HIGH COURT CONFIRMS THAT GENERIC BANK GUARANTEES FOR SANTA ANA ARE ENFORCEABLE

Excellent news!

High Court has just posted the sentence that confirms that generic bank guarantees for Santa Ana del Monte issued by BBVA, SGR and Banco Pastor are enforceable, no matter if individual bank guarantees weren't given.

This judgement gives a big hope to all those buyers who haven't got deposit back yet.

Please note that Guadalupe is travelling to UK in a few weeks to meet customers, so please do not hesitate to contact us and arrange a meeting with her.

Contact details on: www.gmlegalexperts.com

You can also email her at: guadalupe@gmlegalexperts.com

Best Regards,

GM LEGAL EXPERTS

HI Guadalupe,  great news again.  could you please tell me when this judgement was made?  thank you very much,

John

We would like to take this opportunity to congratulate all those creditors who bought in HERRADA DEL TOLLO and announce, with pleasure that, our law firm ALONSO HARO SOLICITORS jointly with MEORO AVILES ABOGADOS  has won a SUPREME COURT JUDGEMENT which will help all the creditors who has lost their deposit, to recover their investments in all the supposition. Up to now, banks have been refusing to pay back the bank guarantees because there was not an individual bank guarantee, the creditors voted on favour of the agreement, or the purchase contract was not cancelled or was cancelled after the agreement ( this was one of the steps needed to be taken according with Law67/58 ) . This new Judgement won in the SUPREME COURT by CARLOS MEORO and PILAR ALONSO ratified the previous Supreme Judgements dated on 13th January, 29 January and 30 April 2015.

 

It is very IMPORTANT to let you know that this great news will probably have an expiry date on the 1th January 2016, as the Bank guarantee law will be derogated then and instead a new Law will be lodged called LEY 20/2015, 14 July . There is still enough time for taking action! There is no reason now for failure. Creditors (with bank guarantees and without bank guarantees) will have every chance to recover the investment they lost.

 

We will be meeting HERRADA and SAN JOSE CREDITORS in Jumilla on the 20th October 2015 and we will have meeting in the UK at the beginning of November 2015. One of our offices is located in Manchester so clients can have individual meetings to discuss this matter at our premises. We will inform you about date, time and place, but in the mean time please feel free to contact us for further details by sending a private message. 

Hi All

this is great news and well done to all the lawyers involved.

can someone please tell me what the situation is regarding legal interest been paid by the banks

is it now compulsory that clients receive interest on their deposits or is it at the discretion of each court and judge?

thanks and good luck to everyone in the future. Patty

It would be good to hear from ANYONE who has received costs / interest (either or both).

This will give us a chance of lawyer comparison going forward.

According with law 57/68, Clients are entitle to recover their principal plus legal interest from the day they made the transfer. The legal interest has been around 4%- 5%  

Just wondering,

Am I correct in thinking that if costs are not awarded most if not all of the interest is taken up by legal fees? 

Is the interest compound or just a flat rate on the deposit capital?

If contract says interest is to be paid at 6% is that the rate that is paid or do the judge decide on the day?

Has anyone received their capital+interest+legal costs?

I am expecting my money any day now [have been since early September though!]

Hoping my solicitor [Emilio Lucas of LucasAsociados] gives me a breakdown of the figures. I will certainly be asking for one.

Need to know exactly what I am getting eg how much of the total received is the deposit [should be all of it I would have thought], how much legal interest [and at what interest rate], how much legal costs.  Also need to see an itemised bill for his services as well.  I'm sure he will give me all the details; he's very thorough.

I will post on here when it finally happens,

John

Yes john123, that would be really helpful as it will show not only the final sums but also the timescale taken from initial judgement to actual final return of money.

were also in the queue but are way back from your current position. Hoping for more information from our legal team especially since the recent Supreme Court judgement.

Cheers

Ken

As far as I'm aware and it has been posted on here somewhere legal fees are charged at approx rate of 13% of the amount been claimed at first instance and another 7% for any appeal in total 20% as set by the Alicante bar council.

But my question is if I'm owed 10k then I pay 2k legal fees but if someone is owed 100k he pays 20k for the exact same lawsuit so is this correct? And is it fair?

Clarification is required I think. 

Patty 

Don't worry Broph, I was way back in the queue a couple of years ago..... it soon passes!

Hi John 123,

           Have you had any news as yet, I hope all went well and was as you expected.

mark

Hi,  no news yet.  really worried and disappointed. will post when i have news.

regards,

John

John,

       As all of us going through this process know nothing happens fast! I'm sure all will be good in the long run.

mark

Still haven't got my money.  I phoned my solicitor's office on Friday in desperation.  He wasn't in the office that day but his colleague phoned him at home and i had a chat with him.  He told me that it was a hold up at the bank and that he would chase them up again.  Half an hour later he phoned me from his office [he went in specially to help me]!  He informed me that he had chased up with the bank manager [in the local branch] the day before about the delay and that he would do so again today. Seems the bank's legal team up in Madrid are dragging their heals for some reason [probably because they might make a few euros in interest for every day they hang on to my money, thanks Santander!] .  I'm hoping [again] to get the money this week?  can only give credit to my solicitor, he's done all i asked of him, as usual.

