If you were ever interested in participating in vehicle and movable auctions in Kenya, here are all the things you need to know.
The are a number of auction houses in Kenya that offer both online as well as traditional onsite auctions to the general public, such as Lolwe Auctioneers, The Auction Centre, Jambo Auctions as well as the Housing Finance Group.
It is often natural to assume that auctions in other countries aren’t administered like auctions in South Africa, however when Kenya is concerned, this is not the case. There are a few words that are different about Kenyan auctions, however, the process is quite similar to the South African process.
Auctioneers in Kenya are regulated by the Auctioneers Licensing Board of Kenya which ensures that all auction houses adhere to any and all auction laws that protect both the auctioneers as well as the buyer’s rights.
The Auction Process
The Chattels Transfer Act, (Cap 28), The Auctioneers Act 1996 and Rules 1997 and 2010.
The above-mentioned acts, as found in the Kenyan legislature state that should the owner of the chattel (a movable property including vehicles as well as furniture) default on a loan they have taken for their movable property, all rights and ownership are automatically transferred to the creditor (a bank or financial institution that has facilitated that loan). The creditor then instructs that the property be repossessed within 7 days and thereafter, a public ad is created and listed in all newspapers in Kenya.
Once a public auction is live, the debtor should be aware that should the auction fail to gain sufficient funds, they’ll be liable for paying any outstanding amounts.