Business Daily | by Otiato Guguyu
Auctioneers have launched a court bid to stop banks from shunning forceful sale of property seized from loan defaulters in favour of private settlement.
The National Association of Kenya Auctioneers (Naka) says banks are denying them commissions earned from forceful sale of defaulters’ property.
Banks have recently turned to private treaties where distressed borrowers agree with the lenders to look for the best available price for their properties and sell to repay loans as opposed to relying on the auctioneer’s hammer…
