General Terms and Conditions
WEBSITE OWNERSHIP
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General Terms and Conditions of Sale (by auction and/or private sale)
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 sale (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 during the contracting process between Bidders and/or Successful Bidders, and shall apply to the sale of assets conducted by INTERNATIONAL AUCTION GROUP, S.L.U. (“THE AUCTIONEER” or “IAG”) via its website 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”).
IAG expressly states that, in insolvency auctions, in the event of any conflict, the court order(s), the special liquidation rules, the general rules and the instructions of the insolvency administrators shall take precedence over any of the General Conditions of Sale, together with the Special Conditions for each auction.
These terms and conditions shall be applicable and binding for the sale of assets by private treaty or through a tender process in respect of any purchaser, who shall be subrogated to and assume the position of the Bidder/Successful Bidder in relation to all obligations stipulated in respect thereof.
2. By acting as a bidder or successful tenderer on www.iagauction.com, you acknowledge that you have read and accepted the terms and conditions set out on the website, and, in accordance with Law 34/2002 of 11 July on Information Society Services and Electronic Commerce, prior to any potential award of the contract, and with the necessary lead time, 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 Calle Electrónica, number 19, 6th floor, door A, Badalona, Barcelona, registered in the Barcelona Commercial Register on Folio 67, Volume 42,661, Page B-406.120.
3 Pursuant to Law 34/2002 of 11 July on Information Society Services and Electronic Commerce (Annex, paragraph (a)) (2), in relation to the organisation and management of electronic auctions, the Auctioneer does not guarantee nor accept liability for data stored at the request of the data subjects, provided that it has no actual knowledge that the stored information is unlawful or infringes the property or rights of third parties giving rise to a claim 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.
5 The Auctioneer specialises in organising activities relating to the online auction of assets arising from insolvency proceedings, pursuant to Articles 415 et seq. of Royal Decree-Law 1/2020 of 5 May (Consolidated Text of the Insolvency Act), Article 15 of Royal Decree 16/2020, Article 10 of Act 3/2020, Act 3/2020 of 18 September, Royal Decree-Law 5/2021 and Article 641 of the Code of Civil Procedure. In this regard, it may be the case that some auctions are governed by a specific Liquidation Plan or by special or general rules, which may be amended by the relevant insolvency administrators or by court order; indeed, express judicial authorisation may even be required before or after the auction. In such cases, this will be stated in the Special Conditions for the auction in question. Furthermore, the Auctioneer shall not be liable for any charges or encumbrances on the assets which the insolvency administration and/or the relevant court has not duly disclosed.
6 The Auctioneer specialises in organising activities relating to the management, sale and online auction of assets intended for natural or legal persons who are not regarded as consumers and within the context of a business or professional activity, and therefore the General Law for the Protection of Consumers and Users and other supplementary 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 The Auctioneer may, at its discretion or at the request of the Seller or the Insolvency Administrators:
a) To amend, cancel or withdraw all or any of the lots listed in each auction up until the time of sale, that is, when the Auctioneer awards the lot in question during the Auction, as well as after the award has been made, should any obstacle, impediment or unforeseen circumstances arise.
b) To suspend the auction for justified reasons and/or in the event of receiving an offer for all or the majority of the assets being auctioned.
c) To suspend the auction in order to require a bidder and/or successful bidder to make a deposit, or to refuse to accept bids from a bidder and/or successful bidder who has failed to comply with the obligation to make a deposit or to submit the documents required under the Money Laundering Act.
d) Where a reserve price has been set for any lot, to withdraw that lot if the highest bid does not reach the reserve price.
e) Where two or more consecutive lots are similar in quantity and characteristics, offer the subsequent lots to the bidder who won the first lot at the same price.
f) To block and exclude from participating in any of the auctions those bidders in respect of whom there is suspicion, evidence or proof that: they solicit bribes or promises in order not to take part in the auction, or that they attempt to deter bidders from participating by means of threats, gifts, promises or any other form of manipulation; those who alter or attempt to alter the bid prices; those who collude with one another with the aim of altering the bid prices; those who engage in collusive or concerted actions to alter the auction process or the auction price; or those who fraudulently default on or abandon the auction. Likewise, Bidders who have previously failed to fulfil their obligations and have omitted or breached the conditions laid down by the Auctioneer.
Once a Bidder has been blocked, they may not continue to use the Auctioneer’s website or re-register, either directly or indirectly under another name, without the express authorisation of IAG, without prejudice to any liabilities they may incur.
g) Not to proceed with the award and subsequent sale of the lot or lots if the required documentation is not provided and the necessary information is not supplied in cases where the Auctioneer deems it necessary, in accordance with the provisions of the Law on the Prevention of Money Laundering and the Financing of Terrorism.
8 Each lot must be sold to the highest bidder and, in the event of any dispute arising between bidders, this shall be resolved at the discretion of the Auctioneer or, where applicable, the insolvency administrators.
9 Registration. In order to bid for the properties, bidders must register as users by following the instructions on the IAG website and entering their details in the registration form. In order to ensure genuine and sincere interest in the acquisition of the asset(s) on the part of any participant in the auction and to prevent fraudulent bids, the interested party may be required to provide their credit or debit card details (cardholder’s name, expiry date, card number and security code) on the registration form. The Specialised Entity will not charge any amount or place a hold on the card provided. Once the form has been completed, interested parties must accept all the General Terms and Conditions of Sale, as well as any Special Terms and Conditions for each auction, if applicable. The auctions will be held online; therefore, bids may only be placed on the website, in the manner specified and during the duration of the auction. Bids made by email, telephone, fax or post will not be accepted. Once registered, users may take part in any 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 latest expected winning bid. The start and end times and the minimum price of the auction will be determined by the Specialised Entity on a case-by-case basis for each asset, and may not be the same for all of them. In multi-lot auctions, the auctions do not close simultaneously: the lots will close in stages, one after the other. In the case of foreign buyers who are not resident in Spain, they may be required to provide, preferably, a bank guarantee at the time of Auction Registration.
10 The bidding system shall be governed by the Auctioneer in the manner they deem most appropriate and, without prejudice to the foregoing, the Auctioneer may refuse to accept any bid, provided there are indications, as subjectively assessed by the Auctioneer, that the bidder may not be able to comply with the Conditions of Sale, without being required to provide justification.
