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 37 total updates, counting 31 opportunities changing their legal Flow steps plus 6 opportunities completing Debt Purchase Registration (Subrogation). Please note that R181 appears in both categories, as it recorded a legal Flow stage change and also completed Debt Purchase Registration.
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.
🏢 R238 - Apartment with a Terrace in Murcia
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.
🏢 R196 - Apartment with Terrace in A Coruna
Previous Status: Auction Preparation (Step 10)
Current Status: CLOSING THE AUCTION (Step 15)
What this means: The Court issues a certification stating the results of the auction.
🏢 A65 - Apartment in Malasana
Previous Status: Appeal (Step 9)
Current Status: AUCTION PREPARATION (Step 10)
What this means: Creditor, debtor, or third party possessor ask the Court for the initiation of the auction.
🏠 A78 - Townhouse at Calle de Crono
Previous Status: Auction Tax (Step 12)
Current Status: OPENING THE AUCTION (Step 14)
What this means: The Court calls the auction with a decree.
🏢 J036 - Flat at Calle Noguera
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.
🏡 J037 - House at Calle Concepción Arenal
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 Preparation (Step 1)
Current Status: CLAIM FILING (Step 2)
What this means: The claim is being submitted to the court.
🏢 J052 - Apartment on Ronda de los Tejares
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.
🏠 J056 - House in Alicante and Apartment in Albacete
Previous Status: Auction Tax (Step 12)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.
🏡 J065 - House in Camas
Previous Status: Debtor Payment Notification (Step 5)
Current Status: OPPOSITION FILING (Step 6)
What this means: The debtor files an opposition to the claim.
🏢 J074 - Apartment on Calle San Roque
Previous Status: Claiming the Auction (Step 13)
Current Status: OPENING THE AUCTION (Step 14)
What this means: The Court calls the auction with a decree.
🏢 J076 - Apartment and Land 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.
🏢 R023 - Apartment at Alfahuir
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.
🏡 R081 - House in Llinars del 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.
🏢 R088 - Apartment in Badalona
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.
🏢 R091 - Apartment in Sabadell
Previous Status: Claim Preparation (Step 1)
Current Status: CLAIM FILING (Step 2)
What this means: The claim is being submitted to the court.
🏢 R092 - Apartment on Calle Covadonga
Previous Status: Auction Preparation (Step 10)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏡 R097 - House in Viladecavalls
Previous Status: Claim Preparation (Step 1)
Current Status: CLAIM FILING (Step 2)
What this means: The claim is being submitted to the court.
🏡 R119 - House in Santa Margarida I Els Monjos
Previous Status: Claiming Court-Ordered Payment (Step 16)
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.
🏡 R129 - House in Castellar del Valles
Previous Status: Claim Filing (Step 2)
Current Status: OPPOSITION FILING (Step 6)
What this means: The debtor files an opposition to the claim.
🏡 R131 - House in Terrassa
Previous Status: Claiming the Auction (Step 13)
Current Status: CLOSING THE AUCTION (Step 15)
What this means: The Court issues a certification stating the results of the auction.
🏡 R135 - Two houses 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.
🏡 R178 - Detached House 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.
🏡 R180 - Semi-Detached House in Barcelona
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.
🏠 R170 - Terraced Apartment in Valencia
Previous Status: Auction Edict (Step 11)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏢 R171 - Detached Apartment in Barcelona
Previous Status: Auction Preparation (Step 10)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.
🏢 R200 - Apartment 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.
🏢 R212 - Apartment in Barcelona
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.
🏡 R226 - Detached House with a Garden 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.
🏡 R230 - House in Tarragona
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.
🏡 R181 - House in Barcelona
Previous Status: Debtor Payment Notification (Step 5)
Current Status: COURT DECISION ON OPPOSITION (Step 8)
What this means: The court makes a decision regarding the opposition and informs the parties accordingly.
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
Six 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, 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.
🏡 R202 - Detached House in Tarragona
Status: Debt Purchase Registration Completed.
🏡 R191 - House with Terrace in Valencia
Status: Debt Purchase Registration Completed.
🏢 R210 - Apartment in Badajoz
Status: Debt Purchase Registration Completed.
🏢 R215 - Apartment in Barcelona
Status: Debt Purchase Registration Completed.
🏡 R181 - House in Barcelona
Status: Debt Purchase Registration Completed.
🏡 R239 - Semi-detached House in Murcia
Status: Debt Purchase Registration Completed.
Download the Indemo app 📱
Our mobile app is now available on the App Store and Google Play, making it easier to stay connected to your portfolio wherever you are.
Download IOS (App Store) | Download Android (Google Play)
Check out Indemo’s Key Socials:
📢 Telegram - Exclusive Indemo Community Chat featuring key Indemo stakeholders
📷 Instagram - Weekly content, Meet the Team, Weekly Stories
🎥 YouTube - Podcasts, expert insights, quarterly reviews, and giveaways
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.