The receiver auctions cars of defunct Savings and loans and microfinance firms to repay depositors

The Receiver of the collapsed Savings and Loans and Microfinance companies, Eric Nipah has taken initiatives to auction some used vehicles and motorbikes owned by the collapsed firms.

Receiver, Eric Nana Nipah

The money the Receiver makes from auctioning the vehicles will be used to pay the affected customers of the defunct companies.

A statement released by the Receiver said this is in accordance with his mandate to secure all assets of the affected companies and maximize their realizations for the benefit of creditors.

The statement which was also published in some newspapers said the auction exercise will start on Wednesday, January 29, 2020. It is expected to last for 9 days.

Two main activities will be involved. These are the inspection of the items on sale as well as the auction of the items.

The inspection will span for 3 days from Wednesday, January 29, 2020, to Friday, January 31, 2020. The auction will last for 5 days, from Monday, February 3, 2020, to Friday, February 7, 2020.

The exercise will come off at 9:00 am each day at the College of Physicians and Surgeons.

The Receiver said the highest bidder shall be the purchaser. Also, the auction will be strictly cash down at the fall of the gavel or the vehicle will be re-auctioned.

The vehicle types on auction involve; salon, SUVs, pick-ups, motorbikes with brands like Toyota, Hyundai, KIA, Ford, and others.

The auctioneers include; Wildos Mart, Broadway Mart, and Yakamarta Mart.

The Bank of Ghana (BoG) revoked the licences of 347 microfinance companies and 23 Savings and Loans and Finance Houses in May and August 2019. The BoG said these firms were insolvent.

The affected customers have often complained about the delay in accessing their locked up cash which has led to protests in some instances by aggrieved customers.

The government has announced the allocation of about GHC15billion to resolve the challenges following the financial sector reforms.

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