①A designated security interest holder that has an objection to the petition referred to in Article 186, paragraph (1) may make an offer to a bankruptcy trustee within the period stated in paragraph (1) of the preceding Article to the effect that the designated security interest holder or any other person will purchase the property referred to in Article 186, paragraph (3), item (i) (referred to below as a "purchase offer" in this Section).

②A purchase offer must be made by means of a document stating the following particulars:

③The offered purchase price must be more than the sum obtained by adding the amount of proceeds referred to in Article 186, paragraph (3), item (ii) which is stated in the written petition to the amount equivalent to one-twentieth of the amount.

④If the property referred to in Article 186, paragraph (3), item (i) consists of two or more pieces of property, the amount of the offered purchase price stated in paragraph (2), item (iii) allocated to each piece of property must not be below the amount of proceeds referred to in paragraph (3), item (ii) of that Article allocated to each respective piece of property.

⑤Upon making a purchase offer, a purchase applicant must provide a bankruptcy trustee with the guarantee of the amount and by the means specified by the Rules of the Supreme Court.

⑥The provisions of paragraph (3) of the preceding Article apply mutatis mutandis to a purchase offer.

⑦A person that has made a purchase offer (if a person other than the person who has made the purchase offer is a purchase applicant, the purchase applicant) may withdraw the purchase offer within the period referred to in paragraph (1) of the preceding Article.

⑧When a purchase offer is made, a bankruptcy trustee must notify the court to the effect that they will sell the property referred to in Article 186, paragraph (3), item (i) to the purchase applicant after the period referred to in paragraph (1) of the preceding Article has expired. In this case, if two or more purchase offers are made, a bankruptcy trustee must give notification to the effect that they will sell the property to the purchase applicant who has made the purchase offer with the highest offered purchase price (if there are two or more purchase offers with the highest offered purchase price, the purchase applicant who has made the first offer).

⑨In the case referred to in the preceding paragraph, a bankruptcy trustee must submit to the court the document referred to in paragraph (2) related to the purchase offer made within the period stated in paragraph (1) of the preceding Article.

⑩When a purchase offer is made, in order to withdraw the petition referred to in Article 186, paragraph (1), a bankruptcy trustee must obtain consent from the purchase applicant (after the order of permission stated in paragraph (1) of the following Article becomes final and binding, the purchaser prescribed in paragraph (2) of that Article).

①Except when the court issues an order of non-permission by reason that a designated security interest holder has submitted, within the period referred to in Article 187, paragraph (1), a document that certifies their filing of the petition for exercise of security interests referred to in that paragraph, it must issue an order of permission referred to in Article 186, paragraph (1), designating the person specified in each of the following items in accordance with the category stated in the respective items as the counterparty to the sale related to the permission:

②In the case stated in item (ii) of the preceding paragraph, when the order of permission stated in that paragraph has become final and binding, it is deemed that a sales contract with the same content as that stated in the document referred to in Article 186, paragraph (4) (excluding the counterparty to the sale) has been concluded between the bankruptcy trustee and the applicant for purchase specified in that item related to the permission (referred to below as the "purchaser" in this Section). In this case, the offered purchase price is deemed to be the amount of proceeds under the sales contract.

③When a judicial decision on the petition stated in Article 186, paragraph (1) is made, a purchase applicant (excluding the purchase applicant specified in paragraph (1), item (ii)) may withdraw the purchase offer made by them until the judicial decision becomes final and binding.

④An immediate appeal may be filed against a judicial decision on the petition referred to in Article 186, paragraph (1).

⑤When a judicial decision on the petition referred to in Article 186, paragraph (1) or a judicial decision on the immediate appeal referred to in the preceding paragraph is made, the written judgment must be served upon the parties concerned. In this case, the provisions of the main clause of Article 10, paragraph (3) do not apply.

①When an order of permission referred to in paragraph (1) of the preceding Article has become final and binding, the counterparty to the sale related to the permission must pay to the court the amount of money specified in each of the following items in accordance with the category of the cases stated in the respective items by the due date set by the court:

②When payment of money pursuant to the provisions of item (ii) of the preceding paragraph is made, the amount of money equivalent to the amount of guarantee provided by the purchaser pursuant to the provisions of Article 188, paragraph (5) is allocated to proceeds.

③In the case referred to in the preceding paragraph, a bankruptcy trustee must immediately pay to the court the amount of money equivalent to the guaranteed amount referred to in that paragraph.

④In the case referred to in paragraph (1), item (i), the security interest held by a designated security interest holder is extinguished when payment of money pursuant to the provisions of paragraph (1), item (i) is made, and in the case stated in paragraph (1), item (ii), the security interest held by a designated security interest holder is extinguished when payment of money pursuant to the provisions of paragraph (1), item (ii) and payment of money pursuant to the provisions of the preceding paragraph are made.

⑤When payment of money prescribed in the preceding paragraph is made, the court clerk must commission the cancellation of the registrations of the security interests extinguished.

⑥If payment of money under the provisions of paragraph (1) is not made, the court must reverse the order of permission referred to in paragraph (1) of the preceding Article.

⑦In the case referred to in the preceding paragraph, the purchaser may not claim return of the guarantee referred to in paragraph (2).

①When payment of money prescribed in paragraph (4) of the preceding Article is made, the court must implement the distribution according to the distribution list for distribution of the money to each designated security interest holder, except in the case prescribed in the following paragraph.

②When there is only one designated security interest holder or when there are two or more designated security interest holders and the money prescribed in paragraph (4) of the preceding Article is sufficient for paying the claims secured by the security interests held by each designated security interest holder, the court prepares a statement of delivery of the money, and delivers the payment money to the designated security interest holders and delivers any surplus to the bankruptcy trustee.

③The provisions of Articles 85 through 86 and Articles 88 through 92 of the Civil Enforcement Act apply mutatis mutandis to the procedure for distribution referred to in paragraph (1), and the provisions of Article 88, Article 91, and Article 92 of that Act apply mutatis mutandis to the procedure for delivery of payment money pursuant to the provisions of the preceding paragraph.

①When any right of retention under the provisions of the Commercial Code or the Companies Act exists against the property that belongs to the bankruptcy estate at the time of commencement of bankruptcy proceedings, if the property is necessary for the business continued pursuant to the provisions of Article 36 or the recovery of the property otherwise contributes to maintaining or increasing the value of the bankruptcy estate, a bankruptcy trustee may make a demand to the holder of the right of retention that the right be extinguished.

②In order to make a demand under the provisions of the preceding paragraph, the amount of money equivalent to the value of the property referred to in that paragraph must be paid to the holder of the right of retention referred to in that paragraph.

③Permission of the court must be obtained in order to make a demand under the provisions of paragraph (1) and to make a payment prescribed in the preceding paragraph.

④If the permission referred to in the preceding paragraph is granted and the amount of payment prescribed in paragraph (2) is sufficient to cover the value of the property referred to in paragraph (1), the right of retention referred to in that paragraph is extinguished at the time when the payment is made or at the time when a demand under the provisions of paragraph (1) is made, whichever occurs later.

⑤In an action to request the return of the property stated in paragraph (1) on the grounds that the right of retention referred to in that paragraph is extinguished pursuant to the provisions of the preceding paragraph, even if the amount of payment prescribed in paragraph (2) is not sufficient to cover the value of the property, upon the plaintiff's petition and when the court in charge of the action finds it appropriate, the court may order the holder of the right of retention referred to in paragraph (1) to return the property, on the condition that the amount of any shortage is to be paid within a reasonable period of time.