When purchaser voted in favor of the creditors' agreement, and later sue the Banks, their defense was always that they were not forced to meet the payment of the gurantee, given that purchaser agreed an extension payment period with developer that also applied to guarantee. Banks also claimed that release agreed with developer applies to guarantees, so they wouldn't have to refund the whole deposit, just the percentage agreed by purchasers with the developer (65% on deposit for Santa Ana, with no interest).
On this ruling, court understanding is that release and extension don't affect to bank guarantees, because there is no waiver signed between guarantors and purchasers. Altought Spanish Civil Code states that amendments on the main obligation affect to guarantees, judge from Valencia sentences that this guarantee are not only ruled by Civil Code, but also by 57/8 Act, which is a mandatory ans specific law that states that purchasers rights cannot be waived.
I am aware that some purchasers dealing with other solicitors firms lost their cases in the first instance because judge understood that release and extension agreed with the builder on the creditors' agreement applied to guarantee. Now they have an specific precedent to use on their appeals.
Hope it helps,
Best Regards,
Guadalupe Sánchez. Lawyer
GM LEGAL EXPERTS