure is likely to increase the price by comparison with a public auction sale. 3/ Where the trustee in bankruptcy fails to start the process of sale within six months of the date of the judgment opening bankruptcy proceedings, the secured creditor shall be reinstated to its power of foreclosure sale unless the court for good cause grants an extension upon the request of the trustee in bankruptcy. The distribution of the proceeds shall be subject to the provisions of this Chapter.