The Legal Execution Department (LED) auctioned off 44% more assets in the first quarter of fiscal 2019 than it did over the same period the previous year, marking an increase of 130 billion baht. Thailand's fiscal year starts in October.
Apartments were the most lucrative assets sold, Ruenvadee Suwanmongkol, director-general of the LED, said on Wednesday. Only 8% of the apartments seized have not been sold, she added.
The increased revenue from the sales was sparked partly by the higher frequency of the auctions, with additional auctions being held on Saturdays both in Bangkok and the provinces, Ms Ruenvadee said. There are now just 243 million baht worth of assets to be auctioned, she said.
Also during the first quarter of fiscal 2019, nearly 90% of all 5,847 cases in disputes requiring reconciliation were settled, she said.
The combined value of the assets in those cases exceeded 2 billion baht, she noted. Most cases involved disputes over the Student Loan Fund's delinquent loans, she said.
A scheme to reduce fines for overdue debt payments was a key factor in the better ratio of successful cases.
