Marcela is a receiver. She is appointed by Tran, a secured creditor of Batfish Ltd, to exercise Trans security rights over a parcel of property owned by Batfish Ltd located in Adelaide.

Marcela acts on Trans instructions and takes possession of the property. She obtains an independent valuation of $2 million for the property. Before she begins a marketing campaign to sell the property she is approached by Xiao with an offer to purchase.

Xiao offers Marcela $2.1 million for the property.

Advise Marcela if she should sell the property to Xiao. Use the IRAC method to structure your answer.