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On February 08, 2022, The Minister of Justice issues the Circular providing guidance on selection of property auction organizations.
In particulars, the Article 3 of this Circular prescribes 06 criteria of selection of property auction organizations as follows:
- Criteria of having physical foundations and equipment necessary for property auction.
- Criteria of having feasible and effective auction plan.
- Criteria of having capacity, experience and prestige.
- Criteria of having appropriate auction remuneration and auction expenses.
- Being on the Ministry of Justice-publicized list of property auction organizations
- Other criteria suitable to the auctioned property as decided by the auctioned property seller.
On assessment and scoring according to the criteria on selection of property auction organizations, selected property auction organization is the organization with the highest total score of all the criteria combined. In case there are two or more organizations with the same highest score, the auctioned property seller shall consider and decide to choose one of those organizations.
