The Electronic Auction System, e-auction, which was developed by ACB E-Auctions Ltd, a subsidiary of the Association of Cyprus Banks, is implemented as of today.
According to a press release, the System and the auctioning of mortgages assets through the System comply with the provisions of the Law.
Through the system, mortgaged assets will be auctioned in the case that the mortgage loaner opts, based on his rights given by the Law, to hold an online auction. Furthermore, parties interested in participating in online auctions of assets will be able to do so remotely.
Individuals and legal persons are eligible to register and participate in online actions as bidders, in Cyprus and abroad.
Natural auctions will continue to be held, and the mortgaged loaner will have the right to choose one of the two procedures.
Details on the use of the e-auction, registration, following auctions and participation in the procedure can be found at https://www.eauction-cy.com
(Cyprus News Agency)