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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 256. Precedent favouring buyers without Bank Guarantee when Insolvency Proceedings
16 April 2010 @ 12:40

Buyers of Martinsa-Fadesa who have not received their houses due to delays and failures of the construction will have priority over other creditors in the recovery of amounts paid in advanced in off-plan purchases. This will be effective even if the amounts are not backed by Bank Guarantee or Insurance Policies.  Martinsa entered into creditor´s meeting in July 2008.

This follows a ruling by the Commercial Court No. 1 of La Coruña, which requests the receivers to exclude a home buyer from the list of creditors of the insolvency proceedings (which are the ones who suffer the consequences of insolvency protection and are subject to composition with creditors).

Thus, the savings invested may be recovered against the assets of the company if the purchase contract is cancelled due to default of the developer, since only this way, this payment can be considered as credits against Martinsa-Fadesa.

The claims against the assets are the first ones to be paid in a payment plan or in a liquidation process, ahead of privileged claims (such as those holding by the Treasure Department and Social Security) and the ordinary, where generally are included the 
most of the creditors.

By Maria L. de Castro

www.costaluzlawyers.es


Playa de Bolonia ( Cadiz) by Campanilla at Flickr.com


 



Like 0




20 Comments


Redman said:
16 April 2010 @ 10:55

Maria,

Does this include other developments, for example San Jose Inverciones??

Regards,

Redman


Maria said:
16 April 2010 @ 11:03

It does!


HEW1 said:
16 April 2010 @ 14:08

Maria

will this rule only apply if the company is liquidated in the case of san jose?

regards

hew1


Maria said:
16 April 2010 @ 14:37

It applies every time a company enters into insolvency status.


Jillyg said:
16 April 2010 @ 19:37


Does this mean that if we vote NO for the building to go ahead at SADM, we will still get our deposits back from the banks we paid into?


Maria said:
19 April 2010 @ 10:41

It is a very good precedent, but it does not necessarily mean that the judge in charge of the SADM administration will have same opinion. In our opinion, the precedent of the Martinsa-Fadesa case is the right according to Law but, it is not unanimous doctrine yet. You might need to fight for it.


suejan said:
23 April 2010 @ 23:39

Hi I too have been duped by san jose and have been invited to vote tomorrow. Because i cannot afford a solicitor I was never registered as on the creditors list I just wondered if you could advise me as obviously I dont really know where I stand.I received the letter from san jose along with the registered creditors but does this effect the claim I may have on them.I would be grateful for any help or advice Ican get


Keith - FINCA PARCS ACTION GROUP said:
09 May 2010 @ 21:15

This is a very important precedent and should be good news for many off plan purchasers


Randybrunger said:
10 March 2011 @ 13:31

We are direct providers of Fresh Cut BG, SBLC, MTN, Bonds and CDs which we have specifically for lease. We do not have any broker chain in this offer or get involved in Chauffer driven offers. We deliver with time and precision as sethforth in the agreement. You are at liberty to engage our leased facilities into trade programs as well as in signature project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, construction of Dams, Bridges and any other turnkey project(s) etc. Our terms and Conditions are reasonable.

DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
2. Total Face Value: Eur/Usd 10M MIN and Eur/Usd 5B MAX (Five Billion USD).
3. Issuing Bank: HSBC London or AA rated Bank in Western Europe or USA.
4. Age: One Year, One Day
5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers to be shared 50/50 between the brokers on both lessor/lessee side
6. Delivery SWIFT TO SWIFT.
7. Payment: Wire Transfer.
8. Hard Copy: Bonded Courier within 7 banking days.
All relevant business information will be provided upon request plus our terms and procedures:

If you are interested please contact me for us to proceed further

Regards,
Randy Brunger
Email: randybrunger@yahoo.com
447035975594




Mustapah Shehu said:
30 April 2011 @ 15:44

We are direct providers of Fresh Cut BG, SBLC and MTN which are
specifically for lease, our bank instrument can be engage in PPP
Trading, Discounting, signature project(s) such as Aviation,
Agriculture, Petroleum, Telecommunication, construction of Dams,
Bridges, Real Estate and all kind of projects. We do not have any
broker chain in our offer or get involved in chauffer driven offers.
We deliver with time and precision as sethforth in the agreement. Our
terms and Conditions are reasonable, below is our instrument
description.

