The Role of Judicial Authorities in Supervising the Sale of Insolvent Debtor's Assets) Analytical Study(

Abstract

Abstract: The role of judicial supervision over the sale of insolvent debtor's assets that are seized by execution and the distribution of their proceeds represents an essential element to ensure legal justice and protect the rights of all concerned parties. This role begins with verifying the validity of the legal procedures related to the executive seizure of the debtor's assets, through the evaluation of the assets by specialized judicial experts, and ending with organizing the sale process through public bidding. The judiciary is keen to ensure adequate advertising of the sale to achieve transparency and attract the largest possible number of buyers to obtain the best value for the seized assets. The just executor or supervising judge also distributes the proceeds of execution according to priorities specified by law, As priority is given to the preferred debts explicitly stipulated by the legislator, such as executive expenses, fees, expenses, etc.. while the remains must distribute among ordinary creditors according to the principle of dividing creditors. The main objective of this supervision is to prevent any exploitation or abuse, achieve a balance between the rights of creditors, and ensure that the rights of the debtor are not infringed, while fully obligating with the governing laws and legislation.