Terms and Conditions
OWNERSHIP OF THE WEBSITE
IAG would like to inform you that our website uses cookies to track and analyse user browsing patterns. Cookies are files that are stored on the device you use to access our website for the purposes described on this page. The tools we use to collect browsing data and track and analyse our audience are: Google Analytics www.google.com/analytics/
This application has been developed by Google, which provides us with a service for measuring and analysing the audience of our websites. Google may also use this data to improve its own services and to provide services to other companies. You can find out more about these other uses via the links provided.
These tools do not collect data regarding your first name or surname, nor the postal address from which you are connecting. The information they collect relates to the number of page views, the language, the social media platform on which our news is published, the city to which the IP address from which you access the site is assigned, the number of new users, the frequency and recurrence of visits, the duration of visits, the browser and the operator or type of device used to access the site.
We use this information to improve our website, identify new needs and assess potential improvements, with the aim of providing a better service to our visitors by adapting the site, for example, to the most commonly used browsers and devices.
You can enable, view, block or delete the cookies stored on your device by adjusting the settings in your browser.
You can find information on how to do this depending on which browser you use:
Firefox: https://support.mozilla.org/es/kb/habilitar-y-deshabilitar-cookies-que-los-sitios-we
Chrome: https://support.google.com/accounts/answer/61416?hl=es
Explorer: http://windows.microsoft.com/es-es/windows-vista/block-or-allow-cookie
Safari: http://support.apple.com/kb/ph5042
If you would like more information about how we use cookies, please email us at [email protected]
General Terms and Conditions of Sale (by auction and/or private treaty)
1 These General Terms and Conditions of Sale govern all transactions relating to the sale of assets carried out by INTERNATIONAL AUCTION GROUP, S.L.U., whether by private agreement (as referred to in the relevant invoice) or by auction. Furthermore, these General Terms and Conditions of Sale, together with the Special Conditions for each auction and the privacy and data protection policy, govern the legal relationship established in the contracting process between Bidders and/or Successful Bidders, which shall apply to the sale of assets carried out by INTERNATIONAL AUCTION GROUP, S.L.U. (“THE AUCTIONEER” or “IAG”) via its web platform located at www.iagauction.com, which, as a Specialised Entity appointed by “THE SELLER” or acting on its own behalf, will carry out the sale of the assets (movable or immovable property and rights) to the Bidder (“THE BIDDER”), who, once the asset(s) has/have been awarded to them, will become the Successful Bidder (“THE SUCCESSFUL BIDDER”). All other conditions, whether expressed explicitly or implicitly in general or specific legislation that contradict these terms and conditions, are hereby excluded. Accordingly, these same terms and conditions shall be applicable and binding for the sale of assets in a private transaction with respect to any purchaser, who shall be subrogated to and assume the position of the Bidder/Successful Bidder in all obligations stipulated in relation thereto.
2 By acting as a bidder or successful bidder on www.iagauction.com, you acknowledge that you have read and accepted the terms and conditions set out therein, and in accordance with Law 34/2002 of 11 July on Information Society Services and Electronic Commerce, prior to any potential award, and with the necessary advance notice, information regarding the General and Special Conditions of Sale has been provided on the Auctioneer’s website in a truthful, effective and complete manner, and you agree to be bound by them. This service, its platform and website are the property of the commercial entity INTERNATIONAL AUCTION GROUP, S.L.U., a Spanish company, with its registered office at 19 Calle Electrónica, 6th floor, door A, Badalona, Barcelona, registered in the Barcelona Commercial Register on Folio 67 of Volume 42,661, Page B-406,120.
3. Pursuant to Law 34/2002 of 11 July on Information Society Services and Electronic Commerce (Annex, section a) 2, the organisation and management of electronic auctions, the Auctioneer does not guarantee nor is it liable for data stored at the request of interested parties, provided that it has no actual knowledge that the stored information is unlawful or infringes the property or rights of third parties liable for compensation.
4 By participating as a bidder or successful bidder on www.iagauction.com, you expressly waive your right to withdraw from the purchase of any lot in accordance with Article 68.1 of Law 1/2007 on the protection of consumers and users.
Here is the professional English translation of the provided general terms and conditions, maintaining the exact formal, legal, and structured writing style of the original Spanish document.
5 Insolvency Activity
The Auctioneer specializes in promoting activities related to the online auction of assets arising from insolvency proceedings, under the protection of Articles 415 et seq. of Royal Legislative Decree 1/2020 of 5 May, approving the Recast Text of the Insolvency Law, Article 15 of Royal Decree 16/2020, Article 10 of Law 3/2020, Law 3/2020 of 18 September, Royal Decree-Law 5/2021, and Article 641 of the Civil Procedure Law (Ley de Enjuiciamiento Civil).
In this regard, it may happen that certain auctions are governed by a specific Liquidation Plan, or special or general rules, which may be modified by the corresponding insolvency administrators or by judicial ruling; an express judicial authorization may even be required before or after the auction. In such cases, information will be provided in the Special Conditions of the auction in question.
Furthermore, the Auctioneer shall not be held liable for potential charges or encumbrances on the assets that the Insolvency Administration and/or the corresponding court have not duly reported.
6 Non-Consumer Public
The Auctioneer specializes in promoting activities related to the management, sale, and online auction of assets intended for natural or legal persons who are not considered consumers and within the framework of a business or professional activity; therefore, the General Law for the Defense of Consumers and Users and other complementary laws shall not apply, without prejudice to the provisions of Article 8 of Law 34/2002 of 11 July on Information Society Services and Electronic Commerce.
7 Discretionary Powers of the Auctioneer
The Auctioneer may, at its own discretion or at the request of the Seller:
a) Change, cancel, or withdraw all or any of the lots listed in each auction up to the moment of sale—meaning when the Auctioneer awards the lot in question during the Auction—as well as subsequent to the award if there is any lien, impediment, or due to supervening reasons.
b) Suspend the auction for justified reasons and/or in the event of receiving an offer for the entire set of assets subject to Auction or for the main part thereof.
c) Stop the Auction to require a deposit from a Bidder and/or Successful Bidder, or refuse to admit bids from a Bidder and/or Successful Bidder who has not complied with the obligation to make a deposit or submit the documents required under anti-money laundering legislation.
d) Where a reserve price has been assigned to any lot, withdraw said lot if the highest bid does not reach the reserve price.
e) When two or more consecutive lots are similar in quantity and characteristics, offer the subsequent lots to the Bidder of the first lot for the same price.
f) Block and prevent from participating in any of the auctions those Bidders regarding whom there is suspicion, indications, or evidence that they: request gifts or promises not to take part in the auction; attempt to keep other bidders away by means of threats, gifts, promises, or any other artifice; alter or attempt to alter the price of bids; conspire among themselves for the purpose of altering the price of bids; engage in collusive acts or connivance to modify the auction process and price; or fraudulently disrupt or abandon the auction. Likewise, this applies to Bidders who in the past have failed to comply with their obligations and have omitted or breached the conditions established by the Auctioneer. Once a Bidder is blocked, they may no longer use the Auctioneer's web portal nor reregister directly or indirectly under another name without express authorization from IAG, without prejudice to any liabilities they may incur.
g) Refuse to proceed with the award and subsequent sale of the lot or lots in the event of failure to provide the documentation and complete the information required in cases where the Auctioneer deems it necessary in application of the provisions of the Law on the Prevention of Money Laundering and Terrorist Financing.
