Assegurances Generals Real Estate Auctions Suspended Amid Owner Appeals

All auctions of real estate linked to the failed insurer Assegurances Generals remain suspended amid legal challenges from the company's bankrupt owners, leaving prospective buyers unable to finalise their purchases months after bidding.

The insurer, placed into bankruptcy proceedings, has seen properties such as homes, land and office spaces—mostly in Canillo and including premises on Carrer Sant Salvador in Andorra la Vella—put up for auction. Bidders who won these lots, some as long as seven or eight months ago, have yet to complete the paperwork or transfer ownership. The judicial administrator, Saig, has halted all processes following appeals by the original owners, who argue the valuations were deliberately undervalued to exaggerate the company's financial woes.

The owners, also declared bankrupt by the Batllia, claim the properties' true market value is far higher, potentially covering any shortfall in the insurer's liabilities. They have appealed to the Tribunal Constitucional, with a decision expected soon that could either validate the auctions or annul them entirely. Sources indicate the administrator has offered bidders the chance to recover their deposits, but this would forfeit their claims, sending the assets back to auction.

Prospective buyers, who participated assuming judicial valuations were fair, express frustration, viewing the owners' appeals as a delaying tactic. They await confirmation of the results, noting some properties did not sell in initial rounds. Meanwhile, the insurer's clients—still awaiting resolution from the original intervention—face uncertainty over whether overturning the auctions would bring needed funds or expose flaws in the asset pricing.

No bidders have confirmed accepting the refund option, and all parties are in a holding pattern pending the Constitutional Tribunal's ruling.