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 covers 23 assets, including 22 legal Flow stage movements and 4 Debt Purchase Registration (DPR) completions.
Three opportunities appear in both categories, having recorded a legal Flow stage change and completed Debt Purchase Registration.
This month, the majority of opportunities progressed through auction-related stages, including auction preparation, auction tax, opening the auction, claiming the auction, and award decree. These movements highlight continued procedural progress across the recovery pipeline and reinforce our commitment to transparent investor reporting.
Quick Overview - Flow 2.0 Legal Process Matrix
The Updates
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.
🏢 R276 – Apartment in Almeria
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.
🏡 R254 – House in Barcelona
Previous Status: Auction Edict (Step 11)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.
🏢 R101 – Apartment and House in Lleida
Previous Status: Auction Tax (Step 12)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.
🏢 R104 – Apartment in La Pobla De Montornés
Previous Status: Auction Tax (Step 12)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.
🏡 R120 – House in Vilanova del Valles
Previous Status: Closing the Auction (Step 15)
Current Status: CLAIMING COURT-ORDERED PAYMENT (Step 16)
What this means: If the auction is won by a third party, the court receives the funds and then transfers the proceeds to the creditors.
🏢 R199 – Residential Apartment in Málaga
Previous Status: Auction Preparation (Step 10)
Current Status: OPENING THE AUCTION (Step 14)
What this means: The Court calls the auction with a decree.
🏡 R180 – Semi-Detached House in Barcelona
Previous Status: Debtor Payment Notification (Step 5)
Current Status: AUCTION PREPARATION (Step 10)
What this means: Creditor, debtor, or third party possessor ask the Court for the initiation of the auction.
🏢 R280 – Apartment in Barcelona
Previous Status: Debtor Payment Notification (Step 5)
Current Status: AUCTION PREPARATION (Step 10)
What this means: Creditor, debtor, or third party possessor ask the Court for the initiation of the auction.
🏡 R140 – House in Sevilla
Previous Status: Opposition Filing (Step 6)
Current Status: AUCTION PREPARATION (Step 10)
What this means: Creditor, debtor, or third party possessor ask the Court for the initiation of the auction.
🏡 R216 – Semi-detached House in Tarragona
Previous Status: Auction Edict (Step 11)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏢 C013 – Apartment in Tarragona
Previous Status: Auction Edict (Step 11)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏢 R262 – Apartment in Barcelona
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.
🏢 C001 – Apartment in Madrid
Previous Status: Cargo Certificate Collection (Step 4)
Current Status: OPPOSITION HEARING (Step 7)
What this means: The Court holds a hearing where the parties can provide evidence and defend their position.
🏢 R153 – Apartment in Girona
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.
🏢 R266 – Apartment in Madrid
Previous Status: Opposition Filing (Step 6)
Current Status: COURT DECISION ON OPPOSITION (Step 8)
What this means: The court makes a decision regarding the opposition and informs the parties accordingly.
🏢 J042 – Apartment in Madrid
Previous Status: Claim Acceptance (Step 3)
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.
🏡 R030 – House at Carrer de la Roca
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.
🏢 R080 – Apartment in St. Cugat Valles
Previous Status: Claim Acceptance (Step 3)
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.
🏢 R193 – Detached Apartment in Madrid
Previous Status: Debtor Payment Notification (Step 5)
Current Status: OPPOSITION FILING (Step 6)
What this means: The debtor files an opposition to the claim.
🏢 R194 – Detached Apartment in Madrid
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.
🏢 R282 – Apartments in Barcelona
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.
🏢 R281 – Apartment in Girona
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.
Subrogation Stage Updates - Debt Purchase Registration Completed
Four opportunities have successfully cleared the Debt Purchase Registration interim step, an important procedural milestone for recently listed debts. This step often caused cases to appear stagnant, because it requires the land register to register the mortgage transfer to the new creditor, while the court should confirm the procedural subrogation of the new party and their lawyers, 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.
🏢 C001 – Apartment in Madrid
Status: Debt Purchase Registration Completed.
🏢 R269 – Apartment in Barcelona
Status: Debt Purchase Registration Completed.
🏢 R262 – Apartment in Barcelona
Status: Debt Purchase Registration Completed.
🏢 R280 – Apartment in Barcelona
Status: Debt Purchase Registration Completed.
Why Flow Stage Updates Matter for Dynamic Portfolio Revaluation
This is no longer just a standard Flow Stage update. Following the launch of dynamic portfolio revaluation, Flow stage movements now play an important role in the indicative revaluation of both individual assets and an investor’s portfolio as a whole.
A stage update is one of the factors considered in the revaluation model. When an asset progresses through the recovery process, its indicative value adjusts accordingly, and this influences the overall indicative value of your portfolio.
As a debt moves through the Recovery Flow and successfully passes some of the most lengthy and complex stages — such as subrogation, opposition, or appeal — the remaining path to one of the potential exit scenarios becomes shorter. This reduced remaining duration is an important value driver, as it may improve the expected timing of recovery and influence yield expectations.
Therefore, as a case advances through the Recovery Flow and the remaining expected time to exit decreases, this progress influences the indicative revaluation of the position
You can find the revaluation figures in your Portfolio > Assets section of the platform
Make sure to update your Indemo App to see the revaluation update on mobile.
Please note that revaluation changes are reflected the day after the Flow stage update.
For example, if a Flow stage update takes place on November 13, the related revaluation figures will become visible on November 14.
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 many 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.
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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.
Investing in financial instruments involves risk, and there’s no guarantee that investors will get back invested capital. Moreover, past performance does not guarantee future returns. Indemo SIA shall not be responsible for any direct or indirect loss from using the provided information.