11 The Successful Bidder who has been awarded one or more lots of movable property or movable assets shall pay the Auctioneer a fee of 18.5 per cent, and in the case of immovable property, 5 per cent by way of a Buyer’s Premium, on the total amount of the successful bid or, where applicable, as specified in the Special Conditions (if not mentioned in the Special Conditions, the provisions of the General Conditions shall apply); the resulting amount shall be subject to the relevant taxes at the current rate, in particular the applicable VAT. The Buyer’s Premium is non-negotiable and must be paid by all successful bidders via the Webcast System. Should the amount of the Buyer’s Premium vary, this will be specified in the Special Conditions for each auction. The Auctioneer, when acting as the Seller’s agent, may also receive a fee from the Seller.
12 The Auctioneer may require Bidders to pay a deposit in respect of any auction or private sale it conducts. The requirement to pay a deposit means, without exception, that any Bidder wishing to bid prior to submitting their bid, must have paid the sum specified in the special auction conditions into the designated account, with the payment being recorded as credited to the account by the Auctioneer or, where applicable, by the Insolvency Administrators; proof of payment of the deposit by the Bidder alone shall not be valid. Any bids placed by a Bidder who has not paid the deposit, or where the deposit does not appear in the Auctioneer’s account or, where applicable, in the account of the Insolvency Administrators, shall be invalid and shall be deemed not to have been placed. Once the auction has ended, if the Bidder is not awarded the lot or lots for which they have bid, the deposit will be refunded by bank transfer to the same account from which the initial transfer was made, within the timeframe specified in the special conditions of the auction. If the bidder is awarded the lot, the deposit will be applied towards part of the price of the awarded asset. Should the successful bidder, once the auction has concluded, state that they do not wish to proceed with the award process or fail to attend the signing of the public or private documents required for the transfer of the asset and payment of the price, regardless of whether the highest bidder is held liable for breach of contract (in the manner set out in the terms and conditions of participation in the auction), the next highest bidder in the auction may be declared the successful bidder, in the order of their respective bids With regard to the type of liability incurred, in addition to any damages caused during the proceedings – which will result in the forfeiture of the deposit lodged and, where applicable, any claim made against you by the Seller and/or the Auctioneer responsible for the sale or auction – you must pay the specialist organisation the stipulated fees, without prejudice to the provisions of conditions 13 and 14. Furthermore, it is worth recalling the provisions of the current Article 262 of the Criminal Code: 1. Those who solicit gifts or promises in order not to take part in a public tender or auction; those who attempt to deter bidders from participating by means of threats, gifts, promises or any other subterfuge; those who collude with one another with the aim of manipulating the final bid price, or those who fraudulently go bankrupt or withdraw from the auction having been awarded the contract, shall be punished with imprisonment for a term of one to three years and a fine of 12 to 24 months, as well as a special disqualification from bidding in judicial auctions for a period of between three and five years.
13 Immediately following the award, the Auctioneer shall require the Successful Bidder to pay the full amount for the lot(s) awarded. The Successful Bidder undertakes to comply with the provisions of Law 11/2021 on measures to prevent and combat tax fraud. No withdrawal from or renunciation of the award shall be permitted. Should the full amount not be paid within the time limit set out in the Special Auction Conditions, the penalties provided for in these conditions or, where applicable, in the Special Conditions, shall apply to the Successful Bidder, and the Auctioneer shall be entitled to request as much information as is necessary regarding the identity and registered office or principal place of business of the company. Furthermore, the Auctioneer may request any documentation and information it deems necessary in accordance with the Law on the Prevention of Money Laundering and the Financing of Terrorism. The amount resulting from the provisions set out above shall be paid to the Auctioneer as a deposit towards the total amount of all lots purchased by the Successful Bidder at the sale, together with proof of the amount paid and the lot(s) awarded. The remaining balance of the total invoice amount for the lot(s) awarded must be paid to the Auctioneer before the deadline set out in the Special Conditions of Sale for the Auction.
14 Should the Successful Bidder fail to pay for the lots awarded within the stipulated period (including the buyer’s premium and VAT), in accordance with the terms and dates specified, or fails to provide the documentation and information required under the provisions of the Law on the Prevention of Money Laundering and Terrorist Financing, the Auctioneer, in the case of insolvency auctions, shall proceed in accordance with the provisions of the Special Conditions for each auction and following the instructions of the Insolvency Administrators; failing that, the Auctioneer shall have the option to:
a) unilaterally rescind the award, whereby the Successful Bidder shall forfeit all rights to the awarded items, whether in terms of ownership, possession or any other similar right, including any deposits made, which shall automatically revert to the Seller, without the Successful Bidder being entitled to make any claim against the Seller or the Auctioneer on this ground. Consequently, should the Successful Bidder have made a payment on account, a deposit, a down payment or any other form of payment and fail to pay the balance within the stipulated period, whether in the case of an auction or a private sale, the Auctioneer/Seller shall retain the amount received by way of compensation for the damages incurred, and the defaulting Successful Bidder shall also bear all costs arising in such circumstances. Furthermore, should the Successful Bidder have made no payment on account, deposit, earnest money or payment of any kind, and without prejudice to the provisions of Condition 13, the Auctioneer/Seller may claim as compensation the amount of the commission that it would have received and/or any damages that may be incurred.
b) to enforce compliance with the award in the amount and manner stipulated, plus all expenses incurred as a result thereof, whether directly or indirectly, as well as any costs caused to third parties in connection with the Auction.
15 Payment of the deposit will only be accepted by bank transfer to the account specified.
16 All lots must be collected by the Successful Bidder from the location where they are situated. Collection is subject to the conditions set out in the following clause, and must take place before the latest date and time specified in the Special Conditions of the Auction; this is an essential condition of the contract.
