Cap. 13 Art. 497Sale of non- perishable assets.

(1) Non-perishable assets cannot be sold by the bankruptcy trustee prior to the confirmation of the proposed terms of a debt agreement in terms of Title V or the sale of assets held on trust in terms of Title VI, as the case may be, except in pursuance of a summary judgment of the court, upon a sworn application issued against the parties interested.

(2) In deciding upon the sworn application, the court shall, among other things, consider:

(a) whether the value of the asset will be substantially preserved by its immediate sale;

(b) whether the bankruptcy trustee requires additional liquidity to continue the trade, business, craft or profession of the bankrupt in accordance with article 498; and

(c) whether the bankrupt is urgently in need of moneys to satisfy his ordinary and reasonable daily expenses.

(3) No appeal shall lie against the pronouncement of the court made in terms of sub-article (1).