The procedure is very simple; the instrument will be reserved on euro
clear to be verified by your bank, after verification an arrangement
will be made for necessary bank documents and stock testing expenses,
the cost of the Bank Guarantee will be paid after the delivery of the
MT760,

DESCRIPTION OF INSTRUMENTS:

1. Instrument: Bank Guarantee (BG/SBLC) (Appendix A)
2. Total Face Value: Eur 5M MIN and Eur 10B MAX (Ten Billion USD).
3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank Frankfurt.
4. Age: One Year, One Month
5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers.
6. Delivery: Bank to Bank swift.
7. Payment: MT-103 or MT760
8. Hard Copy: Bonded Courier within 7 banking days.

We are ready to close leasing with any interested client in few
banking days, if interested do not hesitate to contact me direct. [via
Contact Form Below]

Regards,

Mustapha Shehu
mustapha.shehu6@gmail.com


muhsin ali said:
05 May 2011 @ 14:35

I can deliver leased instruments to Organisations or individuals with their preferred text verbiage as been approved by their bankers. We also proffer sales option to interested buyers. Our terms and procedures are so flexible and workable by RWA clients. Our lease rate is (5.5+0.5)%+x%. X% IS Lessee broker's Commission and he determines his commission. Also we have facilities to discount BG and Put you into PPP Trading.

Contact me through this email:(financialinstruments01@gmail.com) or through skype: (muhsin.abid.ali) in other to furnish you with other information


Norman Broadberry said:
05 October 2011 @ 14:03

SBLC/BG, LC for lease directly with a provider from any top banks, HSBC London, Deutsche Bank, Barclays Bank etc


Contact:: Mr.Norman Broadberry
Email: normanbroadberry@live.com
Telephone: +44-207-060-1150



randy brunger said:
06 October 2011 @ 12:46

We are direct providers of Fresh Cut BG, SBLC, MTN, Bonds and CDs which we have specifically for lease. We do not have any broker chain in this offer or get involved in Chauffer driven offers. We deliver with time and precision as sethforth in the agreement. You are at liberty to engage our leased facilities into trade programs as well as in signature project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, construction of Dams, Bridges and any other turnkey project(s) etc. Our terms and Conditions are reasonable.

DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG)/SBLC (Appendix A)
2. Total Face Value: Eur/Usd 10M MIN and Eur/Usd 5B MAX (Five Billion USD).
3. Issuing Bank: HSBC London or AA rated Bank in Western Europe or USA.
4. Age: One Year, One Day
5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers to be shared 50/50 between the brokers on both lessor/lessee side
6. Delivery SWIFT TO SWIFT.
7. Payment: Wire Transfer.
8. Hard Copy: Bonded Courier within 7 banking days.
All relevant business information will be provided upon request plus our terms and procedures:

If you are interested please contact me for us to proceed further
Randy Brunger
randybrunger@yahoo.com



Dobrovolskiy Prokopiy said:
18 October 2011 @ 16:11

I can deliver leased instruments to Organisations or individuals with their preferred text verbiage as been approved by their bankers. We also proffer sales option to interested buyers. Our terms and procedures are so flexible and workable by RWA clients. Our lease rate is (5.5+0.5)%+x%. X% IS Lessee broker's Commission and he determines his commission. Also we have facilities to discount BG and Put you into PPP Trading.

Contact me through this email:(broker.prokopiy@gmail.com) or through
skype: (Dobrovolskiy.prokopiy) in other to furnish you with other information.



Muhsin Ali said:
07 January 2012 @ 13:56

I can deliver leased instruments to Organisations or individuals with their
preferred text verbiage as been approved by their bankers. We also proffer sales
option to interested buyers. Our terms and procedures are so flexible and
workable by RWA clients. Our lease rate is (5.5+0.5)%+x%. X% IS Lessee broker's
Commission and he determines his commission. Also we have facilities
to discount BG and Put you into PPP Trading.

Contact me through this email:(financialinstruments01@gmail.com,financialbrokers8@gmail.com) or through
skype: (muhsin.abid.ali) in other to furnish you with other information.



jang said:
18 March 2012 @ 16:28

Dear Sir/Ma,

We have direct providers of Fresh Cut BG, SBLC and MTN which are specifically for lease. Our bank instrument can be engaged in PPP Trading, Discounting, Signature Project(s) such as Aviation, Agriculture, Petroleum, Telecommunication, Construction of Dams, Bridges, Real Estate and all kind of projects. We do not have any broker chain in our offer neither do we get involved in chauffer driven offers. We deliver with time and precision as set forth in our agreement. Our terms and Conditions are reasonable, below is our instrument description.

