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El blog de Maria

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

Consumers rights when company goes bust
21 July 2008 @ 14:39

I have been lately  thinking that  it is important to make an effort so we can have all consumers in Companies under administration  acting to be " privileged and special" creditors as they have been so much un-considered and abused during the building process  ( i.e.- lack of Bank Guarantees) and are the ultimate and real damaged ( in their personal and family dalily lifes).... not the companies who has been trading succesfully for many years with no care of consumers rights.  If this legal tools are acted, the Creditor´s Meeting procedure will hopefully create a good space for the protection of consumers.  It is also necessary  for the spanish  legal and judicial arena  to deal with real forces battling for consumers rights in this procedures. 

As we answered to you in that interview you made to Nacho and me, there is  a gate open to off plan purchasers to attack and  legally grab a particular asset ( the one they were buying or any other equivalent one) for the cashing of the credit so none else but them can have it for the guaranteed cashing of the debt. It is  just their money which has been ilegally unprotected  because of  the lack of the due guarantees and has been misused by developers.  The Supreme Court consider some of this behaviour as criminally challenged... so.... it is at least time to gain some guarantees now through the Administration procedure.

It is an important and necessary legal battle for the coming years, which will leave a better consumer oriented legal system in the Spanish real estate market according to European standards.

Best from Zahara,



By Maria L. de Castro

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