What is the legal test for an improvident sale?

If the circumstances reveal that the offered price is well below the obvious price of the shares or well below the debt on the writ, the bailiff may choose to seek directions rather than face an action for negligence arising from an improvident sale, but there is, in my view, no requirement that she do so. Even if the price obtained is considered inadequate, it is not enough to set aside or void a sale unless the price is so inadequate as to suggest fraud or misconduct on the part of the bailiff in carrying out her duties as a court official: McNichol v. McPherson (1907), 15 O.L.R. 393 at 395-396.