Stage Updates – 32 Assets

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 35 total updates, counting 16 opportunities changing their legal Flow steps plus 19 opportunities completing Debt Purchase Registration (Subrogation). Please note that a small number of opportunities appear in both categories this month, as they recorded a 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

new-flow-matrix-2 Download

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.

🏠 R169 - Terraced Apartment in Valencia

Note: A special in-depth update is coming soon for R169

Previous Status: Debtor Payment Notification (Step 5)
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.

🏡 R226 - Detached House with a Garden 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.

🏠 A78 - Townhouse at Calle de Crono

Previous Status: Auction Edict (Step 11)
Current Status: AUCTION TAX (Step 12)
What this means: Tax to start the auction needs to be paid.

🏢 J039 - Flat at Calle Mercurio

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.

🏡 J043 - House in Elche

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.

🏡 J059 - House in Arroyomolinos

🏢 J064 - Apartment in Adra

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.

🏡 J065 - House in Camas

🏢 J066 - Apartment in Parla

Previous Status: Claim Preparation (Step 1)
Current Status: CLAIM FILING (Step 2)
What this means: The claim is being submitted to the court.

🏢 J074 - Apartment on Calle San Roque

Previous Status: Auction Tax (Step 12)
Current Status: CLAIMING THE AUCTION (Step 13)
What this means: Auction starts being claimed.

🏡 R081 - House in Llinars del Valles

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.

🏢 R088 - Apartment in Badalona

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.

🏡 R096 - House in Vacarisses

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.

🏢 R197 - Apartment in Almeria

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.

🏢 R234 - Apartment with a Terrace 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.

🏢 R237 - Apartment in Tarragona

Previous Status: Opposition Hearing (Step 7)
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

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: