05 Jan 2009 7:28 PM:

Roy,

we have managed to find a builder of a property in Formentera del Segura we had previously viewed who negotiated a good price that included the all the credit from OC-TEC depending on what he can retrieve but I suspect that it won't be much, if anything! 

I have no idea how the building will be finished or by whom but I am interested - it's a good development and what work has been completed is of good quality.

I hope you can retrieve your money or at least do what we did & at least get something out of it.

Regards,

Daisy

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13 Nov 2008 8:15 AM:

OC-TEC have filed for bankruptcy so it looks like the money has gone completely!

Daisy

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03 Nov 2008 6:46 PM:

They haven't done any work on the development since May, althought the apartment is "finished", they haven't even started with the mains electric or the communal areas & the second block has about 3 months work on it.  People have pulled out because the developers are out of contract & even the banks stopped funding it.  Michelle D

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03 Nov 2008 5:53 PM:

Thanks, Georgia.  There are alsorts of horror stories out there, any idea how long it takes to get the money back under bank guarantee? And yes that is the development.  Michelle D


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03 Nov 2008 4:51 PM:

Los Vinas de Hondon, builders are OC-TEC.


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