does anyone have any good news?

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12 Aug 2009 13:34 by far Star rating in Dundrum, Co. Down. 169 forum posts Send private message

Our lawyer insisted at the time that the deposit must be paid before the bank guarantee would be issued, we did get one but with a date, some lawyer's say it is valid and other's completely disagree, i cannot stress enough that it is completely the fault of some lawyer's that we find ourselves in this mess. Our lawyer should have held our money in her account until a proper bank guarantee was in place, the kind that can be paid out without a court decision. It is an absolute disgrace that some lawyer's are allowed to practise in this way and not be held accountable. Many have tried to sue their lawyer but have not been successful, (it is a minefield)

 

Sorry i have not got any good news!!

 

FAR




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13 Aug 2009 16:37 by jillyg Star rating in Deepcut, Surrey. 57 forum posts Send private message

Hello all,

Received email from Lawyer. He said he had a meeting with Manager San Jose last week and he stated that a bank MAY step in and allow monies to continue the bulid. He said the decision would be made in October (i hope he meant October of this year).

Thats all the news i have to offer. Waiting for the SARC report now, hopefully some positive news. I just want all this nightmare to end.

Kind regards

Gill & Keith



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G S Gee


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13 Aug 2009 17:55 by far Star rating in Dundrum, Co. Down. 169 forum posts Send private message

Hello JillyG

 

Thank you for sharing your news but unfortunately anything coming from the mouth's of SJ cannot be believed, only a few weeks ago i received an email from SJ stating that a deal had actually been signed which turned out to be rubbish as usual. It seem's rather odd to me that lawyer's are still willing to enter in to discussions with them. SJ have been saying for over a year now "we are waiting on the bank financing us" i am surprised that so many people are still listening to this with optimism!

Where is the proof of this so called signed deal! maybe if such proof was presented to the court and the judge said "you now have the money, go and finish El Pinet" I may start to believe it!

What reason on earth would any lawyer listen to such garbage and report back with it to their client without having investigated further with the bank etc, we all want to hear something positive  and it is not my intention to make light of your posting and any information is appreciated, it is just a sad fact, SJ have to back up their empty words with proof!

 

WHERE IS THE SIGNED DEAL WITH THE BANK SAN JOSE, PROVE IT???

 

 

 

 FAR




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13 Aug 2009 19:43 by TonyMal Star rating in Oxfordshire. 1090 forum posts Send private message

Hi All,

We are busy writing up and checking the report of the meeting held on the 30th of July 2009.

It does appear that there is light at the end of the tunnel, at long last!

 

I noticed that the previous SARC report that was sent out to the members has not been posted on the SARC website ( our webmaster is also in the  NHS & been busy) so I have pasted it below. We will ensure that the report in progress is posted on the SARC site for all purchasers to be able to access.

 

I STILL WANT MY HOUSE

Tony R1718

 

Dear All,

 

Communication with Almudena and HdT has continued with regards to Jumilla.  We have been informed that the negotiations are still taking place with the BBVA. It appears that they have been looking into paperwork and are awaiting an answer from the head office in Madrid.

 

While we have been waiting for movement in the negotiations SARC has held a consultation/ vote with the membership concerning compensation for the delay.

 

A further meeting has been arranged with Almudena and this takes place in the next few weeks. SARC will raise again the concerns of purchasers and the need for positive progress.

 

 

Comment/Opinion

 

We believe that the BBVA are genuinely interested in financing SADM, otherwise they would not of spent the time going through documentation and negotiations. We hope that this interest solidifies into a commitment to refinance SADM and enable purchasers to get their properties and for those who need their money back to be able to do so, as a result of income generated by sales.

 

We hope to have a more detailed report after the next HdT & SARC meeting.

 

 

ADM 20/7/2009

 

 




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13 Aug 2009 21:23 by far Star rating in Dundrum, Co. Down. 169 forum posts Send private message

The email that i got from SJ was well before the 30th of July, which proves that a signed deal was indeed more lie's!

 

 

FAR




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16 Aug 2009 13:11 by taxiparrots Star rating in Deepest Suffolk. 149 forum posts Send private message

GOOD NEWS FOR THOSE WITH BANK GUARANTEES AND WISHING TO TRANSFER THEIR MONEY BACK TO THE UK.

HIFX OFFER AN EXCELLENT  SERVICE AND COMPETATIVE EXCHANGE RATE.AROUND 4% BETTER THAN MAJOR BANKS.

THE PARROT




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17 Aug 2009 02:04 by MAGICMEG Star rating in Scotland. 546 forum posts Send private message

Parrot your post is sick , unhelpful and vindictive . Hope you are happy knowing you helped no one !!!!!!!

Tony your post is a piece of piss and once again we await with bated breath what SJ have to say via SARC



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     but I am willing to accept that sometimes (although not very often ) I can be  wrong !



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18 Aug 2009 00:29 by blaggy Star rating in Doncaster. 112 forum posts Send private message

blaggy´s avatar

Herrada del Tollo S.L

Update relating to the current situation of the developer Herrada del Tollo S.L. and the

insolvency arrangement no. 275/2008 R.

