In case of cessation of activity, Lignum Capital and its team commits itself to comply with the obligations contracted with its clients and users, regardless of the closure of the website and within the framework of actions defined as follows:
In the event of anticipation of a cessation of activity on the part of the platform, we will proceed to put a notice of cessation on a visible part of the website with a period of 90 days in advance (equivalent to the maximum duration of a campaign).
In this sense, the publishing of new projects will not be admitted since the publication of the notice, and the investors or entrepreneurs who may want to register after the notice shall have to state that they know in an undeniable manner the existence of the notice and its consequences thereof.
This situation arises in cases of an imposed cessation upon request by a judicial body, upon request by the regulatory organ CNMV, or because an urgent advisement of cessation due to supervened causes.
Once the cessation of activity is decreed, entrepreneurs and investors will lose their status as users of the platform, their accounts shall be closed, and the following services will be interrupted:
Regarding the information they have already provided, Lignum Capital is subject to strict compliance with the Law on Data Protection, with what is established in the law of promotion of participatory financing, with what is established in the Internal Code of Conduct of this entity, and with the provisions in the documents "Investor's T & C" and "Entrepreneur's T & C" respectively.
For registered Investors which have not completed any order of investment, we will proceed to discontinue the functionality of their account, and deny access to the same after the cessation.
With respect to the information they may have provided, Lignum Capital submits itself to strict compliance with its obligations relative to data protection.
Questions raised by Investors through the 'Comments' feature, or directly to Lignum Capital team, will be answered via e-mail to the e-mail address which corresponds to the user.
Questions raised before the cessation shall also be responded, even if the platform has already ceased its activity.
Once a campaign successfully closed, upon or before the cessation of activity, and the process of formalizing the investment being initiated, this will be dealt with separately to the operation of the platform.
This applies to the following cases:
All communications belonging to the investment process will be conducted by the team of Lignum Capital, up to the ratification of the same.
As soon as the investment is formalized, any relation between Lignum Capital and the Investors shall come to an end, we will proceed to suspend the functionality of their accounts, and any access to the same after cessation will be denied.
The Entrepreneur who is registered but has not uploaded any project:
For registered Entrepreneurs who have not submitted any project proposal to upload to the platform, the functionality of their accounts shall be discontinued, and access to the same after cessation shall be denied.
As regards the information they had provided, Lignum Capital submits itself to strict compliance with its obligations relative to data protection.
The Entrepreneur who has raised questions to Lignum Capital team:
Questions raised by Entrepreneurs to Lignum Capital team through the functionality of email@example.com be answered via e-mail to the email address corresponding to the user.
Issues raised prior to cessation shall also be responded, even when the platform has ceased its activity.
The Entrepreneur who has uploaded a project that is pending approval:
Approval pending projects by the time of a supervened cessation will be automatically refused, and we will proceed to notify the refusal by reason of cessation.
Projects pending approval by the time a cessation is anticipated, will be revised. If the duration of the campaign exceeds the 90 days of pre-notice, the Entrepreneur shall be asked to modify it, diminishing the duration of the campaign. In case the Entrepreneur does not adjust the duration of the campaign to meet the deadlines required by Lignum Capital, we shall proceed to notify the refusal by reason of cessation.
The Entrepreneur whose promoted project has already been approved and is displayed on the web:
When the cessation takes place without it having obtained the required minimum of a 90% of the financing, the campaign will be cancelled, the failure of the campaign will be notified to Investors and to the Entrepreneur, and we will proceed to return the warranties previously contributed.
When the cessation takes place and the project has obtained the demanded minimum of 90% of the financing, the campaign will be closed, we will proceed to notify, via e-mail, the cessation of activity, the closing and success of the campaign, and the handling of the process of Investment in accordance with the procedure established in the document: "Entrepreneur's Terms & Conditions of Use".
Once the campaign is successfully closed, upon or before the cessation of activity, and initiated the formalization of the investment process, this will be dealt with separately from the operation of the platform.This applies to the following cases:
The nature of the contracted obligations being independent from the operation of the web page, we do not envisage the scenario of a failure of activation of the mechanisms established by article 61.m) of the Law of Promotion of Participative Financing.
This document will be governed by and construed in accordance with Spanish legislation.
Any doubt, issue or divergence that might arise in the interpretation and enforcement of the provisions of the present private document, shall be submitted to arbitration under the relevant legislation.
Furthermore, for such issues the parties, waiving any other jurisdiction that might apply, submit themselves designedly to the Courts and Tribunals of Madrid.