08 Jul 2008 6:17 PM:

Parador have this morning gone into voluntary administration.

An official statement sent to the offices of OPP this morning from Quay West Communications, Parador’s PR company, reads: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”


Jason


Community thread: selling english property AFTER becoming spanish resident

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08 Jul 2008 12:00 AM:

An official statement sent to the offices of OPP this morning from Quay West Communications, Parador’s PR company, reads: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”

Jason

Community thread: Internet Security

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08 Jul 2008 12:00 AM:

An official statement sent to the offices of OPP this morning from Quay West Communications, Parador’s PR company, reads: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”

Jason

Forum thread: Parador Properties: Voluntary Administration

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05 Oct 2007 7:36 PM:

Hi

My brother has spoken to Simon Lambert (Parador).
Lambert does not have any further information yet as he is sunning himself in Majorca.
A meeting between Parador and NMV has been scheduled for next week.
At the moment he believes the builder is applying for suspension of contracts only, and will not seek bankruptcy.
He believes that NMV intend to finish the Villas.

This is of course speculation on Lamberts part. Whatever the outcome of this meeting next week I doubt we will be told the truth.

I for one am not convinced that Aldea would represent  us properly in Litigation. They have protected NMV from the start.
I will post further information when it is available.

Jason

Community thread: Why are banks not paying out ?

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03 Oct 2007 7:26 PM:

Hi

Grupo Location is the promoter for the development, New Medina Villa is the builder/developer.
Grupo Location and NMV are the same company.
So far, NMV has submitted a request to the Courts for a suspension of all Contracts - this will avoid the late completion payments, reduction in final stage payment etc,.
It also means that if NMV repays our deposits, it will be without interest and unlikely to be the full amount.
NMV have not, as far as I can find out, filed for bankruptcy at this time.
NMV will probably file for bankruptcy in the near future.

The decision regarding the legality of the development is not due to be heard for around another 15 months.
The documents we received regarding our villa show that everything was in order. The court has to decide if the licences etc were obtained or issued legally.

Jason

This message was last edited by jason2007 on 10/4/2007.
Community thread: Why are banks not paying out ?

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