State foreclosures to start on May 1

State foreclosures to start on May 1

The Independent Authority for Public Revenue confirmed on Friday in a circular that property auctions for debts to the state will officially start on May 1.

The authority has decided that starting prices will be based on the commercial value of the asset to be auctioned, and that they will be determined by independent surveyors.

The circular details auction procedures, with the online publication of the auction schedules and descriptions of the assets, while the state’s announcement of an auction will be made 15 days prior.

All foreclosures will be conducted online.

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