Maximizing Value Through Professional Auctioneering
As leading auctioning experts in Kenya, Swipe Recoveries Experts Ltd provides a strategic, transparent, and high-value solution for the disposal of movable and immovable assets. Whether you are a financial institution recovering a defaulted loan, a corporation liquidating assets, or an individual seeking to sell property, the auction process must be handled with professional precision to maximize returns and ensure legal compliance. Our team consists of fully licensed auctioneers who possess an in-depth understanding of the Kenyan market dynamics, legal procedures, and effective marketing strategies. We manage the entire auction process, from valuation and legal notifications to conducting the sale and finalising documentation, ensuring a seamless and profitable experience for our clients across Kenya.
The Legal Framework: The Auctioneers Act and Rules
All auctioneering activities in Kenya are strictly regulated by the Auctioneers Act, No. 5 of 1996 and the accompanying Auctioneers Rules, 1997. These statutes provide a comprehensive framework governing the licensing of auctioneers, the procedures for attachment and sale, and the fees chargeable. A critical requirement is that only an auctioneer holding a valid current license from the Auctioneers Board of Kenya can legally conduct an auction. The rules meticulously outline the process, including the requirement for a formal Letter of Instruction from the client (e.g., a bank or creditor), the proper service of a Proclamation Notice, and the mandatory 14-day redemption period for movable assets (or 45 days for immovable property after a Notification of Sale). As expert auctioneers, Swipe Recoveries guarantees 100% compliance with these legal mandates, protecting our clients from potential litigation arising from procedural flaws. Our deep understanding of case law, such as precedents set by the High Court of Kenya on matters of injunctions and proper notification, further solidifies our position as true industry experts.
Our Step-by-Step Auctioning Process
Our auctioning process is designed for transparency, efficiency, and maximum value realization. Step 1: Instruction & Valuation. We begin by receiving a formal Letter of Instruction and all relevant documentation. Our team then conducts a professional valuation of the assets to set a realistic reserve price. Step 2: Legal Formalities & Proclamation. We proceed with the legal requirements, including issuing and serving the Proclamation Notice to the debtor, which officially attaches the goods and provides a statutory period for redemption. Step 3: Seizure & Advertisement. If the debt is not settled, we arrange for the careful seizure and storage of the assets. A comprehensive marketing campaign is then launched, including advertisements in national newspapers like the Daily Nation or The Standard (as required by law for immovable property) and targeted digital marketing to attract a wide pool of potential bidders. Step 4: The Auction Sale. The public auction is conducted professionally at a suitable location, adhering to all rules. Our experienced auctioneers work to generate competitive bidding to exceed the reserve price. Step 5: Post-Auction Formalities. After a successful sale, we handle all post-auction procedures, including collecting proceeds, deducting our fees and costs as stipulated by the Auctioneers Rules, and remitting the balance to our client, along with a full account statement.
Debt Recovery & Auctioneering Coverage in Kenya
Swipe Recoveries Experts Ltd provides commercial recovery, skip tracing, and auctioneering services across Kenya and all 47 counties in Kenya.
Auctioneers' Fees and Costs in Kenya (KES)
The fees charged by auctioning experts in Kenya are regulated by the Fourth Schedule of the Auctioneers Rules, 1997. It is crucial for clients to understand this regulated cost structure. Key fees include: Proclamation Fees: For movable property, this is KES 4,000 if the value does not exceed KES 100,000, and rises on a sliding scale. Attachment & Repossession Fees: These are also scaled. For instance, attaching and repossessing a motor vehicle might cost between KES 10,000 and KES 25,000. Commission on Sale: This is the auctioneer's primary earning. The commission is set at 10% on the proceeds of sale for movable assets up to KES 1,000,000, and then reduces for higher amounts. For immovable property (land/buildings), the commission is 3% on the first KES 1,000,000 and 1.5% on the residue. Additionally, clients are responsible for 'costs,' which include newspaper advertisements, storage, and security. Swipe Recoveries provides a clear and itemised fee estimate before engagement, ensuring no financial surprises.
