The Social Security leaves 40% of the auctions deserted due to embargoes

The Social Security leaves 40% of the auctions deserted due to embargoes


The problems accumulate for Social Security due to the embargoes carried out due to the non-payment of debts. In 2021, the General Treasury of Social Security (TGSS) had a total of 5,129 lots that were going to be auctioned, but almost 40% were deserted, according to a report prepared by the Court of Auditors.

These are goods that they did not receive any takeover offer or that it was not paid within the deadline agreed by them, so a new process had to be held. If the focus is placed on the autonomous communities, Barcelona, ​​Madrid and Valencia lead the ranking. Thus, of the lots auctioned in the second auction, 86.5% were deserted in Barcelona, ​​58.3% in Madrid and 50% in Valencia.

The Court of Auditors emphasizes that “holding a second auction under the same conditions (…) does not seem reasonable from an economic point of view”, since if no one bid a first time, there will be no offer if no the starting price of the good is lowered. However, when this second auction is also deserted, they are returned to the owner of the property, which implies the lifting of the embargo.

For this reason, among the solutions provided by the Court, the possibility of rreduce the amount by 15% each time, and in the case of assets seized for drug trafficking or other crimes, 40%.

In addition, in the event that nobody wanted to bet, the creditor could ask for the property for 30% of its value, and for the lots auctioned by the State Tax Administration Agency, 50% less.

suspended auctions

In 2020, in the midst of a pandemic, the TGSS stopped entering about 27.76 million euros due to the suspension of 47.67% of the auctions. In 2021, the outlook was not much better either, as 65.1% of public auctions were suspended, affecting a total of 1,569 lots.

The reason is that there is “some processing error that prevents the auction from being held, such as errors in the notifications, in the calculation of charges, in the determination of the assets, in the type of disposal, or errors in the publication, among others.

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