Failure to comply with court order

We  were awarded interest and costs by the court in Sept 08.  Huma were given 20 days to pay and failed to do so.  Solicitor now in the process of seizing assets of Huma.  Anyone heard of them failing to pay a court order before or are we in a new stage?

Phil

I am informed that other action against Huma has been successfull and the court has ordered them to pay,,they have not and the solicitors are trying to find monies or assets to sieze,,again not much luck at the moment, the company is very weak!

Out of interest what solicitors are you both using.  I am in the middle of suing HUMA and was wondering if there is any point continuing. 

This  is  extremely  worrying, is  there  any  point  in us  continuing  to take Huma to court.  They   obviously  have  no money.   Philbydand - does  your  solicitor  think  he  will  be able  to  seize  assets  etc.  Do  the  same  laws  apply  in  Spain as England?    This  makes  it  very  gloomy  for the  rest  of  us.

As far as I know Huma Mediterraneo own MCC - this site is only half developed and Huma I understand have now got planning permission for another small phase of 20 plots they are selling there now for occupation in 18 months (same old story) and I think definite/proposed planning permission for other phases on the site.

Surely - this is a substantial asset - or is there something dodgy about MCC and it's ownership?

philbydand - you must force an answer from your solicitor about this!
 

Something does not add up here!

John

Huma Med. own just over 25% of MCC as at 26/9/08. 

Peter

Hi Peter,

If that's the case and I'm sure you're correct that is extremely good news for those of us who await a court case.

Huma are obviously using their usual delaying tactics, after all I'm sure they don't want to part with their money until absolutely forced to do so.

We were told by our solicitor when we decided to go down this route that it would be a very drawn out affair but should have a favourable conclusion and it certainly looks that way.  As long as they have good assets then I will wait for however long it takes.

Chris.

definatley something does not add up here????????

one of the questions we put to our solicitor was .would it be best to move funds from acc to another build,the reply,, definatley NOT.huma dont seem to have full planning for anything they build.another question was,could we sieze assets from huma,well the way that works in spain is you take out an embargo on a property,which means if huma sell then you will get your money through the said proptery,IF ITS SOLD,once your money on there theres no getting it off,and it costsi believe around 4,000 euro just for notary to apply embargo.thats if you can find anyhing with full licence that would sell anyway,

seems to us we are all receiving duff info,

I've no idea at all how much 25% of  MCC would be worth, would be impossible to guess but it's better than owning nothing.

Hi Chris

MCC has full planning permission, and HC's have been issued for approx. half the site - the other half is waiting for Huma to top coat the roads, and to resite some of the electrical equipment.

Working on the assumption that my plot, which is approx. 0.03% of MCC, is worth approx. 45000€ (that's the land value), then I would guess that Huma's holding at MCC (a mixture of empty plots, built on plots, and their office block) would be worth somewhere in the region of 4 million € (this figure does not include the land that is known as 'phase2' - which does not form part of MCC).

Peter

Hi Peter

The next question though is have HUMA a mortgage on the land they own at MCC?  If they have mortgaged the property they own there then there may be no real value left (particularly as the value of land has decreased in recent months).

Nigel

Hi Reidpj

How can the land which holds buildings etc be taken into the finance pot ? Who would buy these off Huma under a court order with the family being so respected?

This message was last edited by Ran on 11/12/2008.

Ah the old Ran Reid cudgels have been taken up again I see!

Ran, I think reidpj is answering legitimate questions factually and you need to back off a little.

The fact that Huma may have some worthwhile assets (mortgaged or not) is indeed worth mentioning.  If they are mortgaged, then surely this will provide the banks with assets with which they can ultimately finance repayment of bank guarantees?

Let's face facts - we need as much good news as we can get.

Have the bailiffs recovered assets to cover the court order?