I tried to negotiate a reduced fee with Solbank/Sabadell for transferring the money back to the UK.  Absolutely useless, totally unhelpful too.  The idiot in my branch [Torrevieja] told me at one point to get my solicitor to make an appointment with the bank for a face to face negotiation!  how stupid can you get?  when i told her that i would be happy to leave a few thousand euros in my account in her branch she said ok.  then she emailed me with details of a savings plan ie an investment fund where i should leave the money - but she informed me that she couldn't guarantee that the money would be safe!  i told her to give me the details of their complaints process as i am making a complaint about her unhelpfulness.

John123, Would it be possible to identify the procedures involved in this process from your lawyer as this would help many people to comprehend the process?

Does the Bank have to deposit monies into the court account following the final ruling within any legal time constraint, and thereafter does the court release monies to the lawyers client account? If this is the case then could your lawyer identify if there are legal time constraints applicable also on the court for this transference to be done?

Thereafter, would it not be possible for your lawyer to organise transference of monies from the lawyers client account to your UK account via a reputable money transfer company as if the lawyer is doing this for many people he/she could negotiate a better currency rate for clients.

Hi Ads,

this is all i know.  BBVA paid my deposit into the court's bank [Santander].  the court issued a payment draft to my solicitor on 22 Oct.  he then took it to the bank with my power of attorney for the bank's legal people to authorise payment.  this should have taken a few days.  as i still haven't got the money i assume something has gone wrong.  hopefully it won't take too much longer to sort out.  as for timings, i can't help.  i have not been advised of any time constraints in the process.  it is 6 months since my court case. i do know that the bank had 20 ish working days to enter an appeal with the court.  as expected, they did this on the last day.  other than that i am, as i say, unaware of any time constraints on any of the parties involved.  as for transferring money to uk... sabadell seem to have allocated a moron to deal with my request to negotiate a more reasonable fee.  that fee is over 200 euros but i have asked my solicitor for a cheque or banker's draft. this will cost about £100 pounds if  i pay it into my barclays euro account but i will take between 4 and 6 weeks to clear.  not sure which way to go as yet.  i'll let you know what happens.  regards, John

Hi, ads,

The procedure is the following:

1) Once the ruling is enforced (doesn't matter if provisionally or definitively) the entity obblied to pay (in this case, BBVA) has 20 working days to deposit money and, if they don't do it, the Court would make a seixure on the accounts of BBVA. In both cases, money is paid into the Court's accounts, all of them in Banco Santander

2) Once the money is in the Court's account (doesn't matter if it has been voluntarily paid by BBVA or sent because of the seizures), the Court issues a payment document called "mandamiento" (payment order) in favour of the client, that can only be cleared in Banco Santander

3) We present this document to Banco Santander together with our power of attorney, as they won't pay without checking we have faculties to get the money.

4) Though the POA is really clear, the bank protocols state that the branch has to send a copy of the "mandamiento" and a copy of the POA to their central legal department in Madrid for them to give "green light" to the payment.

5) This verification tramit (called "bastanteo de poder" in Spanish) takes 5-20 working days.

6) Once the legal dept gives OK to payment, the branch staff call us to go and present the original of the "mandamiento" and then they pay us. This can be done by checque (then we take it to our ccounts, in whish the money is cleared afeter 2 working days) o by transfer to an account in the same Banco de Santander.

7) We send the client his/her money

In the case of john123, we've had a really poor and slow response from the central legal dept of Banco Santander and, on top, many bank holidays (monday 2nd november and monday 9th november were bank holidays in Madrid)

But now, he should have received the money.

I hope this explanation lets you understand better the development of the procedure.

Kind regards

Emilio Lucas

Hi Emilio, is that the same process regardless of who is  the  solicitor?

I ask as my case was heard in early June 2015, with a ruling against BBVA issued in mid September. 

Heard from  our solicitor  this week, that BBVA have not appealed the ruling and was wondering  what  timescale is until  I  get  my money  back?

Is there a legal time in which BBVA have to  return  my money?

What penalties  are in place if BBVA fail to  pay within a  reasonable  time  ? 

Hope you  can  help  clear things up.

Thank you Lucas Asociados for the clarification, it's much appreciated.

Can I ask, why following the entity's payment to the court bank (Santander) does their legal dept need further verification when the payment order came from the court to the lawfirm that must have already gained POA to have achieved the successful ruling? This would mean that following the entities payment all that would be required is for the lawfirm to identify to the court bank their client account details so that an immediate BACS transfer could be done, from which the !awfirm take their costs before forwarding monies to the client's designated Bank. Would this not simplify the whole process? Or perhaps I'm missing something?