Problems regarding sales of assets by auction
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Abstract
Execution processÿ issues need exhaustive research in Lithuania. However, while developing a new civil process code, it is necessary to solve old theoretical and practical problems. This article addresses problems related to sales of assets by auction and proposes possible ways of solution.
An auction is the main form of a debtor’s assets realization in the process of execution. The funds received during an auction often become the only source of settling a creditor’s financial claim. The drawbacks of this institute negatively affect the results of the entire execution process. Therefore, the auction process needs improvements to be made by correcting the mistakes that became apparent in practice and by assessing the changed socio-economic relationships.
It must be stressed that in the execution of court decisions the sales of assets by auction (especially of real property) is the basic way of assets realization in many foreign countries.
The article deals with only some of the issues related to the realization of assets in the process of auction. Nevertheless, the author expects that the expressed ideas will be useful for the development of the existing process of the sales by auction and for the creation of a new civil process code.
An auction is the main form of a debtor’s assets realization in the process of execution. The funds received during an auction often become the only source of settling a creditor’s financial claim. The drawbacks of this institute negatively affect the results of the entire execution process. Therefore, the auction process needs improvements to be made by correcting the mistakes that became apparent in practice and by assessing the changed socio-economic relationships.
It must be stressed that in the execution of court decisions the sales of assets by auction (especially of real property) is the basic way of assets realization in many foreign countries.
The article deals with only some of the issues related to the realization of assets in the process of auction. Nevertheless, the author expects that the expressed ideas will be useful for the development of the existing process of the sales by auction and for the creation of a new civil process code.
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Articles
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Authors retain copyright of their work, with first publication rights granted to the Association for Learning Technology.
Please see Copyright and Licence Agreement for further details.
