temporary recievership

peinsa have gone into temporary recievership.

Where did  you got this information from?

Frank

Where did  you got this information from?

Frank

hi

a buyer on their la tercia site who has been trying to  get his money back got an email from his solictor today.

i have been saying this for a while now. if you do not have a bg you have three choices. 1 forget about what you have invested. 2 take them to court (which is costly and they are skint so its a big gamble). 3 take an alternative property and secure your investment.

And all solicitors in Spain tell the truth don't they?????

I have this morning been able to confirm with an independant source that Peinsa have actually filed and been accepted as trading in administration, they have been accepted for protection from their creditors

They have lots of mortgaged finished key ready properties around Spain

They have not filed for bankruptcy as clearly they have assets and will try to trade out of this but there is growing pressure for the return of deposits with the failure to continue with La Tercia Real 

They will now have to provide creditors with details of an administrator and the claim process for creditors both secure and non-secured and there will be a time limit for claims

The best process now is to contact your lawyer for an update on your particular claim

Who is the "independent source"?

What can our lawyers tell us that would change the lawsuit?

Have you got more info or do you want me to die of a heart attack before I'm 60?

There are various sources where you can verify this information the first an independant website that list compats that have filed by following this link http://www.european-mediation.co.uk/Property_fraud/investment-property-fraud-p.html

The next by searching for the Google forum group for La Tecia Real where you will find a statement  from a buyer following a mailf form their new independant lawyer

The third should be by speaking to your own lawyer and getting them to check for you

Whats development groups are doing is, because they have multiple SL companys is filing on certain companys within the group so it is worth checking the company name of your sales contract

Remember that this company HAVE NOT gone bankrupt but filed for protection against their creditors. trading in Administration, which means that they can still sell and complete properties

There are various sources where you can verify this information the first an independant website that list compats that have filed by following this link http://www.european-mediation.co.uk/Property_fraud/investment-property-fraud-p.html

The next by searching for the Google forum group for La Tecia Real where you will find a statement  from a buyer following a mailf form their new independant lawyer

The third should be by speaking to your own lawyer and getting them to check for you

Whats development groups are doing is, because they have multiple SL companys is filing on certain companys within the group so it is worth checking the company name of your sales contract

Remember that this company HAVE NOT gone bankrupt but filed for protection against their creditors. trading in Administration, which means that they can still sell and complete properties

roy you state that they are protecting themselves from creditors, but surely this means the people who's deposits they have and who are looking their money back. on another note what do you think people without bgs should do?

I believe that the lawyers should be providing the required information to buyers

The first thing is to establish the details of the actual SL company with whom you have a contract and if this is the company that, are the one that filed for administration, because  PEINSA are a goup with a number of  trading organisation

Next regardless oF having a BG or not you will need to find out who have been appointed as administrators and make a claim for money paid

If you have paid money yes on status you are just another creditor and a with the UK system the banks and government comes first but Administration is not bankruptcy and I understand

To see more about the process woks see the folowing link but there is some new legislation due http://www.imninc.com/iln/new_bankruptcy_act_spain.pdf

Hi all. I checked the European mediation Website and the only thing that concerns me is that it posts information submitted by the public. I cannot find the statement on the La Tercia Real forum also from the buyer that has been informed by his solicitor of the situation. I have asked my lawyer to check, and will post when I have definate confirmation.Let's just hope this is not the case......

hi dave

its on the la tercia real google groups forum.

The other link that may help is from Irwin Mitchell a company well know to EOS and this expains more about the process

http://www.irwinmitchell.es/English/PressOffice/Developer-Bankruptcy.htm?p=3

The other link that may help is from Irwin Mitchell a company well know to EOS and this expains more about the process

http://www.irwinmitchell.es/English/PressOffice/Developer-Bankruptcy.htm?p=3

Thanks beadso and inspectahome. There is a community meeting at 7.00pm this evening in the new community building behind the Hiper. This is to discuss the formation of a residents committee to liase with Pulpi town hall regarding the problems in San Juan. I know there will be quite a few people there, and any residents reading this please come along. Obviously the situation at Calas will be an important topic.  I will post on how it goes.

i dont know if this is possible, but could two or maybe three buyers put their deposits together and take key ready propertys?

Not a good idea without a certificate of habitation and even then. If this is correct about Peinsa, then it could be quite a while before Calas will be finished. No other bank will offer a mortgage, so the builders mortgage would be only option. Not good with no electricity or water. Depending on how things go the generators on site could be removed, and the builders water stopped....Best for people with bank guarantees to execute them. For people without there are other development options like Senora De Roda, where you might be able to swap deposits paid, or still take Peinsa to court to recover deposits which I hear is very difficult. For the people already on site band together and fight.

hi all,

Very bad if not predictable news..  Was just wondering what is the situation if your property has habitation license but you have not completed.  Is you investment secure?  Dont think it would be prudent to complete now as properties are greatly devalued and who knows when we will have mains, electricity etc.  Would appreciate any feedback.