El blog de Maria

Keith - FINCA PARCS ACTION GROUP said:
Sunday, May 9, 2010 @ 8:12 PM

Dear Maria

We, the FINCA PARCS ACTION GROUP are with you 100%.

As you know over the past 2 years I have been very determined to prove this exact point - the liability of Banks under LEY 57/68 Article 1.2

It is clear that over the past few years many of the Banks who were financing the developers have been negligent and lacked due dilligence with regards to the issuing of Bank Guarantees.

As much pressure as possible should be put on Banco de Espana and the Spanish Government to give them no option but to force the Banks to comply with the requirements of LEY 57/68. The Banks are the guardians of this Law and for too long they have been complicit in the illegal activity carried out by some developers.

For years the Spanish legal system has not addressed the real issue. It is all too easy to win a case against a Bankrupt developer. Although the purchaser wins the case they are really the loser because all they end up with is an expensive legal bill and no refund.

But due to purchasers like myself who are determined not to lose their hard earned money which was paid in good faith, together with the support of Costa Luz Lawyers no stone will be left unturned in the fight for justice.

As you know our FINCA PARCS ACTION GROUP currently consists of 62 purchasers all without the legally required Bank Guarantees on the Las Higuericas, Finca Parcs development. The total amount of the deposits we paid to CAM Bank is just over 2 million Euros. CAM, who were the sole funding bank of the development knowingly accepted our off-plan deposits into Special Accounts (Cuenta Especials) and failed to demand that the legally required Bank Guarantees were issued. They are clearly grossly negligent and have acted with a complete lack of due dilligence.

I would advise purchasers on any Spanish development who have not been issued with the legally required Bank Guarantees to commence action as soon as possible to either have their deposits secured as required by LEY 57/68 Article 1.1 and 1.2 or to demand an immediate refund from the developer and bank to which the deposit was paid.

Kind regards

Keith
FINCA PARCS ACTION GROUP

www.fincaparcsactiongroup.com

fpag@btinternet.com

anonymous said:
Tuesday, May 18, 2010 @ 11:28 PM

Sorry I have not left my name but I do not wish the solicitor acting for us at the moment to be able to see it (if he looks at eye on Spain). The solicitor allowed my husband and I to sign a contrac with an off-plan developer showing where the bank guarantee was being held, without actually seeing a copy of the said guarantee. Eventually the contract was cancelled because the developer had not built it in the stated time. We put a claim on several of the apartments, successfully, through the Spanish courts and eventually won our case about five months ago. We are still waiting on the money!

Maria said:
Monday, May 24, 2010 @ 8:10 AM

Anonymous:

You are then in a good moment for the action against the Bank to be started.

Best,

Maria