17 Should the Successful Bidder fail to collect the assets in accordance with the terms and dates set out in these conditions and in the Special Auction Conditions, the Auctioneer shall have the option to:
a) unilaterally rescind the award, whereby the Successful Bidder shall forfeit all rights to the awarded items, whether in terms of ownership, possession or any other similar right, including any deposits made, which shall automatically revert to the Seller, without the Successful Bidder being entitled to make any claim against the Seller or the Auctioneer on this ground. Consequently, should the Successful Bidder have made a payment on account, a deposit, a down payment or any other form of payment and fail to pay the balance within the stipulated period, whether in the case of an auction or a private sale, the Auctioneer/Seller shall retain the amount received by way of compensation for the damages incurred, and the defaulting Successful Bidder shall also bear all costs arising in such circumstances. Furthermore, should the Successful Bidder have made no payment on account, deposit, earnest money or payment of any kind, and without prejudice to the provisions of Condition 13, the Auctioneer/Seller may claim as compensation the amount of the commission that it would have received and/or any damages that may be incurred.
b) to enforce compliance with the award in the amount and manner stipulated, plus all expenses incurred as a result thereof, whether directly or indirectly, as well as any costs caused to third parties in connection with the Auction.
18 The Successful Bidder may only collect the lots from the Seller’s premises or from the location where they are situated, provided that this is done within the maximum time limit set out in the Special Conditions of the Auction, on the date and at the time agreed with the Auctioneer, and under the supervision of the Auctioneer or their representatives.
19 The Successful Bidder may not remove any lot purchased from the premises until they have paid all sums due as set out in these terms and conditions within the stipulated period. Failing this, even if any payments on account of any kind have been made, the Successful Bidder shall forfeit all rights to the lots, and the Auctioneer/Seller may dispose of them at their discretion, taking into account conditions 14, 17 and 18 in particular.
20 If, in the Auctioneer’s opinion, the removal of any lot or part thereof could cause serious damage to the Seller’s premises or any other 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 on such terms as it deems appropriate.
21 The Successful Tenderer shall carry out the procedure for accessing and removing the assets with due diligence. With regard to occupational health and safety, the Successful Tenderer shall ensure that the assets are removed by trained personnel, in accordance with the provisions of the Occupational Health and Safety Act (Law 31/1995) relating to such tasks. Should the work be carried out by personnel not employed by the Successful Tenderer, the latter shall be informed of the obligation to comply with occupational health and safety regulations, and in particular with regard to the coordination of business activities, in accordance with Article 24 of Law 31/1995, as implemented by Royal Decree 171/2004, in its capacity as a contracting party.
The Seller shall grant the Successful Bidder access to the location of the assets for the period specified in the special conditions. The Seller and the Successful Bidder shall be responsible for ensuring the proper coordination of business activities in accordance with the terms set out in Article 24 of Law 31/1995 and Royal Decree 171/2004, which implements it. The Seller expressly exempts the Auctioneer from any liability relating to occupational health and safety and compliance with the coordination of business activities, as well as any liability regarding the removal of the assets, cleaning and the management of any type of waste, particularly any waste considered toxic or harmful to the environment, if any.
Consequently, with regard to occupational health and safety, the Successful Tenderer shall be responsible for ensuring that the dismantling and removal of the machinery is carried out by trained personnel, in accordance with the provisions of the Occupational Health and Safety Act (Law 31/1995) relating to such tasks. The Auctioneer shall under no circumstances assume ownership of the premises or be responsible for assessing them; it is the successful bidder’s responsibility to obtain the necessary information from the owner of the premises in the event of any risks present on the premises themselves that may affect the assembly and removal of the machinery.
By way of example, and without this list being exhaustive, the Auctioneer or the Seller may require the Successful Bidder to ensure that the regulations governing risk prevention and occupational health and safety are complied with during the process of accessing and removing the assets, and in relation to: (1) The prior identification of persons and/or customers of the Purchaser who are to access the industrial premises, at least 1 working day in advance, (2) The presentation of mandatory documents relating to such persons in order to comply with the provisions of the Occupational Health and Safety Act (31/1995, of 8 November), Article 24 on the coordination of business activities: List of workers who will be carrying out the work. Photocopy of identity cards; photocopy of the current contract with an external Health and Safety Service (including the services contracted) and, if the company has its own Health and Safety Service, the full name of the Senior Occupational Health and Safety Officer; proof of membership of a workers’ compensation scheme; risk assessment and specific preventive measures relevant to the activity; Records confirming that the workers who will be carrying out the operations have received specific training and information, in accordance with the work they are to perform, on occupational risk prevention; List of workers authorised to operate machinery (forklift trucks, etc.) and training certificates for the use of such machinery; Certificates of fitness for work issued by the Health Surveillance Service confirming that the workers who will be carrying out the operations are fit to perform the work; Copies of social security payment statements, forms TC1 and TC2 (or, failing that, form TA.2); A certificate from the General Treasury of the Social Security confirming that social security contributions are up to date; A photocopy of the latest civil liability insurance policy; A record of the handover to workers of the personal protective equipment (PPE) required to carry out the activity. In the event of non-compliance with the relevant regulations, the Auctioneer shall be entitled to the provisions set out in clause 17.
22 In the event that a third party claims possession or ownership of all or part of the lot prior to its removal from the Seller’s premises, the Auctioneer reserves the right to cancel the award or to allow its removal from the auction proceedings and the premises, subject to such conditions as it deems appropriate, without the Successful Bidder being entitled to make any claim against the Auctioneer on this ground.
23 The Successful Bidder shall be liable for any damage that they, their carriers or their agents may cause to property belonging to third parties (and in particular to the Seller’s premises) when collecting the lot or lots they have purchased. Should the Auctioneer believe that such damage is likely to occur, it may require the Successful Bidder to provide a sum of money to cover the estimated costs of repairing the damage anticipated 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 collecting some or all of the lots, as provided for in clause 17.
24 Should the Successful Bidder fail to meet any of the above requirements, the lot or lots awarded to them, or part thereof, may be awarded to the second-highest bidder, or may be put up for sale again, destroyed or put to any other use as decided by the Auctioneer at their discretion.
25 Without prejudice to any legal proceedings that the Auctioneer and/or the Seller may bring against the Bidder/Successful Bidder for breach of contract or other grounds, the Successful Bidder shall be liable, from the end of the period for collection of the assets stipulated in the Special Auction Conditions, for all storage, administration and other costs arising from the resale and/or disposal of any assets not collected.
26 The Successful Bidder shall assume all risks from the moment of the award, and is strongly advised to insure the purchased goods immediately. At the time of the sale, the Successful Bidder assumes all risks in relation to the lots purchased that may arise thereafter, and is advised that it is advisable to take out the aforementioned insurance policies, as these are deemed necessary. The Auctioneer’s and/or the Seller’s obligation to deliver the lots shall be deemed to have been fulfilled at the time the lot is awarded, even if the lot subsequently suffers damage and/or is lost in whole or in part.
