Realisation of assets

Distrained assets are sold as provided for in the law. The assets can be sold in a public auction or discretionary sale (e.g. an online auction) conducted by an enforcement officer, or by commission.

The enforcement officer chooses the method of sale, taking into account the viable sales price, sales costs and the time required to sell the assets. A public auction is always permitted. Discretionary sale usually requires the consent of the debtor, creditors and other right-holders.

Public auctions are announced in the newspapers. Auctions are normally held in the local enforcement office. Bids are made at the auction or in writing in advance. The precise terms of the auction are provided in the auction brochure.

The enforcement officer can also sell the assets by other means, such as in an online auction or through a real estate agent. In some cases, the assets can be sold by a bank or the debtor themselves.