
Selling pledged property
Тhe Sale of pledged property is one of the main fields of activity of the Auction House REM of the Republic of Bulgaria /AHRRB/. The purpose of AHRRB is to organize effective biddings on sale of pledged assets, which should minimize losses of the creditor in case of debtor’s default.
The Auction House of the Republic of Bulgaria sells pledged assets according to extrajudicial procedure. Exactly at prejudicial stage the sale of pledged property gives the best financial result and allows to a great extent to compensate the funds given on credit.
Mechanism of effective biddings allows banks to:
- Save the time and operatively get back the funds given on credit
- Preserve liquidity of pledged assets, and that means to get the maximum price for them at the auction
- Avoid expenses for keeping and management of secondary assets