8 Resolution of Disputes
Each lot must be sold to the highest Bidder, and any dispute arising between Bidders shall be resolved at the sole discretion of the Auctioneer.
9 Registration and Auction Process
In order to bid on real estate, Bidders must register as users by following the instructions contained on IAG's website and entering their details into the registration form. To ensure a genuine and certain interest in acquiring the asset(s) by any participant in the auction and to prevent fraudulent bidding, the registration form may require the entry of the interested party's credit or debit card details (holder's name, expiry date, card number, and security code). The Specialised Entity will not make any charge or block any amount on the card provided.
Once completed, interested parties must accept all the General Conditions of Sale as well as the Special Conditions for each auction, if any. The auctions will be online, meaning bids can only be made on the website, in the manner provided, and during the period that the auction lasts. Bids made via email, telephone, fax, or postal mail will not be accepted.
Once registered, users may participate in the auctions that interest them. The assets to be auctioned will be published on the Specialised Entity's website, indicating the time remaining until the end of the auction, as well as the last estimated award price. The start and end times, as well as the minimum price of the auction, will be determined individually by the Specialised Entity for each asset, and may not coincide across all of them. In multiple-lot auctions, closing is not simultaneous: lots will close in a staggered manner, one after another. In the case of foreign buyers who are non-residents in Spain, they may be requested to provide, preferably, a bank guarantee at the time of Auction Registration.
10 Regulation of Bids
The bidding system will be regulated by the Auctioneer in the manner it deems most appropriate. Without prejudice to the foregoing, it may refuse to accept any bid without justification if there are indications, subjectively assessed by the Auctioneer, that the bidder cannot comply with the Conditions of Sale.
11 Buyer’s Premium
The Successful Bidder who has been awarded one or several lots of movable property or corporate assets shall pay the Auctioneer a fee of 18.5%, and in the case of real estate assets, 5% as a Buyer’s Premium, calculated over the total amount of the award or, where applicable, those fees specified in the Special Conditions (if not mentioned in the Special Conditions, the provisions established in the General Conditions shall govern). Applicable taxes at the current rate, and in particular the corresponding V.A.T., will be added to the resulting amount. The Buyer’s Premium is non-negotiable and must be paid by all successful bidders through the Webcast System. Any variation in the amount of the Buyer’s Premium fees will be specified in the Special Conditions of each auction. The Auctioneer, when acting as an agent for the Seller, may also receive remuneration from the Seller.
12 Deposits and Liabilities
The Auctioneer may require a deposit from Bidders in any of the auctions or private treaty sales it conducts. The requirement of a deposit inexcusably implies that the Bidder wishing to bid must, prior to placing their bid, make a payment into the designated account for the amount specified in the special auction conditions, and such payment must be confirmed in the account by the Auctioneer; a proof of payment receipt provided by the Bidder shall not be valid. Bids placed by a Bidder without having paid the deposit or without it appearing in the Auctioneer's account shall be invalid and deemed null and void.
Once the auction has concluded, if the Bidder is not the successful bidder for the asset(s) for which they bid, the deposit will be returned via bank transfer to the same account from which the initial transfer originated, within the period indicated in the special conditions of the auction. If the bidder is successful, the deposit will be applied towards the price of the awarded asset.
If, upon conclusion of the auction, the Successful Bidder expresses a wish not to proceed with the award process or fails to attend the execution of the public or private documents necessary for the transfer of the asset and payment of the price, regardless of enforcing the corresponding liabilities for default as the highest bidder (in the manner established in the bases and conditions for participating in the auction), the next highest bidder in the auction may be declared the successful bidder, in the order of their respective bids.
Regarding the type of liability incurred, in addition to the damages caused to the proceeding—which will result in the forfeiture of the consigned deposit and, where applicable, any derivative claims by the Seller and/or the Auctioneer in charge of the sale or auction—the defaulting party must pay the specialized entity the amount of the stipulated fees, without prejudice to the provisions of conditions 13 and 14. Furthermore, attention is drawn to the provisions of the current Article 262 of the Penal Code:
"1. Those who solicit gifts or promises not to take part in a public tender or auction; those who attempt to keep bidders away from it by means of threats, gifts, promises, or any other artifice; those who conspire among themselves for the purpose of altering the final bidding price, or those who fraudulently disrupt or abandon the auction after obtaining the award, shall be punished with a prison sentence of one to three years and a fine of 12 to 24 months, as well as special disqualification from bidding in judicial auctions for a period of three to five years."
13 Terms of Payment
Immediately after the award, the Auctioneer will require the Successful Bidder to pay the total amount for the awarded lot(s). The successful bidder obliges themselves to comply with the provisions of Law 11/2021 on measures for the prevention and fight against tax fraud. No withdrawal or waiver of the award shall be accepted.
In the event of failure to pay the total amount within the timeframe established in the Special Conditions of the Auction, the penalties provided in these conditions and, where applicable, in the Special Conditions shall apply to the Successful Bidder, and the Auctioneer shall have the option to request as much information as necessary regarding the identity and domicile/headquarters of the company. Likewise, it may request any documentation and information it deems necessary in application of the Law on the Prevention of Money Laundering and Terrorist Financing.
The amount resulting from the provisions above will be delivered to the Auctioneer as a deposit on account of the total price of all lots acquired by the Successful Bidder in the sale, and a receipt for the amount paid will be issued, along with the awarded lot(s). The remaining amount of the total invoice for the awarded lot(s) must obligatorily be paid to the Auctioneer before the maximum deadline fixed in the Special Conditions of Sale of the Auction.
