Legal advice??

All,

We have just been informed by our legal representatives that "Labaro Grupo Inmobiliario S.A.” (the developer of Jockey Villas) has filed for insolvency and bankruptcy. We do not yet know what the true impact is to buyers and would encourage you to investigate with your own legal teams as a matter of urgency.

As soon as we find out any more news we will share on this site.

If anyone has already heard this news, it will be great to hear from you and any helpful information you may have.

Slightly worried

MrC

Hi there we have brought NO 3 Jockey villas.  I contacted Isabel who is the rep for this company and deals with the snagging list and things.  She does not speak that good english but she told me over the phone today 040408.  there is a bit of truth in this but there may be a company that will be bailing them out.  i have contacted my solictor but i have not heard from him at the moment.  

we went over to visit our place in mar it has all been complete and we have now started renting it out check out our new pics.  hope to hear from you all soon. 

I received the same message from my solicitor, as yet nobody has been able to fully explain the situation.

If investors have completed an agreed a snagging list how is the situation resolved if the developer is insolvent?

The PPC had a clause that awarded investors a 25% return of their investment if they did not complete. I'm not sure how you would be able to exercise this clause with an insolvent developer.