DESCRIPTION OF INSTRUMENTS:
1. Instrument: Bank Guarantee (BG/SBLC)
2. Total Face Value: Min of 1M Euro/USD (One Million Euro/USD) to Max of 5B Euro/USD (Five Billion Euro/USD).
3. Issuing Bank: HSBC, London or Deutsche Bank Frankfurt or any Top 25 WEB
4. Age: One Year, One Day
5. Leasing Price: 5.0% of Face Value plus (0.5+X)% commission fees to brokers.
6. Delivery: Bank to Bank SWIFT.
7. Payment: MT-103.
8. Hard Copy: Bonded Courier within 7 banking days.

All relevant business information will be provided upon request.

If Interested kindly contact me via Email:~ jangfinance75@gmail.com
Skype ID: jangfinance75


prokopiy said:
15 April 2012 @ 13:54



I can deliver leased instruments to Organisations or individuals with their preferred text verbiage as been approved by their bankers. We also proffer sales option to interested buyers. Our terms and procedures are so flexible and workable by RWA clients. Our lease rate is (5.5+0.5)%+x%. X% IS Lessee broker's Commission and he determines his commission. Also we have facilities to discount BG and Put you into PPP Trading.

Contact me through this email:(broker.prokopiy@gmail.com,broker.prokopiy01@gmail.com) or through
skype: (Dobrovolskiy.prokopiy) in other to furnish you with other information.


David Bonn said:
24 March 2013 @ 01:11


SIR/MA. We offer Fresh Cut BG, SBLC, MTN & Loan

We offer Fresh We are direct providers of Fresh Cut BG, SBLC and MTN which

are specifically for lease, our bank instrument can be engage in PPP
Trading, Discounting, signature project( s) such as Aviation,
Agriculture, Petroleum, Telecommunication, construction of Dams,
Bridges, Real Estate and all kind of projects. We do not have any
broker chain in our offer or get involved in chauffer driven offers.
We deliver with time and precision as sethforth in the agreement. Our
terms and Conditions are reasonable, below is our instrument
description.

The procedure is very simple; the instrument will be reserved on euro
clear to be verified by your bank, after verification an arrangement
will be made for necessary bank documents and stock testi
kasmare717: ting expenses,
the cost of the Bank Guarantee will be paid after the delivery of the
MT760,

DESCRIPTION OF INSTRUMENTS:

1. Instrument: Bank Guarantee ( BG/ SBLC) ( Appendix A)
2. Total Face Value: Eur 5M MIN and Eur 10B MAX ( Ten Billion USD) .
3. Issuing Bank: HSBC Bank London, Credit Suisse and Deutsche Bank
Frankfurt.
4. Age: One Year, One Month

5. Leasing Price: 6% of Face Value plus 2% commission fees to brokers.
6. Delivery: Bank to Bank swift.
7. Payment: MT-103 or MT760
8. Hard Copy: Bonded Courier within 7 banking days.

he Leased Instruments includes: BG’ s, Insurance Guarantees, MTN, ( SBLC)
Standby Letters of Credit and Third Party Guarantees such as a standby
forward commitment to purchase or a standby loan. If you are a potential
Investor or Principle looking to raise capital, we will be happy to answer
any questions that you have about this opportunity and to provide you with
all the details regarding this services.

Our BG/ SBLC Financing can help you get your project funded, loan financing,
please let me know if you are interested in any of our services, by
providing you with yearly renewable leased bank instruments. We work
directly with issuing bank lease providers, this Instrument can be
monetized on your behalf for 100% funding.
We are ready to close leasing with any interested client in few
banking days, if interested do not hesitate to contact me direct. [ via
Contact Details Below]

Regards MR DAVID BONN
EMAIL:davebonn01@yahoo.com
h Cut BG, SBLC, MTN&Loan



Almutairi Abdulrazaq said:
08 November 2013 @ 06:50

Dear Sir,

Do you need Financial Service like BG/SBLC MTN? Our Bank Instrument can be engage into Outright Discount. Feel free to write us as our terms and conditions are very reasonable. Email us so we can send you our Terms and procedure. broker.mutairi@gmail.com



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