Supervision over online judicial auction strengthened
The top court is requiring people’s courts nationwide to make information public when they sell an asset involved in litigation via online auction.
Courts are asked to release all the information about a judicial auction on the People’s Courts Litigation Assets Online site, including the transaction method they choose, notices, confirmation of random choice of any agency undertaking the auction, and the result, according to a document issued by the Supreme People’s Court recently.
It asks courts to separate records of judgment enforcement and auctions into different offices.
Online auction is favored in selling an asset to pay the plaintiff unless the property is more appropriate to be sold live. Courts should choose safe platforms with multiple functions, such as online registration, bidding, and settlement, which can be connected with the People’s Courts Litigation Assets Online site to share data, according to the document.
Courts can hire an agency -- the buyer will pay the commission of the agency -- or preside over the auction themselves to keep the commission and other costs lower.