Nice to hear that you have done well with your court case and that in 3 months you will have a chance of getting your money back by selling some of Huma Med assets...can Huma not appeal against both the court decision and the embargo application?
Also for future reference can you tell us how much it has cost you so far..I know that you should get your legal costs back from Huma .......but it will give us all an idea as to how much you have to put at risk to go to court
If this recession keeps on getting worse then we may all have no choice but to go to court either against Huma Indalo SL or the overall insurance policy!
I must say that 1 year ago I was worried that Huma Med had a lot of money tied up in ACC, which then had no building licence and was worth very little
At MCC half the buyers do not have a LFO which means Huna Med has financial obligations to meet and there is still the matter of a golf course!
All this would have brought down many a developer but they seem to have struggled through so far even though the economic and financial climate has become very bad and getting worse by the day
Perhaps the reason why Huma Med do not repay deposits is that they just do not have the money to do so,can not get anymore loans from banks, who themselves do not have any money to lend or do not want to lend anymore to developers!
They probably can not sell any assets as the market for development sites is at best static
If they could sell ,then Huma Med would probably find that because the asset is held as a mortgage by a bank, that any sale proceeds go to the bank first
Also no use having an embargo on an asset if the bank is first in line
Same probably applies to OTCC but it is a seperate company set up to provide an escape route for ACC buyers and I suspect the owners of Huma
Assets will be some working capital, the land which does have approval for 980 units and the deposits transferred from Huma Med when the ACC buyers changed over
The deposits should be in a ring fenced bank account- now the same should have applied to ACC deposits but clearly did not
But by the time that Huma Indalo SL started to sell OTCC everything in the development and banking sector had been tightened up, so there is a fair chance that our money in OTCC is OK and Huma Indalo SL has had to comply with the law
We shall see
Those of us who have changed hope that the new partner and the refinance can mean that it gets going again
And to those who have taken the court route we all hope that Huma Med are rich enough to get through the current economic crisis and you get your money back
There has always been two approaches to the problems faced by ACC buyers who did not have a BG.....and it is a personal decision everyone has to make themselves