What governs the auctioneer's fees in the context of bankruptcy?

In the context of bankruptcy, the auctioneer's fees are governed by the court's determination. This is because, during bankruptcy proceedings, the court oversees the distribution of assets and ensures that any fees associated with the sale of assets are reasonable and justifiable. The court may evaluate the circumstances surrounding the auction, including any agreements made between the involved parties, but ultimately has the authority to approve or modify the auctioneer's fees based on what it deems appropriate under the bankruptcy code and state laws.

While agreements between the parties involved are important and can influence the process, they do not hold as much weight as the court's ruling during bankruptcy situations. Likewise, the local auction board's rules might provide guidance on general practices, but they do not supersede the court's power in a bankruptcy case. Discretion alone from the auctioneer is also not a factor, as it does not align with the legal oversight required in bankruptcy proceedings. Thus, the court's determination is the defining factor in establishing the fees.