Bidding for the forced sale of the debtor’s property is the final and most important stage of debt collection. Before starting the sale procedure, it is necessary to provide preparatory procedures: inventory of property (subject of pledge or mortgage), appointment of an appraiser and conducting an appraisal examination.
As soon as the Executive body has received the results of the evaluation examination, it will send the document to the regional SIS office, which will hold a competition between the organizations involved in the organization of auctions. Once the competition is completed, the SIS will contract with the winning organization.
Bidding on the sale will be held within a period not exceeding two months, from the moment when the SIS and the winner of the competition will conclude an agreement giving the right to the latter to sell the collateral. Before starting the auction, the system of sale of confiscated and seized property will make a corresponding announcement about the beginning of the auction., in this case, it is possible to conduct several auctions for the sale of the property. The starting price of the property may also be reduced at the request of the SIS authorities.
After completion of the auction, the relevant Protocol on its results and participants will be sent to the Executive service responsible for its organization.
After the winner of the auction will pay the full amount of its acquisition, the state executor is obliged to make a statement that the auction took place. Based on this act, a new ownership right will be registered in the future.
As it is clear from the above information, the organization and holding of tenders for the forced sale of property is a complex and lengthy procedure. That is why the Executive service and the auction organizer quite often violate the key rights of the debtor: underestimation, after which the Bank buys the property and the debt still remains.
Kasyanenko & Partners Law Company has the necessary experience to ensure that the bidding on the most favorable terms for the borrower. If the property was sold at auction-we know how to return it.
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