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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 493. What is happening with Aifos?
07 April 2011 @ 19:45

An answer in a post today: http://www.eyeonspain.com/forums/posts-long-12974.aspx

 

Hello Belucky358:

I do not recommend to leave the presence in the creditor´s meeting but  honestly, there is no much to be obtained from there. Credits are classified very unadvantageously and the results are very poor. 

Taking into account that the legal order has provided for this off plan buyers to be safeguarded  through clear and innovative systems of Money Guaranteeing... why then to burden them with the weight of going through the nightmare and length of the creditor´s meeting?: a mechanism that just "protects" developers, if so.

Law 57/68, if well applied, was supposed to have been a great tool for a sustainable off plan development in Spain. Big shame that it is a Law which has been deeply mis-understood, mis-applied, mis-commented...

It is not fair that consumers, having a legal mechanism in place for the protection of their money, are conducted to be restricted to the rules of a procedure which is aimed to protect the opposite party: the developer. It is even more unfair as this mechanism is used as a last recourse due to lack of enforcement of the obligations that Financial Institutions have on this all.


Law 57/68 sets a guarantee mechanism for people who risked big amounts of money against a plan. And made financial institutions risponsable ( provision 1.2 of Law 57/68) on verifying on the existence of the Guarantees.

Defense for people like you need to be performed, as a matter of justice, within the ambitum of the legally required protection and protectors.

Creditor´s meeting does not protect  you at all!!

Maria

Ronda by Harry Wagner at Flickr.com

 



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1 Comments


Keith said:
16 April 2011 @ 23:49

Yes, María - LEY 57/68 has been misunderstood, mis-applied and mis-commented - but it is a fact that is has also been conveniently IGNORED by many Lawyers and Banks...........

Kind regards

Keith

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