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A law is not a law without coercion behind it
  

2019-07-01 11:27 Compulsory Enforcement Service informs

2019-06-24 11:10 Compulsory Enforcement Service informs

2019-06-17 11:31 Compulsory Enforcement Service informs
Compulsory Enforcement Service
Chief Compulsory Enforcement Officer of the Republic of Armenia
Compulsory Enforcement Officer
Structure
Acts Subject to Compulsory Enforcement
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Procedure
Rights and Responsibilities of Parties
Applied Measures
Forced Electronic Auction
The Concept of Forced Electronic Auction and Its Organisation
Process of the Forced Electronic Auction
Declaring the Forced Electronic Auction Frustrated or Invalid
The Second and Subsequent Forced Electronic Auctions
Legislation
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Process of the Forced Electronic Auction
  1. The estimated deadline for auctioning of each lot in the forced electronic auction shall be at the corresponding hour on the first working day after 10 days from the moment of posting the notice about the lot on the website. Any price offer received within a period of 10 minutes prior to the deadline shall automatically extend the deadline; the new deadline shall be set at 10 minutes following the new offer.
  2. During the forced electronic auction each participant may present a new price offer higher than the previous bid at least by the amount of the minimum increment. The bid increments shall be set at the fixed amounts defined in Article 33(2) of the Law of the Republic of Armenia “On public bids”.
  3. The winner of the forced electronic auction shall be the participant who made the highest price offer. The winner shall be determined by the System.
  4. The bid security of the winning participant, frozen prior to the forced electronic auction, shall be transferred to the deposit account of the Service.
  5. The bid securities of other participants shall be unfrozen or returned, if paid in cash or transferred at the deposit account of the Service, within three banking days.
  6. Within three days after the end of the Auction, the winning participant shall pay the hammer price of the lot less the bid security; payment shall be made via transfer to the deposit account of the Service. If the payment is not made, the bid security of the winning participant shall be forfeited.
  7. Within three days after payment of the hammer price by the winner, the compulsory enforcement officer shall sign a sale contract with the winner or the representative of the winner. If the contract is not signed by the winner in due time, the paid amount, except the bid security which shall be forfeited, shall be returned to the winner.
  8. The proceeds from sale of the lot shall be transferred or handed to the creditor, within three days after signing of the sale contract.
Forced Auction

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41a Halabyan str., Yerevan, 0078, Republic of Armenia | Hotline: (+374) 60 570-435 | E-mail: hotline@harkadir.am ; press@harkadir.am
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