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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Terms found Action for the restoration of ownership Amended dismissal Annuity Appeal against a decision Asset Assignment of Claims (Cession) Austrian Public Employment Service (AMS) Banking secrecy Bankruptcy proceedings BaSAG Book value / carrying amount Branch Brokerage Agreement Building Law Business Business entity Call for Tenders Capitalisation Casual Employment Certification Change in Operations Collective Bargaining Agreement Company Agreement Company Pension Comparison of business assets Compensation Compliance Compulsory enforcement Consumer Protection Act Corporate Reorganisation Act (URG) Corporation Covenants Debt restructuring Debtor Declaration of consent Decree Deferral Discount Dividend Double taxation Double-entry bookkeeping Easement Employee Stock Ownership Equity Equity loan Factoring Fees Act Financial plan Foreclosure sale Foreign-currency loan General partnership General Protection Against Dismissal Global assignment GmbH Group taxation Guarantee Guarantee credit Hidden reserves Hire Purchase Insolvency Insolvency Act Insolvency administrator Insolvency estate Insolvency register Inspection of the Land Register Inventory Land Register Letter of comfort Lien Limited partnership Liquidation Loan Loss Carryforward Maternity leave Merger Natural person Nominal value Option Outsourcing Part-time work Partnership Personal insolvency Pledge principle Preliminary decision on an appeal Progression Prohibition of alienation and encumbrance Prohibition on the repayment of deposits Property income tax Provision Proxy Public Limited Company Reallast Repayment Restriction on Transfer Restructuring proceedings Retention of title Revision Right of first refusal Right of retention Rights in rem Self-consumption Severance Pay Severance Pay new Severance Pay old Shareholder loans Short-time work Silent partnership Skimming procedure Social Plan Sole Proprietorship Standard value Stock Subscription right Superstruction Supervisory Board Tenancy agreement Works Council

Right of first refusal

What is a right of first refusal?

The agreement of a right of first refusal obliges the owner of the encumbered property to offer it for sale to the holder of the right of first refusal on the terms negotiated with the prospective purchaser (event triggering the right of first refusal). The holder of the right then has the option to acquire the property on those terms within the specified period. If the holder of the right does not exercise their right (within the specified time limit), the owner may sell the property to the third party on the terms originally agreed. The right of first refusal is, in principle, binding. In the case of immovable property, it may be made enforceable by registration in the land register.

Who can exercise the right of first refusal in the context of insolvency proceedings?

In insolvency proceedings involving the holder of a right of first refusal, the insolvency administrator or, in the case of a self-administered restructuring proceedings, the debtor may exercise the right of first refusal within the scope of the powers of disposal remaining at their disposal. In insolvency proceedings involving the owner subject to the right of first refusal, the holder of the right of first refusal need only be summoned in the event of a judicial sale by the insolvency administrator and does not trigger the right of first refusal. According to the prevailing view, this applies in any event to the case of a private sale by the insolvency administrator. In a recent decision, the Supreme Court has endorsed this view.

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