A UK bankruptcy auction may be lively occasion which gives bidders a remarkable bargain whenever a non payer is required to sell his belongings. Unfortunately, criminals, criminal enterprises and even terrorist organizations often use 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 might want to know.
UK Bankruptcy Auction : Proof of Identity and Address is Required
The rules stipulate that the bidder who wins at a bankruptcy liquidation auction has to present identification and address proof whenever the sale is made official. Different documentation from the buyer is required for identity proof than for address proof. The documented proofs that are deemed valid at a bankruptcy public auction are listed here.
Bankruptcy Auction : Official Evidence of Identity Credentials
In reference to verification of identity at a federal auction and others, acceptable forms are a current UK/EU passport, current UK/EU photo driver’s license (new style), current UK/EU driver’s license (old style), Home Office resident permit for EU nationals, Inland Revenue Tax notification statement or firearms certificate.
Bankruptcy Auction UK : Legitimate Residential Proof Documentation
For proof of address, acceptable forms 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.
Cautions
In reference to a British auction, you cannot use a conditional driver’s license as verification of address or identity. By the same token, you may not use your driver’s license for proof of both identity and address. If the case is that the person who won the bid is representing someone else, the actual purchasing party is required to surrender these proofs to the acting bidder to be verified later by the auctioneer or auction facility.
Once bidders meet all the security and identity requirements, the bankruptcy auction sale can move forward. If you are a competent UK purchasers, a bankruptcy auction is currently a safe place to obtain low priced items; these sales will not benefit terrorists or lawbreakers.
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