Queensland Consolidated Acts

STATE PENALTIES ENFORCEMENT ACT 1999 - SECT 73K

73K Reserve price provisions

(1) To set an amount as a reasonable value of the property to be sold, an enforcement officer may require the enforcement debtor to give the enforcement officer any information about the property that is known to, or can reasonably be obtained by, the enforcement debtor.

(2) An enforcement debtor required under subsection (1) to give an enforcement officer any information about the property that is known to, or can reasonably be obtained by, the enforcement debtor must comply with the requirement, unless the enforcement debtor has a reasonable excuse.

Penalty—

Maximum penalty—10 penalty units.

(3) A failure by the enforcement debtor to comply with the enforcement officer’s requirement does not prevent the registrar setting a reserve under section 73F .

(4) The enforcement officer may communicate the amount set as a reasonable value of property to any person before the sale only if the communication is necessary to conduct the sale or there is another sufficient excuse.