27 Ownership of each lot will not be transferred to the Successful Bidder until the following conditions have been met: (i) the price has been paid in full by the dates specified; (ii) the lot has been collected from the premises where the assets being auctioned are located by the dates specified.
28 The Seller and the Auctioneer shall not be liable for any claim of any kind, whether in contract or in tort (excluding claims relating to personal injury caused by the negligence of the Seller or the Auctioneer), brought by the Successful Bidder, arising from or caused by any reason, in connection with the sale or purported sale of all or any of the assets for any sum exceeding the amount corresponding to the deposit or the purchase price (as the case may be) paid by the Successful Bidder in respect of the goods to which the claim relates.
29 The Auctioneer is responsible for publicising and facilitating the sale and/or auction of assets that may originate from natural or legal persons who have been declared insolvent, and likewise in respect of non-insolvency assets. With regard to assets originating from entities declared insolvent and included by the insolvency administrators in the relevant Liquidation Plan and any addenda, special or general rules thereto, or those originating from companies wishing to dispose of them, the Auctioneer, subject to authorisation from the Sellers or authorised persons, shall publish photographs of the assets advertised on this portal, or on other professional portals or platforms commonly used in the market for the sale of goods, and shall provide all necessary information to enable Bidders to gain a better understanding of the physical and legal status of the assets. All this information will be published on the Auctioneer’s web platform, subject to any errors, inaccuracies or falsehoods in the details or descriptions, for which the Auctioneer accepts no liability.
The information and documents relating to the various insolvency proceedings, as well as to the assets listed on this website, are published solely for informational purposes. Such content does not constitute legal advice nor does it replace the official notifications and publications relating to the relevant legal proceedings. The Auctioneer accepts no liability for any inaccuracies therein; Bidders must refer to the legal documents held by the various courts, and the Auctioneer shall therefore not be liable for any damages that may arise as a result of inaccuracies or errors in such documents.
30 In accordance with the foregoing, all the assets are sold as a single lot, and therefore, as, in the manner and in the location in which they are found, in their current physical and legal condition, with the buyer expressly waiving any claim in respect of latent defects, rectification or eviction, including all faults, imperfections and errors in description; the illustrations and photographs appearing in the listing on the web platform are intended solely to assist in the identification of the lots or goods being sold. The Auctioneer has made every effort to ensure that the descriptions of each lot are accurate, but the Successful Bidder and any purchaser accept these descriptions at their own risk.
It is therefore recommended that the Bidder/Successful Bidder and any purchaser, prior to the sale by auction or private treaty, inspect all lots/goods for which they intend to bid/purchase in order to verify the accuracy of the description, and that they exercise and rely on their own judgement regarding the correctness of the lot descriptions. None of the lots appearing on the web platform’s list are sold as new, except where specifically stated. With the exception of the obligations accepted by the Auctioneer in these terms and conditions of sale, neither the Seller, nor the Auctioneer, nor their employees or agents shall be liable for any errors in the description or authenticity of any of the lots, nor for any loss, damage or harm that a Bidder/Successful Bidder may claim to have suffered as a result of a defect in any lot purchased.
Furthermore, neither the Seller nor the Auctioneer, nor their employees or agents, provide any warranty to the Seller in respect of any lot, and any conditions or warranties, whether express or implied, are hereby excluded. Furthermore, any bureaucratic, administrative or legal delays that may arise in connection with the procedures for the transfer of the property or its registration with the relevant authorities shall in no circumstances be the responsibility of the Specialised Entity, nor shall they constitute grounds for terminating the transfer.
31 The price at which the Successful Bidder acquires each lot does not include the Buyer’s Premium or any applicable taxes under current legislation. Should a Bidder wish to export any lot outside Spain, they may be eligible for a VAT refund (subject to the regulations in force at the time) by providing the evidence that the Auctioneer may require to verify such export.
32 At this event, the Seller and the Auctioneer are respectively exempt from any liability for accidents or damage suffered by any person or persons who may enter the premises for the purpose of attending the Auction, or to inspect, purchase or collect any lot, or for any other purpose.
33 The Successful Bidder may not request delivery of the lots outside the times and dates set out in the Special Conditions of the Auction once payment of the full amount has been made. The collection period shall be strictly binding, subject to any relevant circumstances that may arise, such as natural disasters, any suspension or failure of essential services, serious disturbances 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 may be required to incur, at their own expense, costs intended to overcome the aforementioned impediments unless the Successful Bidder provides the necessary funds for that purpose. The Auctioneer shall not be obliged to initiate any legal proceedings aimed at overcoming the aforementioned impediments to the delivery of the lots where, in its judgement, such proceedings might aggravate the problem or be detrimental to its own reputation or standing.
34 The Bidder/ Successful Bidder acknowledges that any software or intellectual property rights accompanying a lot or lots may not be owned by the Seller or transferable by the Seller, and that neither the Seller nor the Auctioneer authorises in any way the Successful Bidder’s use of such software or intellectual property rights, and that any use of such software or exploitation of such intellectual property rights shall be the sole responsibility of the Successful Bidder.
35 Tenderers/Successful Tenderers are hereby expressly notified that, at the time of the award, any of the items, components or accessories, machinery or equipment included in the lots may not necessarily be type-approved in accordance with current EEC regulations or may not comply with the applicable health and safety regulations for their use whilst in operation; the Auctioneer is hereby expressly exempted from any liability in this regard. Bidders are advised to ensure, with regard to any potential purchases of such facilities, machinery or equipment, under their sole responsibility, ensuring that the intended use of the goods purchased does not contravene the aforementioned regulations.
36 All Bidders are expressly advised that certain types of facilities or materials may contain chemical, toxic or hazardous substances which, if not handled correctly during their removal from the premises, could breach the applicable regulations governing the use of such substances. Where the removal of waste is necessary, this must be carried out by authorised and accredited companies. The Successful Tenderer shall be responsible, at its own expense, for the diligent removal of the aforementioned substances and must comply with current legislation and regulations relating to the removal/disposal of waste, including hazardous waste; the Auctioneer/Seller may require documentation regarding the procedures for the removal/disposal of such waste.
