Assets always sell for less at auction—or do they?
Alex Kachani was appointed trustee in the bankruptcy of L whose estate included 4 acres of grazing land.
The Official Receiver had obtained a valuation of £12,000.
Alex’s valuer thought £15,000 sounded better.
Alex decided to offer the land for sale by auction. A presale offer of £20,000 was received, increased to £23,000 by negotiation.
The figures are not huge in this case but the near doubling of the bottom line is very significant.
That’s where experience comes in!