Airbus auction didn’t take off

It is the first commercial aircraft that the Legal Execution Department has put to auction and the starting price for the A310-222 aircraft was Bt30 million.
Penrawee Masang, an expert in bankruptcy, said that the aircraft was seized in a civil lawsuit filed by law firm Watson Farley and Williams Co (Thailand) against Asia Connect Airline and executive Sakkarat Chanthraporn.
She said that no one either wished to bid or inspect the asset, prompting the officials to cancel the auction. A second auction is scheduled for September 27, when the starting price will be reduced by 10 per cent to Bt27 million.
If no bids are received then, it will be offered again at a starting price of Bt24 million. If subsequent auctions are required, the minimum bid will be Bt21 million for three more rounds. 
A representative of Watson Farley and Williams said that the firm did not know what to do if no one really wanted to buy the aircraft, as the defendants have said they have no other assets to pay their debts.
In that case, both sides would have to discuss a solution to the case.
Those who want to bid will have to register with a Bangkok branch of the Legal Execution Department seven days before bidding day, and deposit a guarantee of Bt2.5 million in cash or cashier cheque.
The winning bidder will also have to pay Bt10,700 per day in rent for the plane’s parking space. That fee reached Bt4.2 million on Wednesday.
The aircraft’s last trip was from South Korea’s Incheon International Airport to Don Muang on January 13, 2016, after which it was impounded.