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We have just had a letter and a statement of our account from the Administration people re the houses at the development. Its in Spanish and is difficult for us to completely translate. Has anyone had a similar letter. we have faxed copies to our lawyers and hopefully we will be able to respond approriately, as at one point it says something about 10 days which is up alresdy. 

Hey

We haven't had any communication since the bankruptcy notice - after which we lodged our claim as instructed. 

Not sure if it's any help but I'm bilingual so if you want me to translate the letter for you I would be happy to do so - and interested to hear what it says!

Tara

Dear All

This is the gist of the letter from the administartors that we recieved last week and where we are at present

 It seems that the judicial administrators have presented the preliminary list of assets and debts and they are informing all individual creditors about how much money has been registered as a credit and the range assigned to each credit.In our particular case, the Court  has recognised our deposit  in  euros against Masdevallia.

Regarding the range or category of our credit, the administrators have determined that  it is still possible to achieve the completion of the properties as it seems there are conversations between Town Hall and developer. If so, buyers could complete. In case when the definitive judicial list of assets and debts is produced (in several months time) the situation is the same, the credits will be considered as ordinary credits (not privileged).

WE do not howevere wish to complete

 It seems that We do not need to do anything about it as we are just waiting to settle our judicial case with Caja Castilla La Mancha. We are awaiting confirmation of what is going to happen with our judicial expenses (i.e. is the bank going to pay them?).

OUr solicitor has already obtained the money for two clients that had not initiated legal action yet (obviously without interests or legal costs) so they think that in our case, the solution is not far away as the minimum is always there. They are trying to obtain as much as possible so our loss is minimal.(ie they going for expenses and interest )

 caroline and Phil

 Caroline & Phil

If i understand your email, are you saying that 2 individuals have received deposits paid to date without legal proceedings and court action? If that is the case why have individuals like ourselves have not been refunded when we have employed a 3rd party spanish lawyer and incurred legal costs. This appears to be an unnecessary cost (to which we have been asked for more funds to date) and very slow in obtaining refunds of the deposits paid. What else did these individuals do differently compared to individuals who have employed a legal representative because this needs sorting asap.

The end of the day the developer and the bank have grossly not adhered to the contract and monies are due back. As regards completion of the purchase of the property I doubt that anyone will pay the price indicated in the contract due to delays in the development, plans of the development not fully implemented and the downturn in property values. Therefore, the contract would have to be re-written and a new price agreed prior to anyone who plans to purchase the property does so.

I understand that the re-imbursement of loss of expenses (ie legals, interest, etc) would have to disputed through the spanish court which is self explanatory.

I still plan to go over to spain in Feb so if anyone has any further developments please post a reply.

Best of luck to everyone

Mark