Legal tip 256. Precedent favouring buyers without Bank Guarantee when Insolvency Proceedings
Friday, April 16, 2010 @ 12:40 PM
Buyers of Martinsa-Fadesa who have not received their houses due to delays and failures of the construction will have priority over other creditors in the recovery of amounts paid in advanced in off-plan purchases. This will be effective even if the amounts are not backed by Bank Guarantee or Insurance Policies. Martinsa entered into creditor´s meeting in July 2008.
This follows a ruling by the Commercial Court No. 1 of La Coruña, which requests the receivers to exclude a home buyer from the list of creditors of the insolvency proceedings (which are the ones who suffer the consequences of insolvency protection and are subject to composition with creditors).
Thus, the savings invested may be recovered against the assets of the company if the purchase contract is cancelled due to default of the developer, since only this way, this payment can be considered as credits against Martinsa-Fadesa.
The claims against the assets are the first ones to be paid in a payment plan or in a liquidation process, ahead of privileged claims (such as those holding by the Treasure Department and Social Security) and the ordinary, where generally are included the most of the creditors.
By Maria L. de Castro
www.costaluzlawyers.es
Playa de Bolonia ( Cadiz) by Campanilla at Flickr.com
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