Indemo’s Twenty-Seven Flow Stage Updates
As part of our monthly portfolio updates, we are sharing the latest developments in legal proceedings across selected debts within the Indemo portfolio. This month’s update includes 27 total updates, counting 26 opportunities changing their legal Flow steps, plus 1 opportunity completing Debt Purchase Registration (Subrogation).
These updates highlight key procedural movement and reinforce our ongoing commitment to transparency throughout the entire recovery lifecycle.
Quick Overview – Flow 2.0 Legal Process Matrix
The Updates
We are pleased to share this month’s legal stage updates, highlighting the continued progress across our portfolio. Below is a detailed summary of each asset that recorded a change in stage, including both the previous and current status, along with the official description of what each transition means.
🏡 R018 – House at Carrer Serra
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.
🏠 R101 – Apartment and House in Lleida
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏢 R196 – Apartment with Terrace in A Coruna
Previous Status: Claim Preparation (Step 1)
Current Status: AUCTION PREPARATION (Step 10)
What this means: Creditor, debtor, or third party possessor ask the Court for the initiation of the auction.
🏢 J036 – Flat at Calle Noguera
Previous Status: Claim Filing (Step 2)
Current Status: CLAIM ACCEPTANCE (Step 3)
What this means: The court initiates the claim and begins its attempts to notify the debtor.
🏢 J039 – Flat at Calle Mercurio
Previous Status: Claim Filing (Step 2)
Current Status: CARGO CERTIFICATE COLLECTION (Step 4)
What this means: The Court requests from the Property Registry a certificate that includes every lien on the property to make sure the mortgage exists and the amount that it covers.
🏢 J054 – Apartments in Igualada
Previous Status: Court Decision on Opposition (Step 8)
Current Status: AUCTION PREPARATION (Step 10)
What this means: Creditor, debtor, or third party possessor ask the Court for the initiation of the auction.
🏠 J056 – House in Alicante and Apartment in Albacete
Previous Status: Court Decision on Opposition (Step 8)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏢 J063 – Apartment in Torrejón de Ardoz
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: OPPOSITION FILING (Step 6)
What this means: The debtor files an opposition to the claim.
🏢 J073 – Apartment in Adra
Previous Status: Claim Filing (Step 2)
Current Status: DEBTOR PAYMENT NOTIFICATION (Step 5)
What this means: The debtor has been notified by the Court and has been requested to pay or file an opposition to the claim.
🏡 R030 – House at Carrer de la Roca
Previous Status: Claim Filing (Step 2)
Current Status: CLAIM ACCEPTANCE (Step 3)
What this means: The court initiates the claim and begins its attempts to notify the debtor.
🏢 R085 – Apartment in Mataro
Previous Status: Auction Preparation (Step 10)
Current Status: AUCTION EDICT (Step 11)
What this means: The Court notifies the auction edict with all the necessary details that need to be known by the possible bidders.
🏡 R089 – House in Castellar del Valles
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: DEBTOR PAYMENT NOTIFICATION (Step 5)
What this means: The debtor has been notified by the Court and has been requested to pay or file an opposition to the claim.
🏡 R090 – House in Llers
Previous Status: Claim Filing (Step 2)
Current Status: DEBTOR PAYMENT NOTIFICATION (Step 5)
What this means: The debtor has been notified by the Court and has been requested to pay or file an opposition to the claim.
🏢 R093 – Apartment in Sant Pere de Ribes
Previous Status: Claim Filing (Step 2)
Current Status: CARGO CERTIFICATE COLLECTION (Step 4)
What this means: The Court requests from the Property Registry a certificate that includes every lien on the property to make sure the mortgage exists and the amount that it covers.
🏢 R094 – Apartment on Calle Manresa
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: OPPOSITION FILING (Step 6)
What this means: The debtor files an opposition to the claim.
🏡 R096 – House in Vacarisses
Previous Status: Claim Preparation (Step 1)
Current Status: CLAIM FILING (Step 2)
What this means: The claim is being submitted to the court.
