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Removal of Pawnbrokers’ Auction Sysytem

Pawnbrokers’ Auctions will no longer be held for pledges pawned from 1st April 2015 onwards.

The last auction will be held on 17 Octber 2105 (for Groups A & B) and
24 October 2015 (for Groups C & D)

Forfeiture and effect 61.—(1) A pledge is forfeited one month after the pawnbroker serves a notice of forfeiture in accordance with sections 62 and 63, unless it is earlier redeemed. (2) When a pledge is forfeited — (a) the pledge becomes the pawnbroker’s absolute property; and (b) the loan and any profit secured on the pledge are deemed to be fully repaid.