SERI has submitted written comments on the Rules Board for Courts of Law's proposed amendment of Rule 46 of the Uniform Rules of Court and Rule 43 of the Magistrates’ Court Rules. These Court Rules regulate the sale in execution of a debtor’s home to satisfy a judgment debt. At present, the Rules provide for sales in execution “without reserve”. The Rules Board proposes that courts should, in the exercise of their judicial oversight function, be able to set the reserve price at which a sale in execution of primary residential property should commence.
SERI supports the proposed amendment provided that the setting of reserve prices is made mandatory and that reserve prices are linked to the value of the property in question. This would provide significant protection to poor debtors who are at risk of losing their accommodation and most valuable financial assets.