Integrites has the honor to bring to your attention the following information, which we hope may be useful in your company activities.
The bidding rules on realization of seized property in the form of an electronic auction (the "Rules") establish the procedure for the realization of seized property in the form of an electronic auction.
According to the Rules, a notification of upcoming electronic auction shall be published no later than ten calendar days prior to the auction, in Kazakh and Russian languages in periodicals that are distributed throughout the territory of the Republic of Kazakhstan and are empowered to publish official reports. The list of seized property subject to the bidding realization is published by the state law enforcement official on the Internet site of the territorial authority, whereas the list of the indicated property, surcharged by the private law enforcement official, is published on the Internet site of the regional board of law enforcement official.
The property to be realized through electronic bidding is represented by the following list:
- The property subject to state registration (real estate, motor vehicle);
- Objects of historic or artistic value;
- Other property the value of which exceeds 1,000 MCI.
Before the bidding procedure starts, the organizer of the electronic auction shall ensure an easy access to information on the property tendered for electronic auction and provide information, regulating the activity of a unified electronic trading platform ("UETP"). Admission and registration of applications for participation in the auction is conducted electronically by the organizer on an Internet resource of the UETP from the date of publication of the notice regarding the electronic auction. Admission of these applications is completed one day before the auction. Thus, applications received after the expiry of their admission specified in the notice to hold an electronic auction shall not be considered.
It should be noted that the participation in the electronic auction shall be secured by a guarantee sum - the amount to be deposited on the control of territorial authority or to the current account of private law enforcement official.
Rules also define:
- The increase in the reverse price at the first auction;
- The procedure of electronic auction method to increase the value of the property;
- Cases in which the electronic auction is declared to be cancelled.
We hope that the above information will be useful for you.
For additional information, please contact our firm.
We will be happy to assist.