Good News In Southern Spain

Can anyone clarify what date the administrators have to make their decision by?
I am sure it has been mentioned before on the forum, but i cant seem to find it now.
I know that it is sometime during September but i thought i had seen a specific date mentioned?
Cheers

Victheviking,

IT IS THE JUDGE THAT MAKES THE DECISION  NOBODY ELSE>

Hi,
I believe that the administrators, acting on behalf of theCourt make a report which is given to the Judge. As soon as my solicitor gets back from holiday, i will ask if there is specfic date or whether adjournments etc can happen like they do in the UK?

All the best to you all .

I really do want want my house and for you to have yours too!

Tony R17 18

I really do want my money back and for you to have yours back as well!

It should be a balance sheet of assets, income, cash, liabilities given to the judge or designate to look at the state of the business and decide on the best interests of the creditors.

The business plan put together should assess the possibility of trading beyond the concurso.  There is no reason for any adjournments, that would be a warning bell.  I was told the initial period put on the concurso should be up as quickly as the 4th September...............in one report.

The systems in Spain are so haphazard or peculiar i have no idea when it finishes and you would be hard put to get a date from your solicitor.

I want as much of my money back as i can get,  the administrator and the owner of san jose, plus most of the lawyers will be buying new mercedes benz........i hope they pay the deposits for them and mercedes stitch them up.

But im not bitter.

Hi Briando, I was speaking to an estate agent the other day, and he said that the Administrators were indicating that people who want their money back are looking at 70cents to the euro. I dont know how true it is,  but would be interested in what people think. Cheers Joanniemac

Where do these Estate Agent get info that we poor creditors are not priviledged to
I for one will be looking at nothing less than the 100 cents to the euro I paid
 that will be what I want returned even if I have to wait

I will take 70 cents and make up the difference in business quicker than waiting for dead money

Hi Linda, I was thinking the same thing!  I cannot understand how the Administrators think 70cents to the euro would be acceptable and have the cheek to allow SJ to continue to trade at the expense of their creditors! As you say where do they get their information from? If SJ eventually go into profit are they obliged to make up the shortfall to their creditors? I think not.! I`m with you I wouldn`t except anything less than I paid them. God ,I will be glad when this is all over. Cheers Joanniemac

Hi ladies....you only get a percentage pay out if they go bust.............its not a dodge for them, they cant make you take an offer of less money, its not legal.

Hi Briando, thanks for the info. I wouldn`t be prepared to take anything less than I gave them ,given the choice!!! Cheers Joanniemac

Hi All,
 I would wish to get confirmation of that as it seems a little too good  to be true to me.  I will check with my solicitor  and  ask if the administrators have proposed a  percentage of the deposit to payback and time scale  of  any repayment schedule,when i get the reply post it here.
   

All the best
Tony

Hey Brian
Know exactly what you mean
What's been legal about all this anyway

Hi Tony

Dont give the adminstrators too much credence, they can only do what the law allows, they arnt supermen.

If anyone says you have to take less money than you paid its not legal, the solicitors go straight back and wind the people up, its part of what we paid for.

The whole administrators power is getting way out of context........its a voluntary request from the company for creditor protection.........its not a licence to take your money off you, thats just daft.

If it comes down to a percentage pay out and a long time to get it, it will mean the company is going bust and the assets have to be realised.

If its found they can carry on, we get our money back.................simple as that.

Does anybody know roughly how many lawsuits have presently been filed against San Jose for breach of contract.


This message was last edited by taxiparrots on 8/25/2008.

Hi TP, no Ive tried to find out myself as this was an issue I felt strongly about.  Ive even tried to see if I can sue my previous solicitor for encouraging to accept that a BG 'would be eventually obtained' and continuing to pay my stage payments.  No joy.  I still think its rather coincidental that they hid behind the voluntary administration option the same month as it was still an option to take them to court for Breach of Contract (for all of is in Phase I I believe it was September 08 that we could pursue this line as they had 3 months from May 08 completion date).  I went out to secure a new Lawyer in May 08 to discuss the very same thing and was going this route.  It was whilst there that they went into VL.  Our Lawyer checked thoroughly from every angle and at that time, I would have been the first to actually lodge in Court the Breach angle.  Within 2 days they declared the Companies position.  It was quite apparent that many clients had been threatening this direct with them, via Agents and through their Laywers.  There would have been a frenzy if all could have done this without BG's as a back up and it was an option come September.  Im not keen on coincidences.

Sal

Hi Sal,
Has your lawyer started legal proceedings with the purpose of obtaining a judgement from the court with regard to the breach of contract ?

Hi All,
The whole point of admininstration is  refinancing/dealing with the debt to creditors. It is I belive quite common for percentages of debt to be paid to close the issue. This is  done in our own County Courts and is not necessarily to do with bancruptcy. If  company goes bankrupt then the chances of getting any where near to the percentage offered is very unlikely plus inthe UK I believe that 70% would be considered a reasonable offer to the creditors.

With the legal process that is taking place the company has up to 5 years in which to repay debts.

Now I do not know if this percentage offer mentioned is accurate but purely commented on it.

As for taking action regarding breach of contract I must ask what is the point as I feel that due to SJ/HDT instigating the voluntary adminstration process and the global credit cruch the chances of achieving anything is minimal. As the Courts are closed at the present I would be surprised if any one had done such a thing.

I personally perfer bigtime to have my house and with the new motorway being built I would strongly suggest that you all think very carefully about your properties too.

All the best
Tony

This message was last edited by TonyMal on 8/26/2008.

Hi, we discussed this option but he explained the potential costs, positives and negatives of achieving this goal and I decided to take an easier option (for now).  I have an approved contract to purchase another property thats key ready on Cabo Roig (a number of us are doing this using the same Lawyer).  We have hit a delay due to the mortgages owing by SJ on the properties and we are now in a 'pooling' situation with our individual funds in the hope of sorting this out when they resume working in September.  It may not be the ideal but felt (and was certainly not advised to 'wait patiently for SADM') it was at least bricks and mortar immediately.  Obviously im registered in the Courts as a creditor just in case this doesnt happen - arent we all!  I cant quite remember all the conversation when I went but there was a reason he didnt push it for me.  I'll ask again next week.  Let me know if you can if its still possible to go that route now they are in Admdinistration if you would?

 

Take care

Sal 

To Tonymal 
 You are talking pants again ! If you get your house I will eat mine ! JA

This message was last edited by julie anne on 8/26/2008.