Assessment of incorporation of the Institute of voluntary auctions into Slovak law

26.02.2014
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Voluntary auction, as one of the legitimate ways of satisfying the legitimate claims of the subject in recent years, relatively fast growing legal arrangement, which is also taking hold in the minds of the general public and the potential uses are of great importance pledgees.

Into Slovak law was this term implemented already in 2002, adoption of a separate law No.. 527/2002 The. Of the voluntary auctions because of the then inefficiency and inflexibility of the Institute of forced auctions. The purpose of this incorporation was to accelerate and streamline the entire process of pledge performance at minimum cost, when should the pledgee turned the proposal to carry out auctions directly to Auctioneer, agree on its implementation conditions, all without court involvement, resp.exekútora, whose actions are not only time-, but also more costly. The actual enforcement of the pledge form of implementation of voluntary auction is conditional upon either the existence of a statutory lien or validly concluded a security agreement between the debtor and the pledgee, for failure to fulfill their obligations to the borrower.

Specifically disadvantages of inefficient and inflexible suspension of enforcement – by way of execution consist mainly in the, that:

payment order or judgment precedes the obligation to pay the court fee for their issue, at the moment of 6% the amounts sought,
the claim, even if it is secured by a lien must conduct litigation in order to obtain an enforcement order for the enforcement of the Decision,
payment order or judgment is a time-consuming and takes several months, or years.

In contrast, the Institute voluntary auctions characterized:

– Low Cost: costs shall be borne solely from the proceeds of the auction, which the claimant auctions with no unwanted extra costs
– speed equipment issues: subject of voluntary auction can be auctioned already within 2 – 3 months from signing the contract to make the auction,
– special auction guarantee security: If the successful bidder fails to pay the auction price within a specified period, occurs so. thwart the auction, in which case the
apply it consists dražobná security to cover the cost of foregone while re-auction,
– nenapadnuteľnosťou after the expiry márnom 3 months from the date of the auction,
– Owners law passes the successful bidder granting Impact bidder, provided, it will pay the remaining amount of the auction.

The process of realizing a voluntary auction transparent, as hers auction companies are under the direct control of the Ministry of Justice and the auction process itself certifies notary.