The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) says consumers who suffered a financial loss because of an auction conducted by 5K Auction Services may be eligible to file a claim.
The advisory indicates that the bond issued to 5K Auction Services, which was operated by Troy Douglas, has been demanded and paid.
A bond is a sum of money that a bonding company agrees to pay if there is a court judgement against the auctioneer or auction sales company, or if there was a contravention of The Auctioneers Act.
A bond is a licensing requirement for auction sales companies in Saskatchewan.
Prior to submitting a claim and to determine eligibility, Consumers are required to gather all supporting documentation to substantiate their financial loss.
Claims must be submitted by July 15, 2022.