Furthermore, the Successful Tenderer is responsible for taking all necessary health and safety and environmental precautions and for complying with the relevant requirements whilst carrying out the tasks described, thereby expressly exempting the Auctioneer/Seller from any liability. Accordingly, the dismantling of the assets shall be carried out by the Successful Bidder in compliance with the environmental requirements and technical specifications imposed for this purpose by the regional ministry, provincial delegation or competent authorities; it shall be the Successful Bidder’s responsibility to obtain, where applicable, of any permits, licences and/or authorisations that may be required; and the foregoing shall not give rise to any deductions from the price, the passing on of any costs or, in general, any claim of any kind.
37 Where the Successful Bidder carries out the loading and removal of any item, machine or equipment forming part of a lot or lots that are to be removed from their current location, the Auctioneer shall have no liability towards the Successful Bidder or any third parties for any damage caused by the removal; the Successful Bidder shall be liable for any damage caused and shall indemnify the Auctioneer/Seller for any damage or loss that the latter may suffer or incur in respect of any loss, damage or injury suffered by its employees or third parties caused by the removal of the plant, machinery or equipment. The Successful Bidder shall 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 item, machine or equipment acquired by the Successful Bidder, whether due to breakage, rust, drying out, leakage of waste, inherent or latent defects, or natural deterioration.
38 The data provided when completing the registration or enrolment for the auction will be made available to the Auctioneer and/or the entity, natural person or legal person responsible for the sale. The personal data of those registered 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 owned and held exclusively by the Auctioneer. Registered participants consent to the inclusion of their data in the aforementioned file so that it may be taken into account in the organisation and conduct of the Auction. This consent is revocable and is intended to permit the use of such information for the purposes of providing information and organising the event. Under no circumstances will registration details be disclosed to third parties, except to the entity, public body, insolvency administrator, court, or natural or legal person that has formally commissioned IAG to conduct the sale or auction. In this regard, the data of both registered participants and successful bidders will be used exclusively for the management of the relevant auction. The data requested is adequate, relevant and not excessive in relation to the scope, purposes and specific, explicit and legitimate services of the Auctioneer as the organiser of the Auction.
As a result of the provisions set out in the previous paragraph, any request for a sale or auction made to IAG by a natural or legal person, an entity, a public or private body, an insolvency administrator or a court shall implicitly constitute a data processing mandate (Article 28 of the GDPR), in which the party requesting or entering into the mandate acts as the data controller and IAG acts as the data processor, acting on behalf of the requester and bound to follow their instructions.
The user has the right to access this information, to rectify it if the data is incorrect, and to be removed from the database. These rights may be exercised by contacting the Auctioneer at the following addresses:
40 In the event of any dispute arising in relation to either the Spanish or English version of the General Terms and Conditions of Sale and the Special Auction Conditions, the Spanish version shall take precedence. These terms and conditions are governed by and interpreted in accordance with the laws of Spain, and any dispute shall be resolved exclusively by the courts specified in the Liquidation Plan, or by the special or general rules applicable in the event of an auction in insolvency proceedings and, failing that, with waiver of any other jurisdiction, by the courts of Barcelona.
Specific Terms and Conditions for Property Auctions (via online auction and/or private sale)
1 General and Special Terms and Conditions. These General Terms and Conditions of Sale (referred to as ‘Specific Terms and Conditions for Property Auctions’, clauses 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), clauses 1 to 40) insofar as not otherwise provided for in the former, and the Special Conditions for each auction (applicable specifically on an ad hoc basis for each auction), as well as the privacy and data protection conditions, govern the legal relationship established in the contracting process carried out between the bidders and/or successful bidders, which shall apply to the sale of assets conducted by INTERNATIONAL AUCTION GROUP, S.L.U. (“IAG” or “Specialised Entity”) via its web platform at www.iagauction.com, which, either on behalf of the owners of the properties (the “Owners” or the “Insolvency Administrators”) or in its own name, will carry out the sale of the property 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”).
IAG expressly states that, in insolvency auctions, in the event of any conflict, the court order(s), the special liquidation rules, the general rules and the instructions of the insolvency administrators shall take precedence over any of the General Terms and Conditions of Sale, together with the Special Conditions for each auction.
These General Terms and Conditions govern the sale by auction of assets arising from insolvency proceedings or other legally prescribed disposal or liquidation procedures. Accordingly, non-insolvency assets may be disposed of either by auction or by private sale, in which case these General Terms and Conditions of Sale shall apply and be binding (with the exception of the provisions set out in the previous paragraph and those specifically relating to insolvency practitioners), and, where applicable, the relevant Special Terms and Conditions of Sale shall be notified.
2 Automatic acceptance. The mere fact of participating 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 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 of the lot, and with the necessary lead time, information regarding the General and Special Conditions of Sale has been provided on the Specialised Entity’s website in a truthful, effective and complete manner, and you hereby 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 Calle Electrónica, number 19, 6th floor, door A, Badalona, Barcelona, registered in the Barcelona Commercial Register on Folio 67, Volume 42,661, Page B-406.120.
3 Participants. The following may participate in the auction: any natural person, provided they are of legal age, and any legal person duly incorporated in accordance with the relevant legislation. Any other type of natural or legal person: creditors with special privileges, public organisations, financial institutions or similar entities that have been parties to the insolvency proceedings, without prejudice to the provisions of specific condition 9(g) regarding the exclusion of potential bidders. All participants in the auction (including creditors with preferential rights over the auctioned assets) shall be obliged to accept and comply with the terms and conditions of the auction and to pay the Specialised Entity’s commission or ‘Buyers’ Premium’.
4 Stored data. Pursuant to Law 34/2002 of 11 July on Information Society Services and Electronic Commerce (Annex, section a) (2), in relation to the organisation and management of electronic auctions, the specialist organisation neither guarantees nor accepts liability for data stored at the request of the data subjects, provided that it has no actual knowledge that the stored information is unlawful or infringes the property or rights of third parties giving rise to a claim for compensation.
5 Waiver and right of withdrawal. By acting as a bidder or successful bidder on www.iagauction.com, you expressly waive your right of withdrawal in respect of any lot, in accordance with Article 68.1 of Royal Decree-Law 1/2007 on the protection of consumers and users.