14 Remedies for Default in Payment
In the event that the Successful Bidder does not proceed with the payment for the awarded assets within the stipulated period (including the Buyer's Premium and V.A.T.) under the terms and dates indicated, or fails to provide the documentation and information requested by virtue of the provisions of the Law on the Prevention of Money Laundering and Terrorist Financing, the Auctioneer shall have the option to:
a) Unilaterally rescind the award, whereby the bidder forfeits all rights over the awarded items, whether by virtue of title, possession, or any other similar right, including any deposits made. The items will automatically revert to the ownership of the Seller, and the Successful Bidder may not submit claims against the Seller or the Auctioneer for this reason. In this manner, if an advance payment, deposit, sign, or payment of any kind has been made by the Successful Bidder and they have not proceeded to pay the remainder within the stipulated period—both in the case of an auction or a private treaty sale—the Auctioneer/Seller shall retain the amount received as indemnification for the damages produced, and the defaulting Successful Bidder shall additionally bear all expenses incurred under such circumstances. Likewise, if no advance payment, deposit, sign, or payment of any kind has been made by the Successful Bidder, and without prejudice to the provisions of condition 13, the Auctioneer/Seller may claim as indemnification the amount of the commission it should have received and/or any damages that may arise.
b) Compel performance of the award in the amount and manner stipulated, plus all expenses incurred for such reason, whether directly or indirectly, as well as any costs caused to third parties related to the Auction.
15 Accepted Payment Methods
Deposits from residents in Spain will only be accepted via bank transfer, cheque, or certified bank draft. Non-residents must make the deposit payment via cheque or bank transfer.
16 Removal of Lots
All lots must be removed by the Successful Bidder from the location where they are situated. The removal is subject to the terms expressed in the following condition, before the maximum dates and times fixed in the Special Conditions of the Auction, this being an essential condition of the contract.
17 Failure to Remove Assets
In the event that the Successful Bidder does not proceed with the removal of the assets under the terms and dates indicated in these conditions and in the Special Conditions of the Auction, the Auctioneer shall have the option to:
a) Unilaterally rescind the award, whereby the bidder forfeits all rights over the awarded items, whether by virtue of title, possession, or any other similar right, including any deposits made. The items will automatically revert to the ownership of the Seller, and the Successful Bidder may not submit claims against the Seller or the Auctioneer for this reason. In this manner, if an advance payment, deposit, sign, or payment of any kind has been made by the Successful Bidder and they have not proceeded to pay the remainder within the stipulated period—both in the case of an auction or a private treaty sale—the Auctioneer/Seller shall retain the amount received as indemnification for the damages produced, and the defaulting Successful Bidder shall additionally bear all expenses incurred under such circumstances. Likewise, if no advance payment, deposit, sign, or payment of any kind has been made by the Successful Bidder, and without prejudice to the provisions of condition 13, the Auctioneer/Seller may claim as indemnification the amount of the commission it should have received and/or any damages that may arise.
b) Compel performance of the award in the amount and manner stipulated, plus all expenses incurred for such reason, whether directly or indirectly, as well as any costs caused to third parties related to the Auction.
18 Supervision of Removal
The Successful Bidder may only remove the lots from the Seller's premises or the place where they are located provided that it is done within the maximum period established in the Special Conditions of the Auction, on the date and time agreed with the Auctioneer, and under the supervision of the latter or its representatives.
19 Prior Payment Required for Removal
The Successful Bidder may not remove any acquired lot from the premises until all amounts due have been paid as established in these conditions within the stipulated period. Otherwise, even if advance payments of any kind have been made, the Successful Bidder shall lose any rights over them, and the Auctioneer/Seller may freely dispose of them, taking into account conditions 14, 17, and 18 in particular.
20 Potential Damage to Infrastructure
If, in the judgment of the Auctioneer, the removal of any lot or part thereof could cause serious damage to the Seller's premises or any type of damage that the Bidder is unable or unwilling to repair, the Auctioneer may, at its sole discretion, cancel the sale of that lot or permit its removal from the premises under the conditions it deems appropriate.
21 Occupational Risk Prevention and Workplace Safety
The Successful Bidder shall carry out the procedure for accessing and removing the assets with due diligence. In terms of occupational risk prevention, the Successful Bidder shall ensure the removal of the assets is performed by trained personnel, under the terms of the Occupational Risk Prevention Law (Law 31/1995), for such tasks.
In the event that it is carried out by personnel external to the Successful Bidder, the latter shall be informed of the obligation to comply with occupational risk prevention regulations, and especially regarding the coordination of business activities, under the terms of Article 24 of Law 31/1995, developed by Royal Decree 171/2004 as a concurrent company. The Seller will facilitate access to the location of the assets for the Successful Bidder during the time announced in the special conditions. The Seller and the Successful Bidder are responsible for carrying out the timely coordination of business activities under the terms established in Article 24 of Law 31/1995 and Royal Decree 171/2004 which develops it.
The Seller expressly exempts the Auctioneer from any liability regarding occupational risk prevention and compliance with the coordination of business activities, as well as any liability regarding the removal of assets, cleaning, and management of any type of waste, especially those considered toxic or harmful to the environment, if any. Consequently, in terms of occupational risk prevention, the Successful Bidder shall be responsible for the dismantling and removal of machinery by trained personnel, under the terms of the Occupational Risk Prevention Law (Law 31/1995), for such tasks.
The Auctioneer does not assume under any circumstances the ownership of the facility nor the evaluation thereof, it being the responsibility of the Successful Bidder to obtain from the owner of the facility the necessary information regarding the presence of risks within the facilities themselves that may affect the dismantling and removal of the machinery.
By way of example and in a non-exhaustive manner, the Auctioneer or the Seller may require the Successful Bidder, during the procedure for accessing and removing the assets, to comply with the regulations governing risk prevention and safety and health at work, and specifically:
Prior identification of persons and/or clients of the Buyer who are going to access the industrial site with a minimum notice of 1 business day.
Display of mandatory documents in relation to personnel in order to comply with the provisions of the Occupational Risk Prevention Law (31/1995 of 8 November) Art. 24 on the coordination of business activities:
List of workers who are going to perform the works.
Photocopy of ID cards (DNI).
Photocopy of the current contract with an external Prevention Service (including the contracted modalities) and, if it has its own Prevention Service, the full name of the Senior Technician in Occupational Risk Prevention.
Document of association with an Accident Insurance Mutual (Mutua de Accidentes).
Risk Assessment and specific preventive measures for their activity.
Records confirming that the workers performing the operations have received specific training and information, according to the tasks they will perform, regarding occupational risk prevention.
List of workers authorized to use machinery (forklift, etc.) and a certificate of training in the use of said machine.
Certificates of medical fitness issued by the Health Surveillance Service confirming that the workers performing the operations are fit for the performance of the work.
Copy of social security settlements, forms TC1 and TC2 (failing that, form TA.2).
Certificate from the General Treasury of the Social Security of being up to date with the payment of social security contributions.
Photocopy of the last receipt of civil liability insurance.
Record of delivery to workers of the personal protective equipment (PPEs) necessary to carry out the activity.
