Hello again everyone,
I've been a busy boy recently!
I went to see my solicitor in Spain a couple of days ago and he gave me some good advice. I asked him what would happen if Aifos went into administration, would I be able to get my money back? He said it would be possible but could be risky because if they auction all of Aifos assets then I might not get considered for a share of the proceeds of the sale. So he said that he could apply to the courts to impose an embargo on Aifos' assets with direct regard to my particular property. What this means is that if Aifos go into the hands of administrators then when they apply all of their legal requirements to the court, they will be told of my association with Aifos and therefore they will have to settle with me before they can sell my property. They will notify my solicitor directly at this stage and he will obviously contact me. I will then have an option to sell in the auction or to allow another developer to continue with the property and therefore honour my original contract with Aifos.
So, I had to go to the local notary with him to sign a power of attorney (to act in my absence, i.e sign forms, receive correspondence, phone certain organisations on my behalf/request), this took about 30 mins. I also gave him my contract, the letters of exchange and my NIE number and copy of passport. This will take a couple of weeks to set up and he hasn't taken any money up front (he said he would settle at completion).
This means that we can all stay with this development without fear of losing all our money (if you can wait that long),
Hope this been of help,
Faz
p.s. please do not hesitate to pm me with regard to any further details.