Further to our last update, we now take this opportunity to provide you with some information

on the last developments at the insolvency procedure.

The Judge has started to deal with some of the petitions and although we have only received

a few rulings it is quite clear that he is adopting a general approach to this matter and

considering all purchasers as ordinary creditors.

He is also recognising your right to terminate the agreement and receive a refund plus

interest. The right to a refund of the deposit paid has been classed as an ordinary credit. On

the other hand, the right to perceive interest has been classed as a subordinated credit,

which places it at the bottom of the rank of credits.

As you are probably aware, the developer Herrada del Tollo SL filed for insolvency on the

19th May 2008. This date is quite important to understand the foundations behind the

Judge's rulings. The Judge has divided the claims between those claims where the property

was supposed to be completed before the 19th May 2008 and those where it was supposed

to take place after the 19th May 2008.

According to the few rulings that we have seen so far those purchasers who were supposed

to complete before 19th May 2008 will be considered ordinary creditors because the breach

of the contract took place before the date in which the developer filed for insolvency, which

as you know was the 19th May 2008.

Does the above mean that those who were supposed to complete after the 19th May 2008

will have to be classed as privileged creditors? Unfortunately not, as it appears that the

Judge has also considered those purchasers as ordinary creditors. His reasoning is that

although the breach of contract took place after the 19th May 2008 it was still quite clear that

the properties were never going to be delivered on time and therefore it can be deemed that

the breach also took place before the 19th May 2008.

As previously mentioned, the above is a topic that has divided the legal doctrine. Some

believe that purchasers should be classed as privileged creditors (or, using the right word in

Spanish, credits against the mass) and others believe that they should be classed as

ordinary. It appears that the Judge in our case believes that the latter should be applicable.

Lucas & Asociados have their own reservations about the Judge's decision and have

suggested protesting the decision. The protest will be raised before the Spanish Court of

Appeal (Audiencia Provincial) who will look into the case and may change the Judge's

decision or confirm it. Lucas & Asociados will proceed to protest the rulings as soon as they

are received and this will be done on an individual basis.

In the meantime, the Judge will continue to issue rulings for each petition. He is dealing with

more than 700 petitions and therefore it is quite likely that he will be dealing with these for

what is left of July and probably whole of September. As you probably recall from previous

updates, the Spanish Courts will close in August.

Herrada del Tollo S.L

Once all the petitions have been resolved, it will be the turn for the administrators to issue

the final report which will be followed by a decision on whether the company is viable to

continue its business or go into liquidation. At the same time, the protests will be dealt by the

Audiencia Provincial. This could easily take from 6 months to a year but will probably not

affect the procedure as it is quite likely that the current procedure, whether the company

continues to trade or end up in liquidation, will continue to move at a very slow pace.

On a different note, we are currently in negotiations with the banks and companies that have

issued the bank guarantees. A few bank guarantees have been paid so far and it is quite

likely that the majority will be paid shortly although the guarantors are proving quite slow and

examining every case on an individual basis. If you have a bank guarantee you should hear

from us shortly with an indication on likely timescales.

Those with no bank guarantees will have to wait until we get more news from the Court and

the administrators. If the protest does not succeed, you will be classed as an ordinary

creditor which means that you will be entitled to get a refund of your deposits plus interest.

The repayment of the credits will be done in accordance to the proposal issued by the

administrators, which in some cases could imply a reduction in the amounts to be received

or a delay in the payment. In some cases, it could also imply both.

It is too early to know how the credits will be repaid because the Judge still has to deal with

all the petitions and once this has been done, the administrators will have to issue their

opinion on the viability of the company as well as repayment plan.

On a different note, I will be on holiday from the 27th July until the 5th August. As explained

before, nothing relevant will happen probably until September. Lucas & Asociados will keep

receiving rulings in respect of the petitions filed and will then proceed to protest them on an

individual basis.

A

s usual, we will keep you informed as to any relevant progress in this procedure.

Yours faithfully,

Antonio Guillen

DWF LLP

Manchester, 21 July 2009



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Paul & Debbie Row 15 No 32


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18 Aug 2009 18:55 by MAGICMEG Star rating in Scotland. 546 forum posts Send private message

Thanks for that Blaggy very interesting .MM



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  Nothing surprises me anymore  

     but I am willing to accept that sometimes (although not very often ) I can be  wrong !



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22 Aug 2009 21:13 by blaggy Star rating in Doncaster. 112 forum posts Send private message

blaggy´s avatar

I take it the courts and judges are still all on holiday !!!!!!!!!



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Paul & Debbie Row 15 No 32


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22 Aug 2009 22:35 by MAGICMEG Star rating in Scotland. 546 forum posts Send private message

Yip ,until the 1st September ,Don't know what Sarc's excuse is though ,do they really  need a month to write up a report from one meeting full of San Jose lies and speculation . I wont be holding my breath .Same old crap time and time again .



_______________________

  Nothing surprises me anymore  

     but I am willing to accept that sometimes (although not very often ) I can be  wrong !



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Previous Threads

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