rent 2 buy

I read the thread about San Jose going into voluntary liquidation, around 10pm last night, (12th May ), and haven't slept a wink !

It's now 5.50am, and I, quite frankly, don't know what to do next ?

Has anyone got any suggestions ?

We, like many others, have ploughed a huge amount of money into this "Dream", and have, until now, been extremely patient in waiting for the ever elusive Bank Guarantee.

Not having one, ( excuse my naievity ), does this mean we have all lost everything now ??

I'm looking for some divine intervention here............can some one please advise ??

First thing to do is contact your solicitor and register as a creditor. Then all you can do is wait until the administrators have time to asses if they can salvage something. Trying to stay positive it is possible if they can sell off some assets we may end up with something out of it. I am not an expert just passing on info from my solicitor.

Regards Ken.

Hello Barry

There is a group action going forward already with an awful amount of momentum. It is now hoped that there will be enough for us to register as a more meaningful creditor on the list

Justin - I hope you dont mind this under the circumstances. If you are interested or wish to discuss then please contact me on my mobile 07770578944

Time here really is of the essence as actions now may determine future outcomes for you.

Likewise if anyone else also wants to join the group action then give me a call

Linda/ dave darren/ Michelle the offer is obviously open to you all also. I am aware you had bank guarantees but do not know if these have expired?

All the best everyone anyway but whatever and whoever you decide to go with you need to act now

Kind Regards

Anna

Just like to ask anyone out there that has purchased a house in SADM from Ambasun and their Solicitors PSI.  We were never told about a Bank Guarantee and put our trust in Ambasun and their Solicitors.  We now feel they have put us in this position   I do feel that these people have not advised us properly and hold them responsible and will be taking court action.  This would be helpful if there are people in a similar position to us as we can make a joint claim against these Companies  for their incompetence and deceit which could result in a criminal action against the Directors of Ambasun and PSI

Margaret and Charlie

Dear friends,

First thing any creditor in a bankruptcy process should do is contact a Solicitor and explain the situation. It is highly recommended you contact Solicitors who are familiar with property issues and bankruptcies, as this is quite a special side of Spanish Law and not many solicitors are 100% familiar with this process. (Please note I am not trying to do some advertising of our services here).

The next stages are:

1. The Court has to process the voluntary bankruptcy.

2. Once processed, it has to be publicised in the Official newspapers.

3. Once publicised, all creditors must communicate their respective credits to the Court and the Bankruptcy trustees.

Regards,

Abolex

Hi Guys

Yesterday we instructed our solicitor who got us our bank guarantee to "Pull Out " of the development, it is so sad and i don't blame the company, it's economics at the end of the day, however is is superb that we have eye on spain because without this forum no-one would be any the wiser.

We contacted out agent yesterday to see if they knew any thing ( Sunseekerhomes) and they did not have a clue, they emailed us march's update from the development which of course means nothing.  Our solicitor today said " Ah yes there has been big delay " so how come no-one know's anything, the papers do.

I read in the paper that all it means is the court will take control of the money so the banks can't demand late payments and stuff, but basically the development is still going ahead they are just making sure the money is going to the right places, but what do i know, i can't make head nor tale of this at the best of times, but as of today our solicitor will be trying his spanish butt of to get out money back as quickly as possible, if you would like our spanish solicitors details please let me know, they are very good.

Take care guys & Gals

Adios

Hi Justin ,

what if you do not have a bank guarantee how will  it affect these people

Philomena

Just to let you all know

Ambasun &  PSI whom are my agents knew nothing until I turned up on both doorsteps with the website info I had read and printed both took copies for thier records

I am convinced all of our agents and solicitors were were equally unaware

WELL BY NOW THEY WILL ALL BE HOPEFULLY BE WORKING IN OUR BEST INTEREST I HAVE EVEN HAD A QUOTE OF THE COST it is high and will make a lot of money for them !!!!!!! make of that what you will

May I just thank Justin for asking Maria to inform us 

GAL
 

Hi all,

Regarding the bank guarantees, be all aware that these documents are only valid once it is demonstrated that the completion date has been exceeded.

Bankruptcy does not mean the building works stop, it just means that Courts appoint new managers to continue during the process of bankruptcy.

I mean that those developments that have not yet reached its completion date will have to wait, unless the building works are well behind the building plans and there is no way works can be completed on time.

Cheers

                                               Dear All,

                                                                My agents are also Ambasun and PSI and i had an e-mail from PSI saying they want 2300 Euros to start proceedings, which i am reluctant to pay at this stage. I have left a message with Anna to say i agree that we should all stick together with the same solicitor and present our case as a large group, which may also work out cheaper. Friends of ours in Albox did this concerning illegal builds, and managed to hire a top lawyer from Madrid by clubbing together. One possibility may be the John Howell Group ( now called The International Law Partnership), who i have been very impressed with in their programmes on the Overseas Property Channel on TV. I would also like to thank Justin for his offer of help,

                                                                                                                    Ray & Nadine

Thanks Anna

I have contacted Antonio Guillen Associate

Real Estate as per your posting of the 12th May 2008 ( No Bank Gaurantee....Want Refund ? ).

His PA is sending some forms out in the post, and I have been instructed to act immediately.

In view of what is happening, I think we should all try to use the same firm of Lawyers, ( not necessarily Antonio ! ).

I am absolutely "gutted", but, from what I gather, the build could still go ahead !

Is that true ?

What's everyone else's thoughts ?

Dear Barry,

Yes, the idea is that the building works move forward, and this is the reason why the Court takes control (this is theory) over the company.

Those who have a credit against the company have to act inmediately and report it to both the Court and the administration of bankruptcy (not appointed yet) in order to be in the first list of creditors.

Those who do not have a credit yet (i.e. completion date is not over), will have to wait until there is a reason to reverse the contract or until the house is ready for hand over keys. I don't think this is the case in Santa Ana del Monte, but I write this for those buyers from other developments of SAN JOSE INVERSIONES.

Any questions on your particular case, please feel free to contact us.

Regards,

Hi,

Interesting comment posted here "Those with bank guarantees should be ok.  Expiry dates on bank guarantees are not accepted by the courts.  As long as you have a bank guarantee you should be fine, regardless of the expiry date".

Is there any substance to this?

Regards

Barry