02 August 2010:
I want to pass on some good news to anybody claiming on a bank guarantee. I have just received a settlement of my claim from ACC / Zurich on foot of my bank guarantee (related to Medina Golf outside Granada). The good news is that having gone through the process of sueing ACC / Zurich to enforce the guarantee, they decided to settle before the case got to court. This is a breakthrough for Medina Golf buyers and I hope that everybody else can now claim under their guarantee with a positive expectation that the case will be settled.
I settled for my original investment plus a portion of my legal costs. I did waive the legal interest that I would have been entitled to if I had won the court case, but I was happy to negotiate a reasonable settlement and avoid the risk of taking it to court. The settlement also means that I got my money back immediately, rather than risking a protracted court process in Spain.
I would be delighted to provide further details by private mail to anybody who is going through a similar process. I can also recommend my lawyer, Miguel Gonzalez Raya, who is based in Almeria. He has practical experience of negotiating a very good settlement for me.
All the best in getting your money back, and many thanks to everybody who i exchanged emails with over the past year. The EOS website was a godsend in providing me with practical information from others, and some hope that I would get my money back.
Thread: Success claiming under a bank guarantee