This department handles the valuation and sale of plant & machinery, vehicles, unclaimed/unclear air & surface transport cargo, process / maintenance scrap, unused spares & stock, office equipments, etc on behalf of industrial, commercial establishments, public sector undertakings. While most of the disposal work by Murrays is in South India, companies in other parts of India have realized the efficiency of Murrays and sought to use our services. The sales are normally conducted at the premises of the principals.
In addition to valuation and conducting the sale, particularly for industrial establishments, we advise and assist in identification, collection and segregation of the process scrap, after studying the production process, to ensure optimization of sale realization and good housekeeping.
With practical experience in valuation, we advice our clients on optimal realizable values for the articles. We have evolved effective methods of handling sales to ensure smooth sales and safe guard principals against vexatious litigation.
The charges for valuation and conducting sales are normally a percentage on the sale realisation. The actual expenses incurred for publicity and travel & stay (in case of sales held outside Chennai) is charged to the principal.
Auctions are conducted every Saturday & Sunday at the Auction Hall for sale by auction of furniture, household goods, residential and office equipments, antique furniture, reproductions, bronzes, porcelains, glassware, paintings etc. About 250 lots are offered for sale in each auction.
The department essentially caters to individuals and small organizations, where the volume of materials available for sale does not justify conducting the sale at the premises of the client. Over 200 people, from all walks of life, attend the weekly auctions. There are many people who come to Murrays as a ritual every weekend, to witness and take part in the auctions.
Once every two to three months, auction sales are conducted for antique furniture, reproductions, paintings, curios and collectibles. These high value articles are also sold on other days, prior to the auction.
The seller is charged a commission of 12% on the sale value. There is no additional charge for warehousing, publicity etc. Articles are also transported to the Auction Hall from anywhere within Chennai, in which case the actual cost is to be borne by the seller.
The sales tax is payable by the purchaser, over and above the purchase price. Articles sold in the auction are also delivered to the purchaser within Chennai at actual costs. No buyer's premium is charged.
Auction and tender sales of movables and immovable property such as hypothecated and pledged machines, stock, jewellery and mortgaged land and building, under the Orders of the Courts & The Debt Recovery Tribunals and under instructions from Banks & Benefit funds for recovery of debts, by sale of the movable and immovable securities, after complying with all pre sale & post sale legal procedures, are handled by this department. The department is ideally located in close proximity to the Courts of Madras (Chennai). The Courts & the Debts Recovery Tribunal regularly appoint Murrays as Auctioneers/ Commissioners.
Sale by auction is a preferred mode of sale of movable assets, for recovery of debt dues. The Sale of Goods Act, which governs the sale of movable assets, provides for recovery of debts by sale of movable assets, through public auctions.
In the case of immovable property, Sec. 69 of the Transfer of Property Act empowers the mortgagee to sell the mortgaged property by public auction, without the intervention of the Courts and without the consent of the defaulting mortgagor(s), if:
In addition to mortgaged property and pledged / hypothecated movables, this department also undertakes negotiated sales of un-encumbered properties. Murrays has been handling such sale from the days of its inception and is considered an expert in such sales.
Our charges for conducting the sale of movable and immovable properties are a percentage on the sale value. The actual expenses incurred for publicity and travel & stay (in case of sales held outside Chennai) is charged to the seller.
As is the case with any sale for recovery of dues, the sale will not be conducted if the defaulting pledgor/ mortgagor settles the dues to the pledgee / mortgagee at any time prior to the sale.