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 13 affected assets, counting 10 legal Flow stage movements plus 3 opportunities completing Debt Purchase Registration (Subrogation).
Please note that a special focused update on debts R226, R184, J074, J056 and R096 is available.
These updates highlight key procedural movement and reinforce our ongoing commitment to transparency throughout the entire recovery lifecycle.
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 August 13, the related revaluation figures will become visible on August 14.
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.
🏡 R096 - House in Vacarisses
Previous Status: Claim Acceptance (Step 3)
Current Status: SALE OF REAL ESTATE (Step 24)
What this means: The property is being sold on the market.
🏠 J056 - House in Alicante and Apartment in Albacete
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.
🏢 J074 - Apartment on Calle San Roque
Previous Status: Opening the Auction (Step 14)
Current Status: CLOSING THE AUCTION (Step 15)
What this means: The Court issues a certification stating the results of the auction.
🏡 R184 - Terraced House in Alicante and Detached House in Madrid
Previous Status: Auction Tax (Step 12)
Current Status: CLOSING THE AUCTION (Step 15)
What this means: The Court issues a certification stating the results of the auction.
🏡 R226 - Detached House with a Garden in Barcelona
Previous Status: Auction Tax (Step 12)
Current Status: CLOSING THE AUCTION (Step 15)
What this means: The Court issues a certification stating the results of the auction.
🏢 J042 - 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.
🏢 R023 - Apartment at Alfahuir
Previous Status: Claim Acceptance (Step 3)
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.
🏢 R085 - Apartment in Mataro
Previous Status: Auction Edict (Step 11)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.
🏢 R091 - Apartment in Sabadell
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.
🏢 R248 - Apartment with a Terrace 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.
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
Seven 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.
🏠 R186 - Terraced House in Toledo
Status: Debt Purchase Registration Completed.
🏠 R189 - Terraced House in Toledo
Status: Debt Purchase Registration Completed.
🏡 R227 - House in Tarragona
Status: Debt Purchase Registration Completed.
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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.