🏡 R131 – House in Terrassa
Previous Status: Auction Tax (Step 12)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.
🏡 R152 – House in Girona
Previous Status: Claim Preparation (Step 1)
Current Status: CLAIM FILING (Step 2)
What this means: The claim is being submitted to the court.
🏡 R174 – House in Barcelona
Previous Status: Court Decision on Opposition (Step 8)
Current Status: AUCTION PREPARATION (Step 10)
What this means: Creditor, debtor, or third party possessor ask the Court for the initiation of the auction.
🏡 R175 – House in Barcelona
Previous Status: Auction Preparation (Step 10)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏡 R178 – Detached House in Barcelona
Previous Status: Claim Preparation (Step 1)
Current Status: CLAIM FILING (Step 2)
What this means: The claim is being submitted to the court.
🏡 R184 – Terraced House in Alicante and Detached House in Madrid
Previous Status: Auction Preparation (Step 10)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏠 R211 – Terraced House in Madrid
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: DEBTOR PAYMENT NOTIFICATION (Step 5)
What this means: The debtor has been notified by the Court and has been requested to pay or file an opposition to the claim.
🏡 R168 – House in Malaga
Previous Status: Award Decree (Step 18)
Current Status: AWARD DECREE REGISTRATION (Step 19)
What this means: The creditor is registered as the new owner of the property in the Property Registry.
🏢 R212 – Apartment in Barcelona
Previous Status: Closing the Auction (Step 15)
Current Status: AWARD DECREE (Step 18)
What this means: The Court issues a decree awarding the property to the creditor when the price has been deposited.
🏠 R015 – Townhouse at Av Almendros
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: DEBTOR PAYMENT NOTIFICATION (Step 5)
What this means: The debtor has been notified by the Court and has been requested to pay or file an opposition to the claim.
Important Note on the Flow Stages
It is important to note that these Flow Updates reflect legal stage changes only, which represent just one of three potential exit scenarios available to our partners. While court-driven recoveries are a visible and structured pathway, many successful outcomes occur outside of formal legal progression, including out-of-court settlements or sale on the debt secondary market.
As such, an absence of visible legal movement should not be interpreted as inactivity. Discounted, mortgage-backed debts are a long-duration asset class, and significant value creation often happens behind the scenes through legal, servicing, and negotiation work that is not immediately reflected in stage changes.
Moreover, time frequently works in the creditor’s favor. As claims accrue default interest and recoverable costs, the creditor’s position typically strengthens, improving leverage in negotiations and supporting stronger outcomes at auction or through alternative exits.
Success in discounted debt investing is not measured by how frequently legal stages change, but by achieving a profitable and well-structured resolution. Strong outcomes are often driven by disciplined acquisition at the right discount and risk profile, and may result from alternative exit routes such as out-of-court settlements, secondary market transactions, or direct property sales rather than a linear court process.
Special Notice – Debt Purchase Registration Completed
In the last month, one opportunity has successfully cleared the Debt Purchase Registration interim step, an important procedural milestone for recently listed debts. This step often caused cases to appear stagnant, but now investors can see this interim stage in their Flow. Once cleared by the servicing company, the icon is removed, and the debt resumes its standard progression along the Flow, confirming that these positions are officially on the full recovery track.
The following opportunity has now completed this step:
🏠 R212 – Apartment in Barcelona
Status: Debt Purchase Registration Completed.
Stay Tuned!
We will continue to monitor all ongoing cases closely and provide regular monthly updates on their progress. Our commitment to transparency ensures that investors remain fully informed about each stage of the debt recovery process, from initial legal action through to final resolution.
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This content is a marketing communication. It shall not be treated as investment advice, independent research or offer, recommendation or invitation to invest in the investment opportunities referred to herein. The content is not aimed at promoting services or products to persons based in jurisdictions where the distribution of said information would be illegal.
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