Reference basis:
Provisions of the Supreme Court on Auction and Sale of Property in Civil Execution
Article 8 The reserve price shall be determined in an auction.
The reserve price of auction shall be determined by the people's court with reference to the evaluation price; If it is not evaluated, it shall be determined with reference to the market price, and the opinions of the parties shall be solicited.
The reserve price determined by the people's court shall not be lower than 80% of the evaluation or market price at the first auction; If there is an auction target, the reserve price may be lowered as appropriate when the auction is held again, but each reduction shall not exceed 20% of the previous reserve price.
Article 9 After the reserve price is determined, according to the reserve price of this auction, if the proceeds from the auction have no possibility of remaining after paying off the priority creditor's rights and execution expenses, the applicant shall be informed of the relevant situation before the auction is implemented. If the executor of the application applies to continue the auction within 5 days after receiving the notice, the people's court shall allow it, but the reserve price shall be re-determined; The re-determined reserve price shall be greater than the total amount of priority creditor's rights and execution expenses.
In accordance with the provisions of the preceding paragraph, the auction fees shall be borne by the applicant.
Article 19 If there is no bidder in the auction or the highest bid price of the bidder is lower than the reserve price, if the application executor or other enforcement creditors present at the auction apply for or agree to accept the auction property at the reserve price set at the auction, they shall hand it over to them to pay off their debts.
If more than two executing creditors apply for auction of property to pay off debts, the creditor with the first legal repayment order will be given priority; If the repayment order is the same, the beneficiary shall be determined by drawing lots. If the amount of creditor's rights payable by the debtor is lower than the price of the collateral, the people's court shall order it to make up the difference within a time limit.