Legal tip 692. Both useless and unfair
30 January 2012 @ 14:25
An answers in a question today in the forum:
Dear Mega:
Enforcing these Court decissions against the developer is, in our opinion both useless and unfair:
Useless: Becuase many developers and bankrupted or with bery low solvency rates. Their developed properties all have a preexisting mortgage in favour of a Bank ( which was funding the development) and if entered into Creditor´s meeting your rights are very poorly recognised by the Bankruptcy Act.
Unfair: law 57/68 stablished liabilities for both the developer and ( I would say MAINLY) for the bank which received people´s deposits.
It is a joy that this Law which keeps a pro-consumer, pro-person approach of bank´s rols is active and enforceable in Spain. It gives to us a right and balanced picture ( even much breached) of these businesses where Banks had much to gain and little to risk. They were constituted as guardians of deposits in 1968
"Street in Algodonales", Cadiz, Spain, by nikosfotos, at flickr.com
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