A UK bankruptcy auction can be an exciting event that nets bidders tremendous values when a debtor is forced to liquidate his property. Sorry to say, Rebel groups, criminals, and lawbreaking establishments will many time employ bankruptcy auctions as vehicles to launder money.
In an attempt to control this lawbreaking action, governing bodies have officially set forth a group of cash laundering rules which took effect in 2004. Below is some pertinent facts which folks that attend UK bankruptcy auctions should hear about.
UK Bankruptcy Auction : Proof of Identity and Address is Required
The rules stipulate that the bidder who wins at a bankruptcy liquidation auction is required to give proof of both identity and residence when the sale is made valid. Different documentation from the buyer is required for identity proof than for address proof. The types of documents accepted at a bankruptcy public auction are as follows.
Bankruptcy Auction : Valid Proof of Identity Documents
Concerning evidence of identification at a federal auction as well as other auctions, valid documents are a present UK/EU driver’s license {old style}, present UK/EU driver’s license with photo {new style}, present passport (UK/EU), Inland Revenue Tax Notification statement or certificate for firearms, or Home Office resident EU nationals permit.
Bankruptcy Auction UK : Legitimate Residential Proof Documentation
In reference to documentation of residence, legal proof at a government auction and various auctions are a UK/EU driver’s license (old or new style), an Inland Revenue Tax notification statement, a bank, credit union, or building society document, a tax bill from a local authority, a utility bill not more than 3 months old, or a current UK lending business mortgage statement.
Forewarnings
Regarding a British auction, provisional driver’s licenses are not acceptable proof of either identity or residence. Also, a driver’s license cannot be used for both proofs. If the winning bidder happens to be a mediator, then the buyer himself needs to forward his proofs to his solicitor for future confirmation by the auction house or auctioneer.
Once bidders meet all the security and identity requirements, the bankruptcy auction sale can move forward. For qualified UK shoppers, a bankruptcy auction at present is a protected place to buy cheap property and the auction will definitely not provide assistance to terrorist groups or those who commit crimes.