Bohemian Bankruptcy

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15 May 2008 12:00 AM by arnoldg Star rating. 49 forum posts Send private message

Please find below , the official email many of us have recieved today.  
San José Inversiones y Proyectos Urbanísticos S.A.
Herrada del Tollo S.L.
INFORMATION NOTE
Orihuela, 15th of May, 2008
The companies San José Inversiones y Proyectos Urbanísticos S.A.
and Herrada del Tollo S.L have applied for Voluntary Administration
proceedings before the Mercantile Court of Alicante, last Friday (9-05-2008).
The purpose of this procedure is to:
d. Protect the assets of San Jose.
e. Protect the clients’ deposits.
f. To ensure the continuation of the Projects (El Pinet and Santa Ana del
Monte)
The above action was required to ensure that we the company are able to
continue with these two ongoing projects. The well reported “credit crunch” in
the finance industry and its effect on the construction business has affected our
cash flow which has restricted progress on these two projects.
As a consequence Voluntary Administration proceedings were considered
as the best financial alternative to overcome the present situation and
guarantee the future of both companies.
Both Companies can confirm that the down payments paid by each client
are fully recognised by the courts; they acquire the conditions of creditor and
are protected under the law. The court will send a personal communication to
each client in order to confirm the down payments made.
The board of directors of San Jose convey their deepest apologies for any
inconvenience which this action might have caused and will continue to work
with all parties to reach a solution as soon as possible.
We will be informing all concerned how the procedure progresses and any
subsequent changes to the schedule for the projects.
The Board of Directors
San José Inversiones y Proyectos Urbanísticos S.A.
Herrada del Tollo S.L.[color=#ff3300][/color]


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15 May 2008 8:41 PM by mab53 Star rating. 13 forum posts Send private message

Does this mean that individuals do not need to apply to the court to have their name put on a creditors list as is suggested by PSI and others (at great cost) ?


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15 May 2008 10:35 PM by Linda Needham Star rating in Jumilla,Spain. 302 forum posts Send private message

Linda Needham´s avatar
Abolex.  You have been extremely helpful. 

Is it possible for you to comment on this latest information from San Jose as I for one am getting really confused. 

I suppose what I am asking is how does administration differ from bankrupcy/liquidation in this case bearing in mind the information we now have in this communication from San Jose.


_______________________

Linda Needham
La Alberquilla
Jumilla, Murcia


R4 308 For Rental

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