In case of non-compliance with the corresponding regulations, the Auctioneer shall have the right to enforce the provisions of clause 17.
22 Third-Party Claims
In the event that a third party claims possession or ownership of all or part of a lot prior to its removal from the Seller's premises, the Auctioneer reserves the right to cancel the award or permit its withdrawal from the Auction procedure and from the premises, subject to the conditions it deems appropriate, and the Successful Bidder may not submit claims against the Auctioneer for this reason.
23 Damage to Third-Party Property
The Successful Bidder shall be liable for all damages that they, their carriers, or their agents may cause to property belonging to third parties (and particularly to the Seller's premises) when removing the lot or lots they have acquired. In the event that the Auctioneer believes that such damage may occur, it may require the Successful Bidder to make available a sum of money to cover the estimated repair costs of the damages foreseen by the Auctioneer. If the Successful Bidder refuses to make this deposit, the Auctioneer may prevent the Successful Bidder from accessing the premises for the purpose of removing some or all of the lots, as well as enforce the provisions of clause 17.
24 Failure to Meet Requirements
In the event that the Successful Bidder fails to comply with any of the previous requirements, the lot or lots awarded to them, or a part thereof, may be awarded to the second highest bidder or may be re-offered for sale, destroyed, or allocated to any other use decided by the Auctioneer at its discretion.
25 Storage and Administrative Costs
Without prejudice to any legal actions that the Auctioneer and/or the Seller may initiate against the Bidder/Successful Bidder for breach of contract or other causes, the Successful Bidder shall be liable, from the expiration of the asset removal period stipulated in the Special Conditions of the Auction, for all storage, administrative, and other costs derived from the resale and/or disposal of unremoved assets.
26 Transfer of Risks and Insurance
The Successful Bidder shall assume all risks from the moment of the award, and it is specifically recommended that they insure the acquired assets immediately. At the mentioned moment of sale, the Successful Bidder assumes all risks in relation to the acquired lots that may arise thereafter, and is advised that it is appropriate to hold the mentioned insurance policies as they are deemed necessary. The obligation of the Auctioneer and/or the Seller to deliver the lots shall be deemed fulfilled at the moment the award is made, even if the lot subsequently suffers damage and/or is lost in whole or in part.
27 Execution of Transfer of Ownership
Ownership of each of the lots will not be transferred to the Successful Bidder until the following conditions have been met:
(i) the price is paid in full on the indicated dates.
(ii) the lot has been removed from the premises where the assets subject to the Auction are located on the indicated dates.
28 Limitation of Liability
The Seller and the Auctioneer shall not be liable for any claim of any kind, whether under contract or tort (excluding those claims relating to personal injury caused by the negligence of the Seller or the Auctioneer), submitted by the Successful Bidder due to or arising from any reason in connection with the sale or alleged sale of all or some of the assets for any sum exceeding the amount corresponding to the deposit or purchase price (according to each case) paid by the Successful Bidder with respect to the goods to which the claim refers.
29 Informational Character of Bankruptcy Documents
The Auctioneer carries out dissemination and mediation for the sale and/or auction of assets that may originate from natural or legal persons who have been declared bankrupt/insolvent, and likewise regarding non-insolvency assets.
Regarding assets that come from entities declared insolvent and have been included by the insolvency administration in the corresponding Liquidation Plan and its potential addenda, special or general rules, or those coming from companies wishing to dispose of them, the Auctioneer, with prior authorization from the Sellers or authorized persons, will publish photographs of the advertised assets on this portal or on other professional portals or platforms customary in the market for buying and selling assets, and will display as much data as necessary so that Bidders have greater knowledge of their physical and legal status. All these data will be displayed on the Auctioneer's web platform, without prejudice to any error, inaccuracy, or falsehood in their data or description, for which it does not hold itself responsible.
The information and documents relating to the different bankruptcy proceedings, as well as to the assets included on this website, are published exclusively for dissemination and informational purposes. Said contents do not constitute legal advice nor do they substitute the official notifications and publications of the corresponding judicial procedures. The Auctioneer declines any liability for their inaccuracy; Bidders must refer to the legal texts held in the various courts, and the entity is not liable for damages that may be caused as a consequence of inaccuracies or errors therein.
30 "As Is, Where Is" Clause and Exclusions of Warranty
In accordance with the foregoing, all goods are sold as a certain body ("cuerpo cierto"), and therefore, as is and where is, in the physical and legal condition in which they are found, the buyer expressly waiving any claim on the grounds of hidden defects, warranties (saneamiento), or eviction, with all faults, imperfections, and description errors. The illustrations/photos appearing in the web platform listing are solely for the purpose of helping identify the lots or goods subject to sale.
The Auctioneer has made every effort to ensure that the descriptions of each lot are correct, but the Successful Bidder and any buyer accepts those descriptions under their own responsibility. It is therefore recommended that the Bidder/Successful Bidder and any buyer, prior to the purchase via Auction or private treaty, inspect all lots/goods for which they intend to bid/purchase to verify the accuracy of the description and must exercise and rely on their judgment regarding the correctness of the lot descriptions.
None of the lots listed on the web platform are sold as new, except those where specified. Except for the obligations accepted by the Auctioneer in these conditions of sale, neither the Seller, nor the Auctioneer, nor their employees or agents are responsible for description errors or the authenticity of any of the lots, nor for any loss, damage, or prejudice that a Bidder/Successful Bidder may claim to have suffered as a consequence of a defect in any acquired lot.
Likewise, neither the Seller, nor the Auctioneer, nor their employees or agents provide any warranty to the Seller with respect to any lot, and any conditions or warranties, whether explicit or implicit, are hereby excluded. Equally, bureaucratic, administrative, or judicial delays that the procedures corresponding to the transfer of the asset or its registration in the corresponding bodies may entail shall in no case be the responsibility of the Specialised Entity, nor a ground for termination of the transfer.
31 Taxes and Export Regulations
The price at which the Successful Bidder acquires each of the lots does not include the Buyer’s Premium, nor the applicable taxes according to current law. If the Bidder wishes to export any lot outside of Spain, they may obtain a VAT refund (subject to the regulations in force at that time) by providing the proof that the Auctioneer may require to accredit said export.
32 Premise Access Exemption
By this act, the Seller and the Auctioneer are respectively exempt from any liability for accidents or damages suffered by any person or persons who may access the premises for the purpose of attending the Auction, or to inspect, purchase, or remove any lot, or for any other purpose.
33 Bidding by the Auctioneer
The Auctioneer or any person representing them may bid during the auction for any lot offered for sale.
