Cessation of activity



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:

Cessation of Activity with prior notice:

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.

Supervened cessation of Activity:

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.

1. Consequences of the cessation with regard to the general services Lignum Capital provides to its users:

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:

  • In the event of cessation of activity, the following services will be interrupted to unregistered users:
    1. Visualization and access to documents and public and unrestricted information provided by Lignum Capital.
    2. Visualization of unrestricted information provided by the promoted projects.
    3. Access toinfo@lignumcap.commailbox, the online system for the resolution of doubts.
  • In the event of cessation of activity, the following services will be interrupted to registered investors:
    1. Visualization and access to the documents and information provided by the promoted projects, without restrictions.
    2. Ability to invest in the promoted projects.
    3. Access to the comments box, an interactive tool that allows you to ask questions directly to entrepreneurs of the promoted projects and see the answers they gave to questions from other investors.
    4. Reception and update via e-mail of the information available at the web.
    5. The possibility to keep track of your investment, and see the evolution of promoted projects.
    6. Reception of Invitations via e-mail to Lignum Investors Days.
  • In the event of cessation of activity, the following services will be interrupted for registered Entrepreneurs:
    1. Issuing new applications to upload promoted projects that seek funding through the platform.
    2. Visualization and access to the documents and information provided by the entrepreneur to inform about its promoted project.
    3. The ability to attract new investment through the platform for its promoted project.
    4. Access to the comments box, an interactive tool that allows you to answer investor questions about your project.
    5. Reception of Invitations via e-mail to Lignum Investors Days.
  • Starting from the date of publishing in the web the advance notice of cessation of activity, the following services shall be interrupted for registered Entrepreneurs:
    1. Posting new applications to upload promoted projects that seek funding through the platform.

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.

2. Consequences of cessation for registered Investors in respect of the obligations incurred by Lignum, that Lignum had not already satisfied or that Lignum should meet at the time of cessation:

  1. Registered Investors which have not completed any order of Investment:

    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.

  2. Registered Investors who have made questions to Entrepreneurs or to Lignum Capital team:

    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.

  3. Registered Investors who have completed Investment orders:
    • In case of cessation of activity, and when the campaign has not managed to reach the demanded minimum of 90% of the investment, we will proceed to notify via e-mail the cessation of activity, the closing and failure of the campaign, and the return of the warranties contributed by investors.
    • In case of cessation of activity, and when the campaign has managed to reach the demanded minimum of 90% of the investment, 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: "Investor's Terms & Conditions of Use".

    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:

    1. When the investor has paid the warranty and his contribution to share capital is pending.
    2. When the investor has done his contribution to share capital, but the contributions from other Investors are pending.
    3. When all the Investors have made their contributions to share capital, and the securing of the certificate is pending.
    4. When the campaign is over, all contributions have been made, certificate is available, and notarization is pending.
    5. When the investment has been notarized, and is pending registration.

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.

3. Consequences of cessation for registered Entrepreneurs in respect of the obligations incurred by Lignum, that Lignum had not already satisfied or that Lignum should meet at the time of the cessation:

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 info@lignumcap.com

shall 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:
    1. When investors have paid the warranty, and are pending of making their contributions to capital.
    2. When part of the investors have made their contributions to capital, but the contributions from other Investors are pending.
    3. When all Investors have made their contributions to capital, but the securing of the certificate is pending.
    4. When the campaign is over, all contributions have been done, certificate is available, and notarization is pending.
    5. When the investment has been notarized and is pending registration.

Lignum Capital Informs:

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.