Tips to Protect Spanish Assets

 

If a bankrupt individual or an insolvent company has assets in Spain, now is a good time to lay a charge on the property and subsequently seek restitution in the UK because Spanish real estate is increasing in value. Administrators, liquidators, and bankruptcy trustees for UK companies are all parties we represent.



Because of our expertise in this area, it is advisable to act right away in accordance with the Regulation, even if Spain will continue to have mechanisms for collecting debts and bringing legal action to Protect Spanish assets. We have experience directly registering UK bankruptcies. This typically leads to a settlement being discussed by the bankrupt or any co-owner.

We have had success selling abandoned property when the bankrupt or director of an insolvent company declines to take part in the proceedings. If there is a co-owner or if the property is inhabited, it could take some time to reclaim the money. However, the asset has been secured by the bankruptcy trustee or insolvency professional by placing the charge on it, making it impossible for a third party to acquire it for profit.

Real estate sales in Spain require either a notarial deed or a court ruling

Although the notary must attest that the title is clear, they are not required to check to see if the vendor is the subject of any UK bankruptcy proceedings. The property can be sold by the bankrupt without being charged, allowing the trustee to focus on recovering the money rather than the asset. Today, some real estate deals fall through because of difficulties like the buyer's inability to get a mortgage or the buyer's inability to sell the property because of the pandemic-related economic crisis. Spanish law makes a purchase agreement subject to a presumption in order to protect parties from taking needless risks. Only when the stipulation that both parties agreed upon is fulfilled does this condition have any legal importance. For instance, obtaining the required legal authorization if one of the sellers is unable to work or being authorized for a mortgage.

 

 

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