34 Force Majeure and Delivery Impediments
The Successful Bidder may not require the delivery of lots outside the hours and dates established in the Special Conditions of the Auction once the total amount has been paid. The removal period shall be mandatory without prejudice to those relevant circumstances that may arise as natural circumstances or catastrophes, any suspension or failure in essential services, serious riots or social unrest, strikes or other similar actions, or any impediment to normal delivery that is beyond the control of the Seller or the Auctioneer.
Neither the Seller nor the Auctioneer shall be required to incur, at their expense, expenditures destined to overcome the stated impediments unless the Successful Bidder provides the necessary funds for that purpose. The Auctioneer shall not be obliged to undertake any legal proceedings aimed at overcoming the aforementioned impediments to the delivery of the lots when, in its judgment, they might aggravate the problem or involve a detriment to its own reputation or prestige.
35 Intellectual Property and Software
The Bidder/Successful Bidder acknowledges being aware that any software or intellectual property rights accompanying a lot or lots may not be the property of the Seller nor can they be transferred by the Seller, and that neither the Seller nor the Auctioneer authorizes in any way the use by the Successful Bidder of such software or intellectual property rights, and that making any use of such software or the exploitation of such intellectual property rights shall be the sole responsibility of the Successful Bidder.
36 Technical Homologation and CE Standard Compliance
Bidders/Successful Bidders are expressly notified that, at the time of the award, any of the articles, elements or accessories, machinery or equipment included in the lots may not necessarily be approved according to current EEC regulations or adapted to the regulations on occupational risk prevention applicable for their use when operational, expressly exonerating the Auctioneer from any liability in this regard under these conditions. Bidders are recommended to ensure, with respect to possible purchases of such facilities, machinery, or equipment, under their sole responsibility, that the use to which they will allocate the acquired goods does not contravene the aforementioned regulations.
37 Handling of Toxic, Hazardous, and Waste Substances
All Bidders are expressly warned that certain types of facilities or materials may contain chemical, toxic, or hazardous substances which could, if not handled correctly during their removal from the facilities, infringe the applicable regulations on the use of such substances. When the removal of waste is necessary, it must be carried out by authorized and certified companies.
The Successful Bidder shall bear at their own expense the diligent removal of the mentioned substances and must comply with the legislation and regulations in force in relation to the removal/disposal of waste, including hazardous waste, and the Auctioneer/Seller may require documentation in relation to the procedures for removing/disposing of this waste. Likewise, the Successful Bidder is responsible for taking precautions regarding occupational safety and environment and fulfilling their requirements when performing the described tasks, expressly exempting the Auctioneer/Seller.
In this manner, the dismantling of the assets will be carried out by the Successful Bidder complying with environmental requirements and the technical requirements imposed for this purpose by the regional ministry, provincial delegation, or competent bodies, being at their account and responsibility the obtaining, where applicable, of as many permits, licenses, and/or authorizations as may be required, and without any deductions in price, passing on of expenses, or, in general, any type of claim being admissible on account of the foregoing.
38 Liability for Loading Operations
When the Successful Bidder performs the loading and removal work of any article, machine, or equipment forming part of a lot or lots that must be removed from where they are located, the Auctioneer shall have no liability toward the Successful Bidder or other third parties for any damage caused by the removal.
The Successful Bidder shall be responsible for the damage or damages caused and for indemnifying the Auctioneer/Seller for any damage or loss that it may suffer or incur with respect to the loss, damage, or injury suffered by its employees or third parties caused by the removal of the plant, machinery, or equipment.
The Successful Bidder must indemnify the Auctioneer/Seller for any loss or damage affecting the Auctioneer/Seller that may be attributable, directly or indirectly, to the nature of the article, machine, or equipment acquired by the Successful Bidder, whether due to breakage, rust, desiccation, residue leaks, inherent or latent defects, or natural vice or deterioration.
39 Data Protection Policy
The data provided when completing the registration or enrolment in the auction will be intended for the Auctioneer and/or the entity, natural or legal person responsible for the sale mandate. The personal data of those enrolled will be processed by the Auctioneer in accordance with Law 3/2018 on Data Protection. Personal data will be entered into a personal data file under the exclusive ownership and custody of the Auctioneer.
The registered participant consents to the inclusion of their data in the aforementioned file to be taken into account in the organization and execution of the Auction. Said consent shall be revocable and its purpose is to allow the use of such information for informational and event organization purposes. In no case will enrolment information be transferred to third parties, except to the entity, public body, insolvency administration, court, or natural or legal person that has formalized the sale or auction mandate with IAG Auction.
In this sense, the data of both registered persons and successful bidders will be used exclusively for the management of the corresponding auction. The requested data are adequate, relevant, and not excessive in relation to the scope, purposes, and specific, explicit, and legitimate services of the Auctioneer as organizer of the Auction.
In consequence of the provisions of the preceding paragraph, any sale or auction mandate from a natural or legal person, entity, public or private body, insolvency administrator, or court to IAG will imply a data processing mandate (Art. 28 GDPR), in which the party requesting or subscribing the mandate acts as the data controller and IAG the company acts as the data processor, acting on behalf of the requesting party and bound to follow its instructions.
The user has the right to access this information, to rectify it if the data are erroneous, and to unsubscribe from the file. These rights can be made effective by communication to the Auctioneer at the following addresses:
[email protected]
[email protected]
40 Prevalence of Language and Jurisdiction
In the event that any dispute should arise, whether in the Spanish or English version of the General Conditions of Sale and the Special Conditions of the Auction, the Spanish version shall take priority. These conditions are governed by and interpreted in accordance with the laws of Spain, and any dispute shall be solely resolved, with waiver of their own jurisdiction, by the courts of Barcelona.
Particular Conditions for Real Estate Auctions (via online auction and/or private treaty)
1 General and Special Conditions
These General Terms and Conditions of Sale (referred to as Particular Conditions for Real Estate Auctions, from 1 to 23) , together with the preceding General Terms and Conditions of Sale (referred to as General Terms and Conditions of Sale (by auction and/or private treaty, from 1 to 40)) regarding anything not established in the former , the Special Conditions of each auction (specifically applicable ad hoc for each auction) , and the privacy and data protection policies, govern the legal relationship established in the contracting process between Bidders and/or Successful Bidders. These shall apply to the sale of assets carried out by INTERNATIONAL AUCTION GROUP, S.L.U. (“IAG” or “Specialised Entity”) via its web platform located at www.iagauction.com.
As the entity appointed by the ownership of the properties (“The Owner” or “The Insolvency Administration”) or acting on its own behalf, IAG will carry out the sale of the real estate assets and rights to the Bidder (“THE BIDDER”) , who, once the asset(s) has/have been awarded to them, will become the Successful Bidder (“THE SUCCESSFUL BIDDER”). All other conditions, whether explicitly or implicitly expressed in common or special law that contradict these terms and conditions, are hereby excluded.
