Uniform Civil Procedure Rules 2005

If, at a public auction, the highest bid of property to be sold under a writ for the levy of property is substantially below their approximate market value, as fixed by the Sheriff, the Sheriff or (if the Sheriff so approves) the auctioneer may sell the property by private treaty.

The Sheriff must not approve a sale of property by private treaty at a price substantially below a fair value determined by the Sheriff.

In determining a fair value for the property for the purposes of subrule (2), the Sheriff—

must take into account all the relevant circumstances, including but not limited to—

the approximate market value of the property fixed by the Sheriff, and

the amount of the highest bid for the property at the public auction, and

the likelihood or otherwise of there being a higher bid if the property were again put up for sale by public auction, and

must not determine a fair value that is substantially below the amount of the highest bid for the property at the public auction.