6 Insolvency proceedings. The Specialised Entity is dedicated to promoting activities relating to the online auction of assets belonging to natural persons – whether entrepreneurs or not – commercial companies and other types of entities arising from insolvency proceedings, pursuant to Articles 415 et seq. of Royal Decree-Law 1/2020 of 5 May (Consolidated Text of the Insolvency Act), Article 15 of Royal Decree 16/2020, Article 10 of Act 3/2020, Act 3/2020 of 18 September, Royal Decree-Law 5/2021 and Article 641 of the Code of Civil Procedure. In this regard, it may be the case that some auctions are governed by a specific liquidation plan, special or general rules, which may be amended by the relevant insolvency practitioners or by court order; indeed, express judicial authorisation may even be required either before or after the auction.
In this case, details will be set out in the Special Conditions for the auction in question. Furthermore, the Specialised Entity shall not be liable for any charges or encumbrances on the assets which the insolvency administrators and/or the relevant court have not duly disclosed. The legal texts relating to the various insolvency proceedings, as well as any others concerning the assets included on this website, have no legal or official status and are provided for information purposes only. The Specialised Entity and the Insolvency Administrators accept no liability for any inaccuracies therein; Bidders and successful bidders must refer to the legal texts held by the relevant courts, and the Specialised Entity shall therefore not be liable for any damages that may arise as a result of inaccuracies or errors in those texts.
The insolvency administrators or the owners have expressly authorised the Specialised Entity to publish on this website the technical details of each property, as well as any relevant information (including photographs of the properties) and the liquidation plan or court document (liquidation plan or addendum thereto), together with any special or general rules in which it is included. Notwithstanding the foregoing, any bidder may request further information regarding the property being auctioned. Staff at the Specialised Entity are available to provide any interested parties with the clarifications they may require regarding any of the properties, via the telephone number and contact details provided on the website. Depending on the availability of the Specialised Entity’s staff, as well as the time remaining in the auction, visits to the property being auctioned may be arranged upon request. The fact that the property has not been visited may not be used as a ground for complaint by the Successful Bidder in the event of dissatisfaction with its condition.
6a Auction procedures arising from the special procedure for the enforcement of mortgages, the non-judicial enforcement procedure, and the disposal procedure provided for in Article 641 of the LEC.
In those proceedings in which IAG is appointed as the specialist firm for the disposal of assets within any of the aforementioned proceedings, the legal procedures governing such proceedings shall be followed, including, by way of example and without being exhaustive: the amount of the tender deposits, the minimum bids required to be awarded the contract, payment deadlines, the transfer of the auctioned property, etc. . , and in the case of the procedure provided for in Article 641 of the LEC, the provisions laid down by the Court Clerk in the Decree approving IAG’s involvement in the disposal procedure.
The transfer of ownership and the taking of possession by the bidders/successful bidders shall take place in the manner and in accordance with the procedures laid down in the procedural laws, thereby exempting IAG from any liability in cases where the bidder/successful bidder enters into or reaches agreements with third parties whereby they transfer future ownership or possession of the properties before holding a valid legal title. In this regard, the transfer of ownership shall not be finalised until it has been accepted by the competent body, the enforcement authority or the relevant party in accordance with the procedure, and consequently, until a public deed, a decree issued by the court clerk or a duly signed private contract has been drawn up.
7 Acceptance: physical and legal condition. Bidders are deemed to have expressly accepted the physical and/or legal condition of the assets being auctioned, including express acknowledgement of the terms set out in the liquidation plan and the special or general rules of the insolvent company, from the very moment they register and participate in the relevant auction, without the possibility of revising the price or withdrawing from the purchase under any circumstances, and expressly waiving the right to redress for latent defects as provided for in Article 1474 of the Civil Code. Consequently, the Specialised Entity and, where applicable, the Insolvency Administrators, are exempt from any liability arising from latent defects, remedies for such defects, the exercise of rights of withdrawal by third parties, situations of unlawful occupation of immovable property or any other disruption to the peaceful use and enjoyment of the property.
8 Non-consumer public. The Specialised Entity specialises in promoting activities relating to the online auction of assets intended for natural or legal persons who are not regarded as consumers and acting within the context of a business or professional activity; consequently, the General Law on the Protection of Consumers and Users and other supplementary legislation shall not apply.
9 Binding powers. The Specialised Entity may, at its discretion or, in the case of insolvency auctions, at the request of the insolvency administrators, the owners of the assets, or the Judicial Authority: a) Amend, cancel or withdraw all or any of the lots listed in each auction up to the time of sale; that is, when the Specialised Entity awards the lot in question during the auction, as well as after the award, due to any encumbrance, impediment or supervening circumstances. b) To suspend the auction for justified reasons and/or in the event of receiving an offer for all or the majority of the assets being auctioned. c) To halt the auction in order to require a deposit from a Bidder and/or Successful Bidder, or to refuse bids from a Bidder and/or Successful Bidder who has not complied with the obligation to make a deposit or with the
submission of any documents required under the Money Laundering Act. d) Where a reserve price has been set for any lot, to withdraw that lot if the highest bid does not meet the reserve price. e) Where two or more consecutive lots are similar in quantity and characteristics, to offer the subsequent lots to the Bidder of the first lot at the same price g) To block and exclude from participation in any of the auctions those Bidders who have previously failed to fulfil their obligations and have omitted or breached any of the conditions established by the Specialised Entity, including the obligation to make a deposit, payment of the price or any other required obligation, as well as the submission of documents required of them in compliance with the Money Laundering Act; and to Bidders (or natural or legal persons associated with them) against whom judicial or extrajudicial proceedings are pending.
10 Registration. In order to bid on properties, bidders must register as users by following the instructions on the IAG website and entering their details in the registration form. In order to ensure that any participant in the auction has a genuine and genuine interest in acquiring the property and to prevent fraudulent bids, the interested party may be required to provide their credit or debit card details (cardholder’s name, expiry date, card number and security code) on the registration form. The Specialised Entity will not charge any fees or block any funds on the card provided.
