A Marbella Court has ordered a stay of foreclosure proceedings following a ‘null and void’ petition submitted by lawyers acting for the defendant.
The application to the Court is based on fundamental breaches of civil procedure laws, namely failure to identify the correct sum that Landsbanki is demanding from the borrower.
Landsbanki has so far only foreclosed on company-owned property, that we are aware of.
Should the Court set aside the foreclosure procedure, Landsbanki would have to pursue the debt via a laborious ordinary case where parties get equal opportunities, as opposed to foreclosure proceedings.
Landsbanki has 5 days to challenge this decision.