Iberdrola y ACS se enfrentarĂĄn a partir del 18 de enero en un juicio en Bilbao

Court of First Instance 11 in Bilbao has accepted a motion by claimants to enforce proceedings against SLM and ordered the following:

  • The freezing of assets owned by SLM to cover as much as 6,262,574 Euros, plus legal interest.
  • The cancellation of mortgages registered in favour of SLM on the properties owed by the claimants, by ordering the Land Registries of Alora, Mijas, Javea, San Roque, Estepona, Coin, Velez-Malaga and Marbella to remove same.
  • The annotation of the Court ruling in the indicated land registries.

This groundbreaking Equity Release ruling applies in full art. 1306 of the Civil Code (reserved for serious law breaches and violations of public order) and orders the defendant SLM to not only suffer losing the rights of a registered mortgage but, in addition, to pay the claimants the loan that was withheld to invest with Premier Group Isle of Man (now in liquidation).

SLM does not have the right to appeal but can oppose this decision, within 5 days.

The above decisions are adopted provisionally, pending the outcome of the appeal process. As with most rulings, claimants are by law entitled to enjoy the result of a favourable ruling on the understanding that, should the ruling be reversed on appeal, the successful appellant may request a restitution of the gains received.

Currently, only 20% of rulings are overturned by Appeal Courts.