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Hi to everyone who has issues with Grupo Urbasa and in particular with one their developments in Almoradi, Edificio Amarion III. I'd very much like to get in touch with anyone that is in the same situation as I am.
I bought a property back in early 2004. Delay of completion is now over a year. I met in July last year with then Managing Director of Grupo Urbasa in their offices in Elche as I wanted my money back as per contract in the light of the great delay in completion. Still have not to my money back despite of my almost weekly calls. I have now put the matters in the hands of my Spanihs lawyer. To give you a bit more info, I have also spoken this week with the Ayuntamiento (Town Hall) to stablish whether perhaps they have stopped progression of building, but this is not the case, as I have been told again that Urbasa have internal problems one of them being the site manager left over 1 year ago and they cannot get credit from the banks (my theory is that our deposots were spent in initiating other buildings and thing got out of hand. The rumour is Almoradid is that Grupo Urbasa has done "suspension de pagos" that is bankrupt. My Spanish lawyer already sent Urbasa a burofax legally requesting devolution of my moneys due to breachh of contract - we got no reply at all. We have now send a burofax to Banco Pastor who is the financing body of my propety and many others in that area. Our hope is that either the bank or an insurance company should be backing up our moneys (according to a Spanish law passed back in 1967. We still waiting for a response. I have been advised by my lawyer that if we do not get a positive response from banco Pastor the only way forward is to go to the tribunal court via penal. This will have to be handled by a lawyer in based in Alicante. My lawyer has also mentioned that a joint case would be more powerful that individual ones and no need to mention that shares costs incurred by lawyers and the court would be lesser. We have a pretty nasty scenario and will take months to resolve - not necesarily to a positive one.
I am hoping to be able to join in this.
SMC
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This has been discussed previously, SMC. Our friends, John & Trish, who post under "JPD", bought into Amarion III & are at their wits end too. Good luck.
Just searched for you & one thread is Palmera Properties Click blue link.
This message was last edited by morerosado on 4/18/2008.
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thanks Morerosado. Will try to touch base with your friends.
SMC
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Hi all,
Please don´t talk to me about Urbasa. I just lost 50,000 € and a battle thats lasted years. I bought in Edif. Mariana, Guardamar. Despite 3 years of trying to solve the issues of the embargoes that were on the building which made it impossible to either Buy or Sell my apartment. The bank have just auctioned 3 apts and 5 garages because Urbasa owed them 155,000€.
I had one of the best urban Lawyers in Alicante on the job, but frankly, a hopeless case. Urbasa do nothing to help anyone, they are penniless and there is no chance of recovering anything from them. The key to the whole issue is "embargoes". If you have bought from them and DONT have the escritura, its a nightmare. Unless you can get a lawyer to lift the embargoes before banks come in to reclaim the money they lent to Urbasa to build in the first place its a hopeless fight. In my case I know several Spanish neighbours who settled with suppliers owed money in order to get embargoes lifted. With hindsight its the only way I know anyone has got out of it. I read about Almoradi and its horrific. No doubt the 140 buyers are in the same boat, as it is most likely not Urbasa that walked off, but the Constructor that they didn´t pay. So be sure the embargoes are there too.
I´m just looking at the legal position with the agent who ripped up the original sales contract and replaced it with a new one significantly lower priced..."to match the papers from Urbasa if we have to go to court". I want to find out where the rest of the money went that I dont have a receipt for? My "factura" from the builder shows only 50% of the money pàid. Well, I won´t hold my breath!
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as grupo urbasa gone bankrupt now ?
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Whether Urbasa are OFFICIALLY bankrupt I do not know. I have been told that they were once one of the biggest builders in Spain. They invested heavily in land buying. What killed them was the fact that they had Millions invested in so called "terreno Urbanisable", which the change of Government in 2004 reclassified as "rustico". Their assets became worthless overnight. It appears that this land may be about to be reclassified as "urbanisable" once again, as many constructors are in ruin. However, for hundreds like me, it is all too late. They have lost so much that I doubt they could ever recover, especially given the current economic climate and the paralysation of the buildiing industry. I have now taken to buying lotto tickets as the chances of seeing any money again are approximately the same!
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http://www.eyeonspain.com/blogs/propertydepositreclaiminspain.aspx
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I would be very interested to know of everyone has got their money back now, this thread is very old now and the law has changed a lot over the years so has everyone been successful ?
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