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Thai Legal Agency to Hold First Open-Bid Auction.
Byline: Parista Yuthamanop
Aug. 3--The Legal Execution Department will hold its first open auction fair of assets worth around 1.05 billion baht on Sunday, according to Kraisorn Baramee-uaychai, the director-general of the department.
The one-day event at the Queen Sirikit National Convention Centre will feature the auction of vacant land plots, single houses, townhouses and office buildings seized from the debtors.
Starting prices for the assets will begin at 50 percent of the valuation price, Mr Kraisorn said.
The department, which holds asset auctions on behalf of creditors, required bidders to put up 20,000 baht as an initial deposit, he said.
The winning bidders will have to pay 85 percent of the bidding price on the auction date and settle the full balance within 15 days.
Several banks, some of which are creditors of the lenders whose assets were seized, will offer credit lines for the assets sale. They include the Government Housing Bank, Siam Commercial Bank, ...
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