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A court in Alicante has ordered to seize assets and property rights from the real estate company Quabit (formerly Astroc, later then Affirma) worth 1.429 million euros to cover the compensation that Quabit was forced to pay for the dispute it has with Affirma, according to the court sentence.

Efe - Madrid - 11/05/2011
The Juzgado de lo Mercantil número 2 (Commercial Court No. 2 of Alicante) has condemned the real estate company to pay € 1.093 M to the Affirma group dedicated to solar energy and legal services, for using a trademark and business name "virtually identical" to theirs.

According to the sentence, to this figure there are 336,546 euros more added for the legal costs and interest due, and both parties agree on the provisional execution of the sentence that requires Quabit to indemnify Affirma. For their part, Quabit sources state the amount referred in thje sentence is "immaterial" in relation to their market capitalization and financial results, and it is "fully provisioned".

The court has required Quabit that, within a maximum of ten days, to provide a list of all their assets and rights "sufficient" to cover the amount of payment in the execution of the sentence. It also requests to explain if there are "encumbrances" and that, in case of possession of property, if they are being used or occupied, and if so with how many people and with what rights.

In addition, the court warned that real estate company may be imposed with sanctions, at least for serious disobedience, if it does not present a detail account of their assets, including those assets indirectly belonging to them, excluding those which are susceptible to seizure, and reveal charge burdens or encumbrances that weigh upon them.

The court rules that this sentence is final without appeal, and stressed that, since it is executing a "monetary condemnation" the president Felix Abánades of the real estate company may not object to the provisional execution.

Affirma recalled yesterday a month has passed since they asked for the provisional execution of the sentence to carry out the seizure of the assets of Quabit. Affirma also highlighted, "they had not paid the compensation within statutory and voluntary legal period."

He further stressed that the property had taken further "risks" to face "multiple seizures" and a 30% surcharge on the initial compensation figure they had to pay.

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