Realisation of security interest: secured creditor must intimate price; trustee may source higher bidder, affecting cost allocation.

A secured creditor proposing to realise a secured asset must intimate the bankruptcy trustee of the proposed price; the trustee shall attempt to find a buyer offering a higher price and, if found, the asset is sold to that buyer with the trustee's identification costs forming part of bankruptcy process cost. If no higher bidder is found or the identified buyer does not purchase, the secured creditor may realise the asset at not less than the intimated price and shall bear the buyer identification cost. Any excess proceeds beyond the creditor's debt must be tendered to the bankruptcy trustee.

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