These General Conditions govern the sale of assets by auction arising from insolvency proceedings or other legally provided disposal or liquidation procedures. Accordingly, non-insolvency assets may also be disposed of, both by auction and by private treaty , in which case these General Terms and Conditions of Sale shall be applicable and binding (with the exception of specific references to insolvency administrators) , and notification will be provided regarding any applicable Special Conditions of sale.
2 Automatic Acceptance
Mere participation in IAG auctions as a Bidder/Successful Bidder on www.iagauction.com implies that you acknowledge having read and accepted all the General and Special Terms and Conditions of Sale established therein. In accordance with Law 34/2002 of 11 July on Information Society Services and Electronic Commerce, and with the necessary advance notice prior to any potential award, truthful, effective, and complete information regarding the General and Special Conditions of Sale has been provided on the web portal of the Specialised Entity, and you agree to be bound by them.
This service, its platform, and website are the property of the commercial entity INTERNATIONAL AUCTION GROUP, S.L.U., a Spanish company, with its registered office in Badalona, Barcelona, 19 Calle Electrónica, 6th floor, door A, registered in the Barcelona Commercial Register on Folio 67 of Volume 42,661, Page B-406,120.
3 Participants
The following may participate in the auction:
Natural persons, provided they are of legal age, and legal entities, duly constituted in accordance with the corresponding legislation.
Any other type of natural or legal entity: creditors with special privileges, public organisations, financial institutions, or similar entities that have been party to the insolvency proceedings, without prejudice to the provisions of Particular Condition 9(g) regarding the blocking of potential bidders.
All auction participants (including creditors holds privileges over the auctioned assets) are obliged to accept and comply with the auction conditions and pay the commission of the Specialised Entity or "Buyer's Premium".
4 Stored Data
Pursuant to Law 34/2002 of 11 July on Information Society Services and Electronic Commerce (Annex, section a, paragraph 2) regarding the organisation and management of auctions by electronic means, the Specialised Entity does not guarantee nor is it liable for data stored at the request of interested parties, provided that it has no actual knowledge that the stored information is unlawful or infringes the property or rights of third parties liable for compensation.
5 Waiver and Right of Withdrawal
Acting as a Bidder/Successful Bidder on www.iagauction.com implies that you expressly waive the right to withdraw from the purchase of any lot in accordance with Article 68.1 of Royal Legislative Decree 1/2007 on the protection of consumers and users.
6 Insolvency Proceedings
The Specialised Entity is dedicated to promoting activities related to the online auction of assets belonging to natural persons (both entrepreneurs and non-entrepreneurs), commercial companies, and entities of another nature arising from insolvency proceedings , under the protection of Articles 415 et seq. of Royal Legislative Decree 1/2020 of 5 May, approving the Recast Text of the Insolvency Law, Article 15 of Royal Decree 16/2020, Article 10 of Law 3/2020, Law 3/2020 of 18 September, Royal Decree-Law 5/2021, and Article 641 of the Civil Procedure Law (Ley de Enjuiciamiento Civil - LEC).
In this regard, it may happen that certain auctions are governed by a specific Liquidation Plan, or special or general rules, which may be modified by the corresponding insolvency administrators or by judicial ruling; an express judicial authorization may even be required before or after the auction. In such cases, information will be provided in the Special Conditions of the auction in question.
Furthermore, the Specialised Entity shall not be held liable for potential charges or encumbrances on the assets that the Insolvency Administration and/or the corresponding court have not duly reported. The legal texts of the various insolvency proceedings, as well as any others referring to the assets included on this website, lack legal content and official character, serving exclusively for dissemination and informative purposes. The Specialised Entity and the Insolvency Administration decline all liability for their inaccuracy; Bidders and Successful Bidders must refer to the legal texts held in the various courts, and the entity is not liable for any damages that may be caused as a consequence of inaccuracies or errors therein.
The Insolvency Administration or the ownership has expressly authorized the Specialised Entity to publish the technical specifications of each asset on this website, along with any relevant data (including photographs thereof) and the liquidation plan or judicial document (liquidation plan or addendum thereto), or special or general rules in which it is included. Notwithstanding the foregoing, any Bidder may request additional information regarding the asset subject to auction.
The staff of the Specialised Entity is available to interested parties to offer any clarifications they may request regarding any of the properties via the telephone number and contact details provided on the website. Subject to the availability of the Specialised Entity's staff, as well as the time remaining in the auction, visits to the property subject to auction may be arranged upon request. The fact that a property has not been visited cannot be used as a claim or defense by the Successful Bidder in the event of non-conformity with its condition.
6 bis Auction Proceedings Derived from Special Foreclosure Procedures for Mortgaged Property, Non-Judicial Title Enforcement Procedures, and the Disposal Procedure Provided for in Art. 641 of the LEC
In those proceedings where IAG is designated as the specialised company for the disposal of assets within any of the aforementioned procedures, the legal steps regulating them will be followed. By way of example and without limitation, these include: the amount of deposits required to bid, minimum bids required to be awarded the asset, consignment periods, assignment of the successful bid (cesión de remate), etc. In the case of the procedure provided for in Article 641 of the LEC, the provisions set forth by the Lawyer of the Administration of Justice (Letrado de la Administración de Justicia) in the Decree approving IAG's intervention in the disposal procedure shall apply.
The transfer of ownership and the taking of possession by the bidders/successful bidders shall be carried out in the manner and through the procedures provided for by procedural laws. IAG is exempted from any liability in cases where the bidder/successful bidder enters into or reaches agreements with third parties by which they assign future ownership or possession of the properties prior to holding a valid legal title under the Law. In this regard, the transfer of ownership shall not be perfected until it is accepted by the competent body, the enforcing party, or whoever corresponds according to the procedure, and consequently, until the execution of the public deed, the decree of the Lawyer of the Administration of Justice, or a duly signed private contract.
7 Acceptance: Physical and Legal Status
It is expressly understood that bidders accept the physical and legal status of the assets subject to auction, including explicit knowledge of the terms described in the liquidation plan of the insolvent party, from the moment of their intervention in the public sale process, and all bids made shall be irrevocable. Therefore, the Specialised Entity is exempted from any liability arising from hidden defects, warranties (saneamiento), the exercise of rights of first refusal (retractos) by third parties, situations of illegal occupation of real estate, or any other disturbance to the peaceful use and enjoyment of the property.
8 Non-Consumer Public
The Specialised Entity is an expert in promoting activities related to the online auction of assets intended for natural or legal persons who are not considered consumers and within the framework of a business or professional activity; therefore, the General Law for the Defense of Consumers and Users and other complementary laws shall not apply.
