The Importance of Choosing an Ethical Auction Partner
Our ethical auction services provide creditors, financial institutions, and individuals with a transparent and legally compliant process for asset disposal and debt recovery. In an industry where reputation is paramount, choosing an auctioneer who prioritizes fairness, integrity, and strict adherence to the law is non-negotiable. Unethical practices can lead to legal challenges, reputational damage, and financial losses. At Swipe Recoveries Experts Ltd, our auctioneering division operates with the highest degree of professionalism, ensuring that every auction, from proclamation to the fall of the hammer, is conducted in a manner that respects the rights of all parties involved.
Compliance with the Auctioneers Act (Cap 526) & Licensing Board Rules
The foundation of ethical auction services in Kenya is strict adherence to the Auctioneers Act (Cap 526) and the rules set forth by the Auctioneers Licensing Board. This legal framework is designed to protect the public by regulating the conduct of auctioneers and ensuring a standardized, transparent process. As licensed professionals, our team at Swipe Recoveries upholds every tenet of this legislation. This includes providing the debtor with a legally sound proclamation notice, which clearly outlines the debt and the items to be attached, and allowing the legally stipulated period for redemption.
Furthermore, we ensure all statutory advertisements are placed in newspapers with nationwide circulation, such as the Daily Nation or The Standard, providing adequate public notice of the sale. We work diligently to set a fair reserve price, often based on professional valuation, to prevent the undervaluation of assets—a cornerstone of ethical practice. Our commitment to these regulations, overseen by the Auctioneers Licensing Board, ensures our processes are not just effective, but also legally sound and fair to both the creditor and the debtor, minimizing the risk of costly and time-consuming legal disputes post-auction.
Our Transparent Auctioneering Procedure: From Proclamation to Sale
Our auction process is defined by clarity and integrity at every stage. We believe an informed client is an empowered one, and we extend this principle to all stakeholders.
1. Instruction & Legal Due Diligence: Upon receiving instructions, we first verify the legality of the claim and the underlying court order or letter of instruction. This crucial first step prevents wrongful attachments.
2. Proclamation & Attachment: Our licensed auctioneer visits the debtor's premises to issue a formal Proclamation Notice, listing the goods to be seized. This is done respectfully and professionally, clearly explaining the process and the debtor's rights, including the redemption period.
3. Advertisement & Public Notice: If the debt is not settled, we proceed with the statutory 7 or 14-day advertisement of the auction in a major daily newspaper. The advertisement contains all legally required details, including the date, time, and location of the auction, and a description of the items for sale.
4. The Public Auction: The auction itself is conducted in a public, accessible location. Our auctioneers ensure a competitive and fair bidding environment. We maintain a clear record of all bids and declare the highest bidder as the purchaser upon the fall of the hammer. All proceeds are meticulously accounted for, with funds disbursed according to legal requirements.
Fee Structure & Costs for Professional Auction Services
Understanding the costs associated with auctioneering is vital for financial planning. Our fee structure for ethical auction services is transparent and aligns with the scale of charges gazetted under the Auctioneers Rules. The primary fees are typically calculated as a percentage of the sale proceeds, ensuring our remuneration is directly tied to a successful outcome.
Key costs may include: Auctioneer’s Commission: A legally stipulated percentage of the sale value. Advertising Costs: The actual cost of placing statutory advertisements in newspapers (e.g., an ad in the Daily Nation can range from KES 30,000 to KES 100,000 depending on size). Storage & Security: Costs for securely storing repossessed items before the auction. Disbursements: Other costs like transport, valuation fees, and locksmith charges if required. We provide a clear estimate of all potential costs upfront, so our clients can make informed decisions. There are no hidden charges, reflecting our commitment to transparency.
