The Estate Trustee During Litigation (ETDL) brought a motion for approval of the sale of a commercial property co-owned by the insolvent estate and a third party.
The sale was opposed by certain beneficiaries who argued the sale price was improvident and the ETDL failed to follow court-ordered sales processes.
The co-owner initially opposed the sale but later consented.
The court applied the Soundair principles and approved the sale, finding that the property had been adequately marketed, the price was not improvident given the property's derelict state and ongoing operating losses, and the co-owner had waived any procedural irregularities.
