Solicitors opinion on SARC Position statement

Dear Tony

Thanks for posting your solicitors opnion, below is our solicitors opinion:

LUCAS & ASOCIADO’S OPINION
With all due respect to the developer's efforts to provide a viability and repayment plan LUCAS & ASOCIADOS (from now on referred as LA) believes that both the viability and payment plan are not good proposals.

The main Reasons are:
1. The current situation of the Spanish property market, which is in a terrible situation.
2. The property prices at Santa Ana del Monte are quite high for the current market as these reflect prices from years 2005 to 2007, when the market was booming.
3. The lack of finance will force HT to mortgage some of its assets. This will increase its debt and reduce the expectancies of recovery for the ordinary creditors should HT end up in liquidation
4. The repayment plan is too long. It might be possible to obtain the same percentage (65%) with an immediate liquidation plan.
5. The acceptance of the proposal will exempt HT and it’s directors from future liabilities
6. 95% of companies filing for administration end up in liquidation. A proposal of arrangements is no guarantee that the company will survive the process. In many occasions, companies end up in liquidation some years down the line and by then the expectancy of recovery can be lower.
7. The viability report has not indicated if the creditors will get the compulsory bank guarantee that is necessary under Spanish law when purchasing a property off-plan.

After reading this, we felt it would be wrong to accept the HDT proposal, other wise what is the point in having and paying for a solicitor. But in reality i don't think we where ever going to say yes to it.

Kind Regards

Mark

Hi Glendale,

Sorry but we have another solicitor's email and I post it below>

Date: Thu, 15 Apr 2010 00:18:23 -0700



 

Tosh !!!!!!

Tony  , you can muster  as many SARC Lawyers as you care to but that does not make them right .No one should  trust this company  and you  do so at your own  pearl  !!!!!!!

We will see !!!!    What will be , will be .

I have seen the deceit of this company at first hand  for more years than I care to remember !!!!!! You will be lied to and let down !!!!!  BADLY !!!!!

2 questions...............

• how come, SJ/HdT are "criminals" , currently in court, in front of a judge so to speak, yet not being charged for all their wrong doings?
• surely, the Sales companies had a responsibility to us all too, to ensure that all the paperwork was completed, gaurentees etc There seems to be little/no mention of them at all in all this?

........all these solicitors varying opinions reminds me of that programme last night!!

     Kay