Banks stopped sales of real estate and movable property through open sales
Baku, Fineko/abc.az. The Internet portal on sales of the collateral by banks on non-implemented loan agreements, presented in third decade of May 2011 has shown new market tendency: the banks stop open sales of collateral.
As of 3 July supply at www.girov.az portal reduced from 20 lots to zero. At present there are no proposals on real property and cars at www.girov.az. There have never been any proposals on equipment and business sales at all.
The project was initiated by Azerbaijan Risk Professionals Association (ARPA) and proposals were made by Azcoll collector Company and three banks- UniBank, AGBank and DemirBank.
Through the portal the banks were expected to be able to publish the information on the mortgaged property set for sale. The placement was carried out on a fee basis. At that, the portal did not bring buyers and sellers to contact - it requires only the availability of a special brokerage company. However, ARPA partner law firm CLC provided legal support of possible deals. The firm specializes in operations of such kind.
In the portal the collateral set for sale is divided into 4 groups - real estate, vehicles, equipment and businesses which are in turn divided into various categories. The portal is open for registration on it and placement of orders for sales of the mortgage.
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