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A New Change in the Law Causes Online Auctions to Soar

A decree law approved during the State of Emergency declares that all auctions will have to be extrajudicial and executed through specialist entities.

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Image by Pierre-chatel-innocenti.

On April 28, a royal decree law was published in the Official State Gazette that has brought about a real revolution in a sector regarded until now as somewhat murky and reserved for those people who specialise in it: the auction of foreclosed assets.

Specifically, Royal Decree-Law 16/2020, dated April 28, establishes in its article 15.1 that all auctions must now be settled outside of the courts. Therefore, as of that date, all bankruptcy auctions pending or that need to be processed for procedures declared up to one year after the declaration of the State of Emergency, will have to be extrajudicial and executed through specialist entities.

Read the full article in Spanish.

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