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.