The third party purchaser's extinguishment of hypothec system in the Civil Code was amended in 2004. The main reason is that the old system had been frequently abused.
The new system has something in common with Extinguishment of mortgage systems in insolvency law.
We can use the new system as a tool of Business reorganization, especially in the case that senior mortgagees agree but junior mortgagees disagree with the price of the mortgaged property offered by the third party purchaser.