What happens if another bidder shows up with a higher offer after I've already made a deal with the receiver?

It depends on the stage of the process. Many receivership sales use a court-approved bidding process, sometimes structured with an initial "stalking horse" agreement, specifically designed to let a later, higher bid still be considered up until a set deadline or the court approval hearing — this exists precisely because a receiver has a duty to maximize recovery for creditors, not simply to honour the first agreement reached.

Once a court has actually approved the sale, and especially once it has closed, a later higher bid generally can't unwind it. If you're negotiating with a receiver and want certainty that your deal won't be topped, find out upfront whether the process is exclusive or still open to competing bids, and consider negotiating deal-protection terms — such as a break fee or bid deadline — if locking in exclusivity matters to you, rather than assuming your agreement with the receiver is automatically final.