Trampolin Hills developer in administration
Thursday, November 5, 2009 @ 2:48 PM
The developer behind the Trampolin Hills Golf Resort in the Spanish province of Murcia has been forced into bankruptcy proceedings unable to pays its debts, according to reports in the local press. Administrators have been appointed to run the company, and creditors now have a month to register their claims.
Trampolin Hills, in Campos del Río, had been struggling to survive since the market downturn and was dealt a fatal blow when the town hall refused to approve its plans to build 2,500 homes and a golf course.
Investors who bought off-plan without a bank guarantee will now at the back of the creditor queue and face potentially huge losses. The bankruptcy will add further weight to the argument that developers should offer escrow facilities or bank guarantees as standard to protect consumers and help reverse the damage that cases like this do for the image of the industry.
Trampolin Hills follows in the footsteps of Nozar, Llanera, Martinsa Fadesa, Habitat, Tremón, Aifos, Constructora Pedralbes, Edisan, Obrum, DHO and Begar, amongst others.