For the information of all AIFOS's Creditors

Hi, 

I have just received the below reply  from the Judicial Administrators and as you can see we have still a long way to go, the outstanding lawsuites are going to take until approx. 2013 ??

She then goes on to describe the two alternatives, so we may be talking about 2014...2015....who knows ??

The Spanish Act on Insolvency (LeyConcursal ) allows that a company which has been declared bankrupthas two alternatives (generally speaking): if the company is feasible,a convenio de acreedores (agreement with creditors) may be presented,in such terms that the debt is paid within a maximum period of 5 yearsfrom the aproval of the agreement and with a maximum reduction of the 50%of each ordinary credit.

Acceptance of the agreement by a majorityof creditors and its ratification by the court will allow the terminationof the judicial administration and that the debts are paid according tothe terms of said agreement.

On the other hand, if no proposal ofagreement with creditors is presented, or the one presented is not acceptedby a sufficient number of creditors, the judicial administrators wouldbecome liquidators of the company.

In any case, a convenio de acreedorescannot be initiated until the common phase of the procedure is finished.In this moment, however, this phase is far from being terminated. Althoughwe cannot determine at this stage when this will happen, it may be delayeduntil 2013, as the court must resolve every lawsuit presented against theprovisional report of the judicial administators, and this may take upto approx. 2 years.

Looking back to 2004, when we paid our money and decided to buy our retirement home in Spain, we never realized what a catastrophe it would turn out to be.  

Hi Belucky,

                     Do you know anyone out  there who got a bank guarantee with any of the Aifos developments? and how many of us have a definitive court judgement and in my case an enbargo on one of Aifos completed appartments and still do not  have any justice,We are all not getting any younger and i myself would like to get my money back if not for myself but for my family,95000euro plus interest is a lot of money in anybodies language.

Regards Mega

Hi Mega,

No I do not have any information on any one obtaining a Bank Guarantee with any AIFOS property.

In my particular case this was our first purchase of a Spanish "off plan" property.

We had never heard of such a document called a Bank Guarantee.

Our English estate agent who dealt with everything, never mentioned a Bank Guarantee

Our Spanish Lawyer, who was introduced to us by our English estate agent, never mentioned a Bank Guarantee.

Aifos's agents never mentioned a Bank Guarantee.

Consequently we are like most people...... without a Bank Guarantee.

We " won " our court case in 2009, and AIFOS's lawyers agreed in writing in front of the judge to repay all our money within two months, but we did not receive one penny, therefore our lawyer requested from the Judge, permission to continue with our Embargo.     Unfortunately, prior to the Judge responding AIFOS went into liquidation and our Embargo was cancelled.

And that's where we are today, waiting for the outcome of the " AIFOS Creditors List ", just  hoping it can be over ASAP

HI, BELUCKY.

                          I guess you now  know that it was and still is LAW that all banks must give a guarantee for all off plan developments the law that covers this is law 57/68 and even the banks that issued these most will not pay up,well there you are spain justice,all this needs to be sorted out before the spain government should encourage any more SUCKERS to invest  in property in spain.

Mega

HI, BELUCKY.

                          I guess you now  know that it was and still is LAW that all banks must give a guarantee for all off plan developments the law that covers this is law 57/68 and even the banks that issued these most will not pay up,well there you are spain justice,all this needs to be sorted out before the spain government should encourage any more SUCKERS to invest  in property in spain.

Mega

HI, BELUCKY.

                          I guess you now  know that it was and still is LAW that all banks must give a guarantee for all off plan developments the law that covers this is law 57/68 and even the banks that issued these most will not pay up,well there you are spain justice,all this needs to be sorted out before the spain government should encourage any more SUCKERS to invest  in property in spain.

Mega

HI, BELUCKY.

                          I guess you now  know that it was and still is LAW that all banks must give a guarantee for all off plan developments the law that covers this is law 57/68 and even the banks that issued these most will not pay up,well there you are spain justice,all this needs to be sorted out before the spain government should encourage any more SUCKERS to invest  in property in spain.

Mega