sec.73FNature of sale

### sec.73F Nature of sale Unless the registrar directs otherwise, an enforcement officer must put up for sale by public auction all property liable to be sold under an enforcement warrant— as early as possible; and at a place and in a way appearing to the enforcement officer to be suitable for a beneficial sale of the property. The public auction may be conducted by the enforcement officer or a person authorised by the registrar. Property sold by public auction must be sold under the following conditions of sale— the property must be sold— for goods, if the person conducting the auction considers the particular lot in which the goods are to be auctioned is worth less than $500, or for other property if the enforcement debtor agrees—at the best price obtainable; or otherwise, if the reserve is reached—to the highest bidder; if the person conducting the auction considers there is a dispute as to who is the highest bidder, the property is to be reauctioned and knocked down to the highest bidder. However, before a sale by public auction, the enforcement debtor may apply to the registrar for a direction that the property be sold privately. The application must state the facts relied on by the enforcement debtor. If the registrar gives a direction under subsection (4) — the registrar may give the direction to an enforcement officer; and the enforcement debtor must pay any costs already incurred by an enforcement officer for the auction. If property put up for sale at public auction is not sold by auction, an enforcement officer may sell the property privately— for an amount not less than the highest bid made at the auction that the registrar considers is a reasonable amount for the property; or if no bid was made at the auction—for an amount the registrar considers is a reasonable amount for the property. See section 73G (Sale at best price obtainable). In this section— reserve , for property to be sold at auction, means the reserve amount set by the registrar, that is an amount the registrar considers is not less than a reasonable amount for the property. s 73F ins 2009 No. 48 s 10 (sec.73F-ssec.1) Unless the registrar directs otherwise, an enforcement officer must put up for sale by public auction all property liable to be sold under an enforcement warrant— as early as possible; and at a place and in a way appearing to the enforcement officer to be suitable for a beneficial sale of the property. (sec.73F-ssec.2) The public auction may be conducted by the enforcement officer or a person authorised by the registrar. (sec.73F-ssec.3) Property sold by public auction must be sold under the following conditions of sale— the property must be sold— for goods, if the person conducting the auction considers the particular lot in which the goods are to be auctioned is worth less than $500, or for other property if the enforcement debtor agrees—at the best price obtainable; or otherwise, if the reserve is reached—to the highest bidder; if the person conducting the auction considers there is a dispute as to who is the highest bidder, the property is to be reauctioned and knocked down to the highest bidder. (sec.73F-ssec.4) However, before a sale by public auction, the enforcement debtor may apply to the registrar for a direction that the property be sold privately. (sec.73F-ssec.5) The application must state the facts relied on by the enforcement debtor. (sec.73F-ssec.6) If the registrar gives a direction under subsection (4) — the registrar may give the direction to an enforcement officer; and the enforcement debtor must pay any costs already incurred by an enforcement officer for the auction. (sec.73F-ssec.7) If property put up for sale at public auction is not sold by auction, an enforcement officer may sell the property privately— for an amount not less than the highest bid made at the auction that the registrar considers is a reasonable amount for the property; or if no bid was made at the auction—for an amount the registrar considers is a reasonable amount for the property. See section 73G (Sale at best price obtainable). (sec.73F-ssec.8) In this section— reserve , for property to be sold at auction, means the reserve amount set by the registrar, that is an amount the registrar considers is not less than a reasonable amount for the property. - (a) as early as possible; and - (b) at a place and in a way appearing to the enforcement officer to be suitable for a beneficial sale of the property. - (a) the property must be sold— (i) for goods, if the person conducting the auction considers the particular lot in which the goods are to be auctioned is worth less than $500, or for other property if the enforcement debtor agrees—at the best price obtainable; or (ii) otherwise, if the reserve is reached—to the highest bidder; - (i) for goods, if the person conducting the auction considers the particular lot in which the goods are to be auctioned is worth less than $500, or for other property if the enforcement debtor agrees—at the best price obtainable; or - (ii) otherwise, if the reserve is reached—to the highest bidder; - (b) if the person conducting the auction considers there is a dispute as to who is the highest bidder, the property is to be reauctioned and knocked down to the highest bidder. - (i) for goods, if the person conducting the auction considers the particular lot in which the goods are to be auctioned is worth less than $500, or for other property if the enforcement debtor agrees—at the best price obtainable; or - (ii) otherwise, if the reserve is reached—to the highest bidder; - (a) the registrar may give the direction to an enforcement officer; and - (b) the enforcement debtor must pay any costs already incurred by an enforcement officer for the auction. - (a) for an amount not less than the highest bid made at the auction that the registrar considers is a reasonable amount for the property; or - (b) if no bid was made at the auction—for an amount the registrar considers is a reasonable amount for the property. Note— See section 73G (Sale at best price obtainable).