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Courts set up online shops to auction debtor's items
By Li Jiaohao |
July 2, 2012, Monday
|
Online Edition
Online Edition
TWO courts in Ningbo, Zhejiang Province opened shops on Taobao.com, China's biggest online shopping platform, to sell properties of defendants, local media reported yesterday.
Yinzhou District People's Court and Beilun District People's Court will sell a black BMW 7 sedan and an Outlander SUV through their online shops with a starting price of 199,900 yuan (US$31,484.25) and 50,000 yuan respectively.
The auction will start at 10am, July 9 and each applicant must prove their identity before placing a bid, the local Ningbo Daily reported yesterday.
Courts across the country are encouraged to use a third-party e-commerce platform to ensure an open and transparent system for judicial sale.
Yinzhou District People's Court chief justice said they used to ask an auction house to perform judicial sales, but the practice tends to be manipulated. Putting the sales online can not only ensure fairness but also lower the fees and attract more buyers.
The two courts will also sell production equipment, real estate and other assets after the initial sales.
Yinzhou District People's Court and Beilun District People's Court will sell a black BMW 7 sedan and an Outlander SUV through their online shops with a starting price of 199,900 yuan (US$31,484.25) and 50,000 yuan respectively.
The auction will start at 10am, July 9 and each applicant must prove their identity before placing a bid, the local Ningbo Daily reported yesterday.
Courts across the country are encouraged to use a third-party e-commerce platform to ensure an open and transparent system for judicial sale.
Yinzhou District People's Court chief justice said they used to ask an auction house to perform judicial sales, but the practice tends to be manipulated. Putting the sales online can not only ensure fairness but also lower the fees and attract more buyers.
The two courts will also sell production equipment, real estate and other assets after the initial sales.
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