In which cases shall an auction be conducted?
An auction shall be conducted by an auction organization if distrained assets are movables valued at over VND 10,000,000 and the real estate is auctioned by the auction organization. Involved parties have the right to determine the auction organization within 05 working days from the evaluation date. The Civil Judgement Enforcement Agent shall sign the asset auction service contract with the auction organization agreed to by the involved parties. If the involved parties cannot reach an agreement, the Civil Judgement Enforcement Agent shall select an auction organization to sign an asset auction service contract.
The auction will be conducted by the Civil Judgement Enforcement Agent in two situations:
- The auction of distrained assets are movables valued between VND 2,000,000 and 10,000,000; or
- The provinces and municipalities where the property is located have no auction organization or have an auction organization that refuses to sign an asset auction service contract.