Bankrupt millionaire’s property put up for auction, but people slam court. Here’s why | Trending

Oct 08, 2024 10:02 AM A court in China auctioned off a former millionaire’s last remaining piece of property – a bottle of soft drink worth 6 yuan ( ₹70). A court in China auctioned off a former millionaire’s last remaining piece of property – a bottle of soft drink – sparking criticism about the waste of judicial time and resources. A Chinese court auctioned off a bottle of Sprite belonging to a former millionaire (Representational image) According to a report in the South China Morning Post, more than 360 people regered to bid on the bottle of Sprite. For some context, Sprite typically costs 6 yuan in China (approximately ₹70). The auction was conducted the Dafeng Drict People’s Court in the Jiangsu province of China. It was hosted Alibaba on its Alibaba Judicial Auction Platform, an online platform that allows courts to auction off seized assets, such as real estate, vehicles, and luxury goods. The inclusion of a bottle of Sprite amid such luxury goods raised eyebrows on Chinese social media. All for a bottle of SpriteThe owner of the Sprite bottle was identified only his surname Chen in the report. He was associated with two companies – biotechnology firm and a marine food company. The regered capital of the companies exceeded 10 million yuan. Both companies declared bankruptcy, with legal documents revealing they had multiple sanctions and adminrative penalties against them. Chen said his companies could not repay their debts but he hoped his situation would improve in the future. His bottle of Sprite was put on auction on September 22 with a starting price of 4.2 yuan. The court also informed interested bidders that the bottle would have to be picked up in person as shipping it would not be possible. The ling received over 13,000 views. However, it also sparked a conversation around correct use of judicial resources. On social media, Chinese people acknowledged that courts can auction off property to recover losses, but wondered whether the auction of small items justified the time and effort. Remarkably enough, this is not the first time that Dafeng Drict People’s Court auctioned off small items. It has earlier managed to sell a cup for 5.6 yuan and a set of screwdrivers for 5.6 yuan. Get Latest Updates on… See more News / Trending / Bankrupt millionaire’s property put up for auction, but people slam court. Here’s why