9 Binding Powers
The Specialised Entity may, at its own discretion or at the request of the insolvency administration, the property owner, or the Judicial Authority:
a) Change, cancel, or withdraw all or any of the lots listed in each auction up to the moment of sale, meaning when the Specialised Entity awards the lot in question during the auction, as well as subsequent to the award if there is any lien, impediment, or due to supervening reasons.
b) Suspend the auction for justified reasons and/or in the event of receiving an offer for the entire set of assets subject to auction or for the main part thereof.
c) Stop the Auction to require a deposit from a Bidder and/or Successful Bidder, or refuse to admit bids from a Bidder and/or Successful Bidder who has not complied with the obligation to make a deposit or submit the documents required under anti-money laundering legislation.
d) Where a reserve price has been assigned to any lot, withdraw said lot if the highest bid does not reach the reserve price.
e) When two or more consecutive lots are similar in quantity and characteristics, offer the subsequent lots to the Bidder of the first lot for the same price.
f) Bid for any lot or lots offered for sale in the Auction.
g) Block and prevent from participating in any of the auctions those Bidders who in the past have failed to comply with their obligations and have omitted or breached any of the conditions established by the Specialised Entity, including the obligation to make a deposit, pay the price, or any other required obligation, as well as the presentation of documents required in compliance with anti-money laundering laws ; as well as Bidders (or natural or legal persons related to them) with whom legal or extrajudicial actions are currently ongoing.
10 Registration
In order to bid on the properties, Bidders must register as users by following the instructions contained on IAG's website and entering their details into the registration form. To ensure a genuine and certain interest in acquiring the property by any participant in the auction and to prevent fraudulent bidding, the registration form may require the entry of the applicant's credit or debit card details (holder's name, expiry date, card number, and security code). The Specialised Entity will not make any charge or block any amount on the card provided.
Once completed, interested parties must accept all the General Conditions of Sale as well as the Special Conditions for each auction, if any. The auctions will be online, meaning bids can only be made on the website, in the manner provided, and during the period that the auction lasts. Bids made via email, telephone, fax, or postal mail will not be accepted.
Once registered, users may participate in the auctions that interest them. Properties to be auctioned will be published on the Specialised Entity's website, indicating the time remaining until the end of the auction, as well as the last estimated award price. The initial start and end times, as well as the minimum price of the auction, will be determined individually by the Specialised Entity for each property, and may not coincide across all of them. In the case of foreign buyers who are non-residents in Spain, they may be requested to provide, preferably, a bank guarantee at the time of Auction Registration.
11 The Bidding System
The bidding system will be regulated by the Specialised Entity in the manner it deems most appropriate. Without prejudice to the foregoing, it may refuse to accept any bid without justification if there are indications, subjectively assessed by the Specialised Entity, that the bidder cannot comply with the Conditions of Sale. It may also bid in its own name, even if it is in the interest of a third party.
Registered users who wish to participate in the auction may, at any time within the auction period, enter the economic amount (bid) they deem appropriate, provided it respects the minimum bid that may have been set by the Specialised Entity. This will increase progressively based on the bids placed by other users, and the maximum bid offered will be displayed on the website.
The maximum bid must be increased by a minimum increment set by the Specialised Entity for each property (reserve price). Bids that do not exceed the minimum increment will be rejected. Bidders may place as many bids as they deem appropriate, provided they are made in good faith and with due diligence. The Specialised Entity may request ratification of the bids placed to prevent irregular use of the auction service.
12 Award to the Highest Bidder and Disagreements
Once the auction time has expired and the result has been accepted by the insolvency administration or the ownership, the property will be awarded to the highest bidder—meaning the last maximum bid placed—making them the Successful Bidder. This is subject to exceptional cases where, due to the existence of holders of privileged credit over the property, the laws or judicial resolutions issued in the insolvency proceeding grant them a preferential right of award. Any dispute arising between auction users will be resolved by the Specialised Entity.
13 Deposit
The Specialised Entity reserves the right to request the constitution of a deposit from the various Bidders as a prior condition to the start of the auction. A failure to provide this advance payment, or a lack of confirmation of its receipt in the account by the Auctioneer under the advertised conditions, will result in the inability to participate in the bidding for that asset, and any bids placed by a Bidder who has not complied with this condition will be disregarded.
Once the auction has concluded and the bid has been accepted by the property owner or insolvency administration, the Specialised Entity will return the deposit amounts to the respective Bidders, except for the winning user of the auction (the Successful Bidder), whose deposit will be applied towards the payment of the amounts owed.
Deposits from residents in Spain will only be accepted via cheque or certified bank draft. Non-residents must make the deposit payment via cheque or bank transfer.
14 Assignment of Successful Bid and Registration in Favor of a Third Party
With the exception of privileged creditors, the successful bidder may not assign or transfer their right of award to a third party (whether a natural or legal person) unless it is expressly accepted by the insolvency administration, the Specialised Entity, the property owner, or the enforcing party. In the event of acceptance, they shall inform the Specialised Entity so that the invoice regarding the fees charged to the different user-successful bidder can be modified.
15 Payment of Fees
The user-successful bidder expressly assumes the obligation to pay the remuneration to the Specialised Entity, which will be the one indicated on the auction web page itself, adding said amount to the sale price plus the corresponding taxes.
The amount for which the asset is awarded does not, under any circumstances, include state, regional, or local taxes levying said transfer. Nor does it include management, notary, registration, transport, or any other costs inherent to the transfer, which must be satisfied in accordance with the law or as specifically provided for in the Insolvency Liquidation Plan.
Once the result of the auction has been accepted by the insolvency administration or the owner, the user to whom the asset is to be awarded shall be obliged to settle the amounts relating to the fees and applicable VAT due to the Specialised Entity, which constitutes an essential condition of the award. Payment shall be made via transfer to the bank account indicated on the invoice, or exceptionally by certified bank cheque made out to the Specialised Entity, on the day following communication of the acceptance of the auction result by the insolvency administration or owner, and prior to execution of the public deed.
Accordingly, the Successful Bidder who has been awarded one or more lots shall pay the Specialised Entity fees as a Buyer’s Premium indicated on the auction website, added on top of the total amount of the award. The relevant taxes at the current rate, and in particular the corresponding VAT, will be added to the resulting amount. The Buyer’s Premium is non-negotiable and must be paid by all successful bidders. Any variation in the amount of the Buyer’s Premium fees will be specified in the Special Conditions of each auction. The Specialised Entity, when acting by appointment of the ownership or the insolvency administration, may also receive remuneration from them.
