In order to bid at a property auction in Monaco, the assistance of an Avocat-Défenseur, while not always mandatory, is useful or even essential in certain situations. For example:
- If the bidder is not of Monegasque nationality and does not have a domicile or residence in the Principality, the use of an Avocat-Défenseur is mandatory. In fact, foreigners without domicile or residence in the Principality can only bid through the ministry of Avocat-Défenseurs.
- If the bidder wishes to preserve their anonymity and bid in complete discretion, only the Avocats-Défenseurs may bid for others without having to prove their authority and reveal the name of their principal during the auction. The name of the bidder will only be disclosed by the Avocat-Défenseur if they are the successful bidder for the item being auctioned.
- If the bidder does not have a bank account in Monaco, they may deposit a cheque drawn on a bank established in the Principality before the auction. The Avocat-Défenseur may have the funds transferred to their account dedicated to fund management, subject to compliance with their obligations in the fight against money laundering and terrorist financing.
The presence of an Avocat-Défenseur alongside the bidder is all the more valuable as only Avocat-Défenseurs representing the pursuing creditor, the successful bidder and the defendants will be entitled to demand payment of a statement of costs. Furthermore, the bidder, if not successful, will not be liable for any costs.
