Creditors' concourse: the registrar can block executions on your assets

Key data

If you have a seizure on real estate of a company in creditors' concourse, this ruling affects you directly. The Resolution of the General Directorate of Legal Security and Public Faith (DGSJFP) of May 26, 2026 confirms that the property registrar acted correctly in suspending the issuance of a certificate of charges on properties of Tuvalu Gestión S.L., a company in concourse since 2021 and in liquidation phase since 2024.

The practical consequence is clear: as long as the conclusion of the concourse does not appear in the Register, no ordinary court can advance in a singular execution on assets of the active mass without the approval of the commercial judge. And the registrar has full competence to verify this and block the process.

What does this regulation establish?

The resolution applies and interprets three articles of the Insolvency Law that protect the active mass of the insolvent party against individual creditor executions:

Furthermore, the resolution establishes a relevant principle for registral practice: the qualification of the executing court's competence is a matter fully reviewable by the registrar. This means that the registrar is not obliged to blindly obey a judicial order if it detects that the issuing court lacks competence due to an active concourse.

Economic and operational impact

For creditors with seizures on real estate assets of insolvent companies, the impact is immediate and significant:

• Execution paralysis: You will not be able to obtain the certificate of charges necessary to continue the enforcement procedure while the concourse is active.
• Need to go to the commercial court: To unblock the execution, you must request authorization from the judge handling the concourse, which involves additional representation costs and delays in payment timelines.
• Risk of loss of preference: If the company enters liquidation (as has occurred with Tuvalu Gestión S.L. since 2024), the assets are liquidated collectively under supervision of the commercial judge, and your position as an individual executing creditor is subordinated to the collective process.
• Impact on treasury planning: Credit recovery timelines are extended indefinitely until the conclusion of the concourse.

From the perspective of the insolvent debtor or the concourse administration, this resolution strengthens the protection of the active mass, preventing parallel executions from depleting the assets available to all creditors.

Who does it affect?

• Creditors with seizures on real estate of companies declared in creditors' concourse.
• Financial entities and credit funds that execute mortgage guarantees or seizures on assets of insolvent companies.
• Suppliers and commercial creditors that have obtained judgment sentences and have initiated executions on real estate assets of the debtor.
• Property registrars who receive judicial orders for issuance of certificates of charges on assets of companies in concourse.
• Lawyers and court officers who process civil execution procedures against insolvent companies.
• Concourse administrators who manage the active mass and need to protect it against individual executions.

Practical example

Imagine you are a supplier of Tuvalu Gestión S.L. and in 2022 you obtained a seizure on an industrial warehouse of the company for an unpaid debt. In 2024 you request the court of first instance to issue the order to obtain the certificate of charges and initiate the auction.

The property registrar of Valdemoro receives the order and verifies that Tuvalu Gestión S.L. has been in creditors' concourse since 2021 and in liquidation phase since 2024. It applies arts. 143, 145 and 149 of the Insolvency Law and suspends the issuance of the certificate.

You appeal to the DGSJFP arguing that the court has already ordered the certificate. The DGSJFP dismisses your appeal: it confirms that the registrar has full competence to review whether the executing court is competent, and that while the active concourse appears in the Register, the singular execution is blocked. Your only option is to go to the commercial court handling the concourse of Tuvalu Gestión S.L. and request authorization to continue the execution.

What should companies do now?

1. Verify the concourse status of the debtor before initiating any execution: Consult the Public Concourse Register to check if the debtor company has an active concourse before requesting execution orders.
2. Review your ongoing execution files: If you have enforcement procedures on assets of companies that may be in concourse, verify the registral status to anticipate possible suspensions.
3. Go to the commercial court if you need to continue the execution: The only way to unblock a suspended execution is to request authorization from the judge handling the concourse, providing justification for why your execution does not harm the active mass.
4. Appear as a creditor in the concourse: If you have not already done so, report your credit in the concourse procedure to protect your position in the creditor list and participate in the liquidation plan.
5. Consult a specialist in insolvency law: The interaction between civil executions and concourse procedures is technically complex. A strategic error could cost you your preference in payment.

Official source

Consult complete regulation in official source

Notice: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-21071