16 Public Deed and Non-Payment of the Price
Once the auction result has been accepted by the insolvency administration or the ownership and the property has been awarded, the transfer will be carried out in the manner provided for in the Liquidation Plan or as decided by the insolvency administration or ownership. The transfer will be formalised via a public deed of sale within a maximum period of 1 month from the date of the award, or when determined by the Specialised Entity, the Owner, or the Insolvency Administration. The Successful Bidder shall have the right to choose the Notary, provided they do not impose a Notary who, due to territorial competence, lacks a reasonable connection with any of the personal or real elements of the sale transaction.
In the exceptional event that, at the time of executing the public deed, the auctioned property has any outstanding encumbrance pending cancellation or has not completed its registration processes, the execution of the deed will be extended for a period of 30 days, renewable for consecutive periods up to a maximum of two years.
The user who has made the maximum bid is obliged to complete the purchase of the property under the terms outlined in these conditions. The maximum bid accepted by the insolvency administration or the property owner shall hold the legal status of a Contract of Sale, and breach thereof shall entitle the Specialised Entity to take legal action to claim damages against successful bidders who fail to complete the purchase.
In the event of failure to pay the total amount within the timeframe established in the Special Conditions of the Auction, the Specialised Entity reserves the right to:
a) Claim payment and specific performance of the sale carried out via public auction, adding the legal interest rate on money to said amount and establishing a new payment period. In the event of definitive default, the Specialised Entity may claim payment of 25% of the asset's price as liquidated damages.
b) Claim payment of the brokerage fees (Buyer’s Premium) from the highest bidder and award the asset to the second highest bidder.
In any event, the price of the brokerage fees must be satisfied in full once the auction result has been accepted by the insolvency administration or the ownership.
17 Non-Payment of Buyer’s Premium
In the event that the Successful Bidder does not proceed with the payment for the awarded assets within the stipulated period (including the Buyer’s Premium and VAT), under the terms and dates indicated, the Specialised Entity shall have the option to:
a) Unilaterally rescind the award, whereby the bidder forfeits all rights over the awarded items, whether by virtue of title, possession, or any other similar right, including any type of advance payment, deposit, earnest money (arras), or sign made. The items will automatically revert to the ownership of the owner or insolvency administration, and the Successful Bidder may not submit claims against them or the Specialised Entity for this reason. In this case, the Specialised Entity may claim compensation for damages, loss of earnings (lucro cesante), and the amount of the commission due to it.
b) Compel performance of the award in the amount and manner stipulated, plus all expenses incurred for such reason, whether directly or indirectly, as well as any costs caused to third parties related to the auction, including the Buyer’s Premium.
18 Documentation and Information for Anti-Money Laundering Compliance
The Specialised Entity may require any documentation and information it deems appropriate prior to the award and/or sale of the asset in question, in compliance with the obligations established by Law 10/2010 of 28 April on the prevention of money laundering and terrorist financing.
In the event that the client does not provide the requested documentation or information, or if there are indications that the origin of the funds does not correspond to an operation compliant with said legislation, or if the transaction falls into any of the situations covered by the aforementioned law, the Specialised Entity may execute any of the options contained in points 9 and 16 of these conditions.
19 Liability and Exclusions
The Specialised Entity shall not be liable for delays in access, system delays, or any anomaly that may arise in relation to general problems on the Internet network, cases of fortuitous events or force majeure, or any other completely unforeseeable contingency entirely beyond the good faith of the company.
The Specialised Entity is not responsible for connection errors, fortuitous events, or force majeure, nor does it guarantee the continuity of the website, nor is it responsible for interruptions to its service. Whenever possible, the Specialised Entity will provide notice of service interruptions and the continuity of the website.
Likewise, it shall not be liable for failures in communications, deletions, or incomplete transitions produced by these causes; thus, it does not guarantee that the website will be operational at all times when due to issues not attributable to the Specialised Entity that it cannot resolve with the means at its disposal. The Specialised Entity undertakes to try to resolve these incidents by putting all means at its disposal and offering all necessary support to users to resolve the issues as quickly and satisfactorily as possible. When reasonable, the Specialised Entity will give advance warning of interruptions in the operation of the website and any of its services.
The Specialised Entity is not responsible for occurrences on external computer equipment; users must take appropriate security measures to protect the information housed therein and to prevent losses or damages caused by downloads from the website of the Specialised Entity.
20 Modifications
In order to improve the services and products offered, the Specialised Entity may modify these General Terms and Conditions of Sale by notifying users via the website. It also reserves the right to modify the applications of its website in any respect.
21 Assumption of Risks
The Successful Bidder shall assume all risks falling upon the asset from the moment the auction result is accepted by the insolvency administration or ownership and the award is made, and it is specifically recommended that they insure the acquired assets immediately. At the aforementioned moment of sale, the Successful Bidder assumes all risks in relation to the acquired lots that may arise thereafter, and is advised that it is appropriate to hold the mentioned insurance policies as they are deemed necessary. The obligation of the owner or insolvency administration to deliver the lots shall be deemed fulfilled at the moment the award is made, even if the lot subsequently suffers damage and/or is lost in whole or in part.
22 Essential Conditions
Ownership of each of the lots will not be transferred to the Successful Bidder until the following conditions have been met:
(i) the requirements established to participate in the auction and the general and special conditions of the bidding process are met;
(ii) the result of the auction is accepted by the insolvency administration or the property owner; and
(iii) the price is paid in full on the indicated dates, as well as the Buyer's Premium fees.
23 Dissemination of Information
The Specialised Entity carries out dissemination and mediation for the sale and/or auction of assets that may originate from natural or legal persons who have been declared bankrupt/insolvent, and likewise regarding non-insolvency assets.
Regarding assets that come from entities declared insolvent and have been included by the insolvency administration in the corresponding liquidation plan and its potential addenda, or those coming from companies wishing to dispose of them, the Specialised Entity, with prior authorization from the property owner, insolvency administration, or authorized persons, will publish photographs of the advertised assets on this portal or on other specialized portals dedicated to real estate transactions. It will also display as much data as necessary so that bidders have greater knowledge of their physical and legal status.
All these data will be displayed on the Specialised Entity's web platform, without prejudice to any error, inaccuracy, or falsehood in their data or description, for which it does not hold itself responsible. The legal texts of the various insolvency proceedings, as well as any others referring to the assets included on this website, lack legal content and official character, serving exclusively for dissemination and informative purposes. The Specialised Entity declines any liability for their inaccuracy; Bidders must refer to the legal texts held in the various courts, and the entity is not liable for damages that may be caused as a consequence of inaccuracies or errors therein.
24 Jurisdiction
In the event that discrepancies arise between the parties by reason of the auction operations, waiving any other jurisdiction that might correspond to them, IAG and the Bidders and/or Successful Bidders submit to the Jurisdiction of the Courts and Tribunals of Barcelona.