STATE PENALTIES ENFORCEMENT ACT 1999 - SECT 73F
Nature of sale
STATE PENALTIES ENFORCEMENT ACT 1999 - SECT 73F
Nature of sale
73F Nature of sale
(1) Unless the registrar directs otherwise, an enforcement officer must put up
for sale by public auction all property liable to be sold under an
enforcement warrant—
(a) as early as possible; and
(b) at a place and in a
way appearing to the enforcement officer to be suitable for a beneficial sale
of the property.
(2) The public auction may be conducted by the enforcement
officer or a person authorised by the registrar.
(3) Property sold by public
auction must be sold under the following conditions of sale—
(a) the
property must be sold—
(i) for goods, if the person conducting the auction
considers the particular lot in which the goods are to be auctioned is worth
less than $500, or for other property if the enforcement debtor agrees—at
the best price obtainable; or
(ii) otherwise, if the reserve is reached—to
the highest bidder;
(b) if the person conducting the auction considers there
is a dispute as to who is the highest bidder, the property is to be
reauctioned and knocked down to the highest bidder.
(4) However, before a
sale by public auction, the enforcement debtor may apply to the registrar for
a direction that the property be sold privately.
(5) The application must
state the facts relied on by the enforcement debtor.
(6) If the registrar
gives a direction under subsection (4) —
(a) the registrar may give the
direction to an enforcement officer; and
(b) the enforcement debtor must pay
any costs already incurred by an enforcement officer for the auction.
(7) If
property put up for sale at public auction is not sold by auction, an
enforcement officer may sell the property privately—
(a) for an amount not
less than the highest bid made at the auction that the registrar considers is
a reasonable amount for the property; or
(b) if no bid was made at the
auction—for an amount the registrar considers is a reasonable amount for the
property.
"reserve" , for property to be sold at auction, means the reserve amount set
by the registrar, that is an amount the registrar considers is not less than a
reasonable amount for the property.