A system for electronic auctions by private enforcement agents is operations and can be accessed at https://zapori.mjs.bg/#/ , the Bulgaria Chamber of Private Enforcement Agents said. The Chamber said that any possibility for abuse is eliminated and control is immediate and constant.
The organization says that the body which holds the auction only enters the information onto the platform, and bidding is done online without any human intervention. The debtor or the claimant can choose whether they want an electronic auction and in this case it becomes compulsory.
With the introduction of e-auctions, written bids are cancelled and the registration for the auction requires only registration in the system, an application for participation and deposited down payment. The auction is open and is held in real time in an electronic environment, while participants are anonymous and don’t know how many other bidders participate.
After a 30-day is deadline for the registration of bidders, the electronic auction lasts for seven days and is automatically extended by 10 minutes if in the last ten minutes a new bid is made.
Electronic auctions by private enforcement agents are introduces only in a number of countries, the Baltic states, Hungary, South Korea, in some US states and Kazakhstan, the Chamber says.