Next legal reform about judicial public auctions in Spain

02 Feb Next legal reform about judicial public auctions in Spain

A new Bill has passed the Cabinet’s approval in Spain last December concerning reforms to judicial procedures in general.

In what refers to judicial auction of goods, past situations of unjust enrichment are avoided by eliminating the possibility that the creditor adjudges the debtor’s property by any price or value. The reform closes this possibility and arranges clearly that in no case the foreclosure creditor will be able to adjudge the buildings by an amount inferior to the 50 percent of the value by which they were appraised. The same happens with chattels, whose limit settles down in the 30 percent of the value of appraisal.

Published on: Feb 2, 2011