Embargo sanctioned on Aifos assets

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28 Nov 2010 00:00 by fazarelli Star rating. 246 posts Send private message

Hi all,

Just had some (hopefully) good news from my solicitor in Spain. He has informed me that i have been successful in gaining an embargo on the developer Aifos's assets. This has taken 2 years of litigation to get this far!

So, would anyone be able to tell me if the end is near and/or will i actually get anything back (apparently the Judge has said that they have enough assets to cover this liability)?

The court document that i received only states the embargo amount is equal to the deposit and stage payments but nothing about court costs or interest (it has been 5 and 1/2 years since final payment). Does this mean what i think it does and i will only be entitled to the deposit and payments?





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28 Nov 2010 13:22 by belucky358 Star rating in North Yorkshire. 196 posts Send private message

Hi Paul,

I am sorry to be the bearer of bad news but I think your lawyer is about a year behind ?

We had an embargo on Aifos property in the beginning of 2009 but it was cancelled in July 2009 when Aifos petitioned for voluntary receivership.......( The 2000 euros we deposited with the court for the embargo has been refunded)

We are now on the creditors list,. awaiting the decision of the Judicial Administraters.

I can only suggest you contact your lawyer ASAP.

Kind regards

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28 Nov 2010 15:20 by fazarelli Star rating. 246 posts Send private message

Hi Belucky,


Thanks for your info.

We started our litigation over 2 years ago and we had our first court date in June last year, the judge found in our favour, Aifos appealed and now the appeal has been found in our favour once again (just last week). I had to submit 500 euros to the court by last friday (which i did). If they were returning the money from embargoes, why would we need to submit it just 2 days ago? There is so much conflicting stories going around that who knows what to believe.

This court decision states that we have 'special creditor' status, so surely that is good to have when the company gets divided up?

How have you managed to stay on the creditors list if the money for the embargo has been returned to you/solicitor?




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29 Nov 2010 14:15 by belucky358 Star rating in North Yorkshire. 196 posts Send private message

Hi Paul.

I've sent you a P.M. briefly explaining my position with Aifos.

Kind regards.

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29 Nov 2010 16:10 by goodstich44 Star rating in northampton. 1652 posts Send private message


much as I would like to think your embargo is worth anything, I fear as in my case and belucky's, it's not worth anything now that Aifos are in receivership. I also had an embargo on an Aifos property, and  went on to win my case in Sept 2009. My case was accepted by the courts and the embargo granted nearly two years before Aifos went under, but thanks to the court delay in the hearing, by the time I won my case Aifos were in receivership, which meant the embargo was useless. I'm told as we won our case we will gain some places on the creditor list and that we should get a percentage of our original investment  we made back in 2002 in up to 5 years, but that if we do it will not include lost interest or any of the extra payments we won in court for stress and hardship we endured and that it would paid to us in small installments over god knows how long?

We won our case but we obviously haven't got justice, we have lost our embargo and at the moment all we were awarded in court, thanks to the court delay!!.  Just how wrong is that?.

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29 Nov 2010 18:32 by fazarelli Star rating. 246 posts Send private message

Hi goodstich,

I've pm'd you,



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19 Dec 2010 16:02 by sarah1302 Star rating. 2 posts Send private message

Hi All

Have just found this site and thought I'd see if I could find anyone else who is/was dealing with Aifos re Bahia del Golf in Almerimar.  Last year my lawyer filed my creditor claim, but I've just received a letter from Aifos demanding that I complete the contract - even though this was all being contested by my lawyers.

I'd be interested to talk to anyone who is dealing with a good lawyer in Spain who may be having more success than I am in straightening things out.

Please let me know.




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20 Dec 2010 07:39 by pilgrim Star rating in Costa Calida. 234 posts Send private message

pilgrim´s avatar

I know we are all aware of the situation with regard to corruption, deceit, lies, etc.. from the very top hierachy, to as far down as you care to go!!

It is just that, here I am, waiting to enjoy my Butterball 7kg. turkey, while there are so many poor souls still searching for procedures that may help them recover some of the funds that were, in effect, stolen from them! Filled sometimes with false hopes, promising avenues of recompense, seem to fail very quickly.

The cold comfort is, the country is a very different place now and will be, for very many years to come!

Again cold comfort but I would like to wish all members of the Forum, as comfortable a Christmas as possible and maybe even a wish for success in their search for justice.

It would be nice to know that at least those with, are thinking of those without!!





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20 Dec 2010 10:23 by goodstich44 Star rating in northampton. 1652 posts Send private message


thanks for well wishes for Xmas. It's good indeed to consider those less fortunate than ourselves. We should all do that I think, as most of us have it so good compared to those in the poor areas of the world. 

As for Spain, well sadly, the country is not a different place at all for those cheated.  Spain will continue to be thought of as a place of misery for many who await justice.  It doesn't have to be that way though for those cheated through court delays or not being provided with BG's., or inhuman treatment that those like the Priors suffer every day. If the government would face up to their responsability, and compensate those wronged by them, it would at least show that the government have some sense of fair play and intend to do right for those that they themselves have betrayed, conned and cheated by their own poor laws, court delays and lack of regulation etc.

There are some who say Spain has now changed for the better for new buyers, and that of course is fantastic for the future of the property industry and Spains reputation, but until it starts to compensate those wronged then it will remain a far colder country than the current icy conditions in the UK, for many who aren't in a position to just write off their life's savings and ' move on', or those of us who continue to fight for justice, because we won't accept being conned by crooks at the so called highest level in Spains legal and justice system. 

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