Once the form has been completed, interested parties must accept all the General Terms and Conditions of Sale, as well as any Special Terms and Conditions for each auction, if applicable. Auctions will be held online; therefore, bids may only be placed via the website, in the manner specified and during the duration of the auction. Bids made by email, telephone, fax or post will not be accepted. Once registered, users may participate in any auctions that interest them. The properties to be auctioned will be published on the Specialised Entity’s website, indicating the time remaining until the auction closes, as well as the expected final hammer price. The start and end times and the minimum auction price will be determined by the Specialised Entity, or by the Specialised Entity on the instructions of the insolvency administrators (in the case of auctions relating to insolvency proceedings), on a case-by-case basis for each property; these may vary from one property to another. In the case of foreign buyers who are not resident in Spain, they may be required to provide, preferably, a bank guarantee at the time of registering for the auction.
11 The bidding system. The bidding system shall be regulated by the Specialised Body, or by the Specialised Body acting on the instructions of the Insolvency Administrators (in the case of auctions in insolvency proceedings), in the manner it deems most appropriate; and, without prejudice to the foregoing, it may refuse to accept any bid, provided there are indications, assessed subjectively by the Specialised Entity or by the Insolvency Administrators (in the case of an auction in insolvency proceedings), that the bidder cannot comply with the Conditions of Sale, without any justification being required. Registered users wishing to participate in the auction may, at any time during the auction period, the amount (bid) they deem appropriate, in accordance with the bid increments specified in the Special Conditions, if any, provided that it meets the minimum bid that may have been set by the Specialised Entity (or, in the case of insolvency auctions, in accordance with the conditions stipulated in the court order(s), special rules, general terms or as indicated by the
(Insolvency Administration), which will increase in line with the bids made by other users, with the highest bid offered being displayed on the website. The highest bid must be increased by a minimum amount to be set by the Specialised Body for each property (reserve price). Bids that do not exceed the minimum amount will be rejected. Bidders may submit as many bids as they deem appropriate, provided that they are made in good faith and with due diligence. The Specialised Entity may request confirmation of the bids submitted, in order to prevent the misuse of the auction service.
12 Award to the highest bidder and disputes: Once the auction has ended and the result has been accepted by the insolvency administrators or the property owner, the property shall be awarded to the highest bidder, that is, to the person who made the final highest bid and is therefore the successful bidder, except in special cases where, due to the existence of holders of preferential claims on the property, the law or court rulings issued in the insolvency proceedings grant them a preferential right to purchase. Any dispute arising between users of an auction shall be settled by the Specialised Entity or by the Insolvency Administrators (in the case of auctions in insolvency proceedings).
13 Deposit: The Specialised Entity, either on its own initiative or at the direction of the Insolvency Administrators (in the case of an auction in insolvency proceedings), reserves the right to require the various Bidders to lodge a deposit as a precondition for the commencement of the auction. Failure to make the deposit in advance and to provide proof of payment into the relevant account by the Auctioneer or by the Insolvency Administrators (in the case of an auction in insolvency proceedings) in accordance with the conditions announced will result in the inability to participate in the bidding for the property being auctioned, and bids made by any Bidder who has not complied with this condition will not be taken into account. Once the auction has concluded and the bid has been accepted by the property owner or the insolvency administrators, the Specialised Entity will refund the deposit amounts to the various bidders within the timeframe specified in the Special Conditions, except for the winning bidder, the Successful Bidder, whose deposit will be used to settle the amounts due.
14 Transfer of auction proceeds and registration in favour of a third party: With the exception of a preferential creditor, the successful bidder may not assign or transfer their right to the award to a third party, whether a natural or legal person, unless this is expressly permitted by the Liquidation Plan, the court order(s), special or general rules, or by the insolvency administrators (in the case of auctions in insolvency proceedings), the Specialised Entity, the owner or the enforcement agent; in the event of such acceptance, the Specialised Entity must be notified so that the invoice may be amended to reflect the fees payable by the different successful bidder.
15 Payment of fees: The successful bidder expressly undertakes to pay the fee to the Specialised Entity, as specified on the auction website itself, adding this amount to the sale price plus the applicable taxes. Under no circumstances shall the amount for which the asset is awarded include any state, regional or local taxes levied on such a transfer, nor shall it include administrative, notarial, registration, transport or any other costs inherent to the transfer, which must be paid in accordance with the law or as specifically provided for in the Insolvency Liquidation Plan, special rules or general regulations.
Once the auction result has been accepted by the insolvency administrators 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; this is an essential condition of the award. Payment shall be made by bank transfer to the account specified on the invoice or, exceptionally, by a certified bank cheque made payable to the Specialised Entity within the timeframe set out in the Special Conditions for each auction; failing that, payment must be made on the day following notification of the acceptance of the auction result by the insolvency administrators or the property owners and before the deed is drawn up. In this way, The successful bidder who has been awarded one or more lots shall pay the Specialised Entity a fee in the form of a Buyer’s Premium, as indicated on the auction website, in addition to the total amount of the successful bid; the resulting amount shall be subject to the relevant taxes at the current rate, in particular the applicable VAT. The Buyer’s Premium is non-negotiable and must be paid by all successful bidders. Should the amount of the Buyer’s Premium vary, this will be specified in the Special Conditions for each auction. The Specialised Entity, when acting on behalf of the property owner or the insolvency administrators, may also receive remuneration from them.
16 Deed of Sale and Non-payment of the Purchase Price. Once the outcome of the auction has been accepted by the Insolvency Administrators or the property owner and the property has been awarded, the transfer shall take place in the manner set out in the Liquidation Plan, the court order(s), special or general rules, or as determined by the Insolvency Administrators or the property owner. The transfer shall be formalised by means of a public deed of sale within a maximum period of one month from the aforementioned award or as determined by the specialist body, the owner, the Liquidation Plan, the court order, the special or general rules, or the Insolvency Administrators, this being set out in the Special Conditions for each auction.
Unless the Liquidation Plan, the court order(s), special or general rules, or the Insolvency Administrators determine otherwise – in which case this shall be duly recorded in the Special Conditions for each auction – the Successful Bidder shall be entitled to choose the Notary, provided that they do not appoint a Notary who, by virtue of their territorial jurisdiction, 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 encumbrance pending cancellation or the registration procedures have not been finalised, the execution of the deed shall be extended for a period of 30 days, renewable for consecutive periods up to a maximum of two years, unless the Liquidation Plan, the Order(s), special or general rules, or the Insolvency Administrators determine otherwise. The user who has made the highest bid is obliged to complete the sale of the property in accordance with the terms set out in these conditions.
