Type of refusal
Refusal to refund with a counterparty in Spain
The counterparty behind a Spanish refusal to refund is typically a private company, a fund vehicle, or an individual promoter with a Spanish registered address. What can be established now, without settling which procedure applies, is the identity of that party and what it actually holds. Other refusal-to-refund cases follow the same starting point.
Who is actually on the other side
Spanish counterparties in refund disputes are commonly limited liability companies (sociedades limitadas), public limited companies (sociedades anónimas), or natural persons acting through a personal account. The Spanish commercial registry (Registro Mercantil) records incorporation, directors, and registered capital, but it does not record solvency or whether assets have already moved. A registry extract confirms the entity exists and who signs for it. It does not confirm the entity can pay. Some counterparties invoke a change in contractual terms as a reason for non-refund; that defence is examined separately in our note on the changed-terms defence. Background on the jurisdiction itself is set out on the Spain jurisdiction page.
What to secure before the counterparty reacts
Before any claim is filed, preserve the paper trail: the subscription or loan agreement, payment confirmations, any redemption notice, and correspondence where the counterparty acknowledges the debt or refuses to pay. Export communications from platforms that could later restrict access. Note any property the counterparty is known to hold, in Spain or elsewhere; where that property later intersects with criminal proceedings, the position is different, as set out in this note. These steps do not depend on which procedure is eventually used. A structured review of the underlying claim is available through our refund and delivery claims service.
Where a judgment would have to be enforced
Enforcement depends on where the counterparty's assets sit. Within the EU, a judgment from another member state is recognised in Spain without exequatur [N142]. Outside the EU, the 2019 Hague Judgments Convention may apply; the EU acceded 29 August 2022, effective in Spain from 1 September 2023 [N152]. Foreign documents used in Spain generally need an apostille, applied by Spain subject to a declared reservation since 25 September 1978 [N407]. The filing sequence is set by the case file, not this page. Routes into Spain: enforcement to Spain. Reverse direction: enforcement from Spain to the UK. The firm does not charge success fees; check its registration via how to verify a law firm.