Latest Update from my Solicitor

Hi All

Just thought I'd post the latest information received from my solicitor today:

The purpose of this letter is to inform the current situation in
relation to voluntary bankruptcy proceedings of Creditors filed by
Herrada del Tollo S.L.:

1. The Bankruptcy proceeding brought before the court as Commercial 1
of Alicante is still in the first phase where we Took part on behalf of all

those who have given us power of attorney.


2 º. We have still to receive an official date for the draft Convention
which is due to be releaased by the court, due to the massive workload
they are not able to establish an exact date.


3 º. At this point we need to know who, both those who were interested
to terminate the contract and those who were not, would be potentially
interested in requesting a swap with another home of the San Jose group.


4 º. If no binding agreements have been proposed the company will have
to go into liquidation which would lead to waiting for assets to be sold
in order to receive your funds, at the moment we cannot calculate the
percentage which would expect to receive from the debt.

5 º. The latest development has been the document sent by the City
Council bankruptcy Jumilla communicating the Administration's legal
report opening the following records:

A) Statement of urban dereliction of duty.

B) Change of system performance.

C) File draft expropriation affected property owners.

D) File reparcelación draft.

E) Resolution licenses.

F) Return SEIZURE guarantees granted.
 

6 º. Once we record whether or not proposed agreement, even when the
information in point 5, unless there would be an offer of any bank, we
doubt that there would be such proposal, in that case we must urge the
liquidation of the company in order to recover the amount owed.
The case must be studied in a case by case basis and see if any of you
are interested in opportunity to buy another home of San Jose group,
which may offset the credit they have, there is a possibility to request
and view viability.

7º. As of today we cannot finally say that the intention of the promoter
would be able to finish the houses if there is no proposal to make in
the Convention, but ultimately we must wait to see what your proposals
that agreement to act to contest or accept or definitely go into
liquidation.

8º On another point and going back to our previous email with regard to
the judge, although we were aware of the Judges condition back in
September we really wanted to wait out some time before informing all
our clients, more so for the reason of worry, as we failed to hear
further news from the court we released our letter to you as our client
on the Thursday and coincidently on the Friday the courts released an
official notice saying the judge is due to return to his role.

With further news upcoming, we will be in contact with you once we hear
more.

Hope this helps those who don't seem to get anything from their solicitors.

Cheers

Dave

Thanks Dave for sharing

Hi Dave/All.

I think that sharing solicitors reports could be of great help to us all. However, although this report is posted after the SARC report it reads as if it was written earlier than the SARC  October report.

It would be of great help to every one if when we post reports up that we give a date for the writitng of the report, when we recieved it . That way we will be able to track the time line of reports, be able to see when a report was written and know which one is the most current. All SARC reports are dated at the end of the report.

I believe that it is good that we share.

Wishing everyone the best

Tony R17 18

Hi Dave

                  I noticed in the report that your solicitor says that he just heard that the judge was going back to work today that would make the writting of the report prior to the 16th of October as redman had said on his thread dated the 16th that CBN was publishing it tomorrow which was 17th on October. There always seems to be delays in reports from solicitors from the time they are written and the time that we get them over here.

Hope this helps with tha date question unless you have better info on that but it is good to see these reports and what some of them infer.

regards Brianmags

R4 556 

Tony, Brian,

Dave clearly says in his post that this is what he received TODAY (that being 29th Oct), so a little detective work and process of elimination might help answer your questions.

Hi Redman,

                 Thanks for the reply I was trying to be tactfull I suppose that i failed there then. Anyway all i want is a result for all of us whether they want their money back or their property. when we started this back in May 08 we new then that if the company went under we were knackered so we kept the faith and even if somebelieve otherwise I and Tony are actually out of pocket from running the camainge but then if we had not started it up who knows what might have happened at least now I can see some light at the end of that bl***y long tunnel. I remember being told that i was stupid to carry on but then I an't stand by and do nothing to save my money and thats the truth of it I have 3 daughters and a new grandchild and I above all else understand that peoples situation change with time.

Best whishes to all here

Brianmags

R4 556

It has been a long time since i've written on the forum as I thought my 'problem' had been resolved but as usual this Company have let me down.  The short version of our sorry tale is that Martin and I flew out and exchanged our SADM contract for a like for like property on Playa Golf the day before they went into Administration.  We had to then had the inevitable delay as they were unable to fulfill this obligation to us  and we had to go to Court.  Turned out they NEVER could have sold us our next chosen property as they had double mortgaged on it and couldnt pay us back the difference between our substantial deposit and the contract price v the mortgage.  Off to Court again.  The only good news is that we were acknowledged in Court as a San Jose Creditor now and not a HdT.  So we again chose another property, like for like etc etc. Simple.  No they lied AGAIN and want to charge us an additional 50000E!  They sent a list to me of only Four remaining properties that are mortgage free.  Now they wont sell us that  unless we pay the ludicrous list price of 197000E for a Marbella!  Given that these properties are not even fetching 120000E it was a complete madness (as my Lawyer put it). They have this week put out a list to Estate Agents in the Region asking them to sell our next property choice (along with a few other availabile plots), as vastly reduced prices (still ridiculously high) in the hope of selling them to 'non creditors'.  Commercially It's obvious why of course.  They already have my hard earned 980000E why would they care about me!   So this list they are going to offer existing 'clients' of SADM... they wont follow through as they are trying to sell them off beforehand.

Brian I feel for anyone who has ever encountered this corrupt company.  They lied and they still lie.  And this IS via communicationg directly with Almundena/Administrators  and a good Lawyer.  Strange they wont reply to my information sent last week demanding an explanation... I wasnt supposed to have found them out. 

NEVER TRUST WHAT THESE VAGABONDS SAY.. NEVER.

Still we have to pray for some sort of solution.. All we want is a little house in spain for holidays with children and grandson, so I understand why you felt you had to do something.  I really hope we all find a solution.

Sal

Hi Sal,

               I am deeply sorry for you and your situation with SJ and understand the problems. I do hope that you get what you realy want. If you think we can be of any help please do contact me or Tony and we will try.

but it is November and very soon Christmas will be here let me just say this I wish us all a good Christmas and a better new year for us all. I am so happy 7 weeks to Christmas and with a new Grand Daughter to spoil as ever your optomist

Best wishes

Brianmags R4 556

Hi Sal.

Please accept my genuine sympathy and thanks for posting your dealings with the con artists.

If anyone is still in any doubt about the intentions of SJ i hope they read your post and take it on board as the factual report that it is, and not just the vague unsubstantiated twaddle that usually fills this forum.

Ken.

Sal

As you know we were offered the same sort of deal and like you turned it down, why would we pay 300,000 for a Rosita at Playa Golf when it wasn't what we wanted, this was because they couln't offer us a Marbella as they were all reserved (that would be you) we now have a much better home here in Spain,we have been in it for 14 months now done all the jobs needed to make it home, albeit with a mortgage we didn't intend to have hopefully sometime soon we will be able to rid ourselves of the stone around our necks and live the life we came here to live, we are in contact with lots of SADM buyers and whenever anyone comes over  we meet up for a chat  so if you want to meet us we are happy to oblige you can even have a look at what we got out of the mess we all found ourselves in

Linda

Sal

Thank you for sharing your experience, sorry that things have not worked out for you the way you had hoped, am i shocked? the answer is no, nothing would shock me were SJ are concerned, the simple fact is that they cannot be trusted no matter how nice they appear to be on the outside, wish i could say different!

Best wishes

FAR