The highest bid accepted by the Insolvency Administrators or the owners shall be legally deemed a Contract of Sale, and any breach thereof shall entitle the Specialised Entity and the Insolvency Administrators to take legal action to claim damages against successful bidders who fail to complete the purchase. Should the full amount not be paid within the time limit set out in the Special Conditions of the Auction, the Specialised Entity and/or the Insolvency Administrators shall set out the legal consequences of such breach in the Special Conditions of each auction; failing that, they reserve the right to: a) Demand payment and specific performance of the sale and purchase transaction carried out by public auction, adding statutory interest to that amount and setting a new payment deadline. In the event of definitive non-compliance, the Specialised Entity may claim payment of 25% of the price of the asset as damages. b) Claim payment of the brokerage fees (Buyer’s Premium) from the highest bidder and award the lot to the second-highest bidder. In all cases, the brokerage fee must be paid in full once the result of the auction has been accepted by the insolvency administrators or the owner.
17 Non-payment of the buyer’s premium. Should the Successful Bidder fail to pay for the awarded assets within the stipulated period (including the Buyer’s Premium and VAT), in accordance with the terms and dates indicated, the Specialised Entity shall have the option to: a) unilaterally rescind the award, whereby the Successful Bidder shall forfeit all rights to the awarded items, whether in terms of ownership, possession or any other similar right, including any payments on account, deposits, earnest money or down payments made, with ownership automatically reverting to the property owner or the insolvency administrator, without the Successful Bidder being entitled to make any claim against the latter or the Specialised Entity on this ground. In this case, the Specialised Entity may claim compensation for damages, any loss of profit it may have suffered and the amount of the commission due to it. b) to enforce compliance with the award in the amount and manner stipulated, plus all expenses incurred as a result thereof, whether directly or indirectly, as well as any costs caused to third parties in connection with the auction, including the Buyer’s Premium.
18 Documentation and information to prevent money laundering. The Specialised Body may request such documentation and information as it deems appropriate prior to the award and/or sale of the asset in question, in compliance with the obligations laid down in Law 10/2010 of 28 April on the prevention of money laundering and the financing of terrorism. In the event that the client fails to provide the requested documentation or information, or where there are indications that the source of the funds does not correspond to a transaction compliant with the aforementioned legislation, or the transaction falls within any of the situations set out in that Act, the Specialised Entity may take any of the measures set out in points 9 and 16 above of these terms and conditions.
19 Liability and exclusions. The Specialised Entity shall not be liable for delays in access, system delays or any anomalies that may arise in connection with general problems affecting the Internet, acts of God or force majeure, or any other entirely unforeseeable contingency and therefore beyond the company’s control. The Specialised Entity accepts no liability for errors in relation to connections, unforeseeable circumstances and force majeure; nor does it guarantee the continuity of the website or accept liability for any interruptions to its service. The Specialised Entity will, where possible, provide notice of any service interruptions and regarding the continuity of the website. Furthermore, it shall not be liable for any faults that may arise in communications, data loss or incomplete transactions due to such causes; consequently, it does not guarantee that the website will be operational at all times where this is due to matters beyond the Specialised Entity’s control which it is unable to resolve with the resources at its disposal.
The Specialised Entity undertakes to endeavour to resolve these incidents by means of ad hoc protocols, utilising all the resources at its disposal and offering all necessary support to the various users in order to resolve the incidents as quickly and satisfactorily as possible, as well as implementing the action plans and incident protocols required by the insolvency administrators in the case of insolvency auctions. Where reasonable, the Specialised Entity will give prior notice of any interruptions to the operation of the website and any of its services. The Specialised Entity accepts no liability for anything that may occur on third-party computer equipment; users must take appropriate security measures to protect the information stored on such equipment and to prevent any loss or damage caused by downloads from the Specialised Entity’s website.
20 Amendments. In order to improve the services and products it offers, the Specialised Entity may amend these General Terms and Conditions of Sale by notifying users via its website. It also reserves the right to amend the applications on its website in any way.
21 Assumption of risks. The Successful Bidder shall assume all risks relating to the property from the moment the auction result is accepted by the insolvency administrators or the owner and the award is made; it is strongly recommended that the Successful Bidder insure the acquired property immediately. At the aforementioned time of sale, the Successful Bidder assumes all risks in relation to the lots acquired that may arise from that point onwards, and is advised that it is advisable to take out the aforementioned insurance policies, as these are deemed necessary. The obligation of the owner or the insolvency administrators to deliver the lots shall be deemed to have been fulfilled at the time 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 lot shall not be transferred to the Successful Bidder until the following conditions have been met: (i) the requirements for participating in the auction and the general and special conditions of the tender have been met; (ii) the result of the auction has been accepted by the insolvency administrators or the owners; and (iii) the price has been paid in full on the dates specified, together with the buyer’s premium.
23 Publicity and Information. The Specialised Body is responsible for publicising and facilitating the sale and/or auction of assets that may originate from natural or legal persons who have been declared insolvent, and likewise in respect of non-insolvency assets. With regard to assets originating from entities that have been declared insolvent and have been included by the insolvency administrators in the relevant liquidation plan, in accordance with special and general rules and any amendments thereto, or those originating from companies wishing to dispose of them, the Specialised Entity, subject to authorisation from the owners, the insolvency administrators or the authorised persons, will publish photographs of the assets advertised on this portal, or on other specialist platforms dedicated to the sale of property, and will provide all the information necessary to enable bidders to gain a better understanding of their physical and legal status. All this information will be published on the Specialised Entity’s web platform, subject to any errors, inaccuracies or falsehoods in the data or descriptions, for which it accepts no liability.
The legal texts relating to the various insolvency proceedings, as well as any others concerning the assets included on this website, have no legal or official status and are provided for information purposes only. The Specialised Entity accepts no liability for any inaccuracies therein; bidders must refer to the legal texts held by the relevant courts, and the Specialised Entity shall therefore not be liable for any damages that may arise as a result of inaccuracies or errors in those texts.
24 Jurisdiction. In the event of any disputes arising between the parties in connection with the auction proceedings, and waiving any other jurisdiction that might otherwise apply, IAG and the Bidders and/or successful bidders shall submit to the jurisdiction of the courts and tribunals specified in the Liquidation Plan, any special or general rules applicable in the event of an auction in insolvency proceedings and, failing that, waiving their own right to choose a forum, the courts of Barcelona.