VICTORY FOR FINCA PARCS ACTION GROUP LAWSUIT 2 IN FIRST INSTANCE COURT IN HELLÍN

Emotions run high on this topic and sadly the realities relating to timeframes to achieve true justice appear to vary significantly across Spain. What is needed is for us all, Spanish and foreign nationals alike, to work together to improve and pressure the Spanish Government and their Justice Department to recognise the words of the World Justice Project who have indicated “the rule of law is essential to thriving communities and to the success of virtually all fields of endeavour”.

We now have to wait and judge the realities to the enforcement of this ruling against the CAM Bank and developer, but we should not underestimate the research, the effort and genuine determination that have gone into this case by all concerned.

It is essential to remain focused however on the fact that TIMELY and consistent enforcement of the rule of law and consumer confidence are inextricably interlinked.

UPDATE – BANCO CAM (SabadellCAM) PAYS 1,494,710€ TO THE COURT BANK ACCOUNT

We have just been informed that following the filing of our Provisional Execution/Enforcement Demand on 18 July 2012 in relation to our Lawsuit, Banco CAM has today paid the 1,494,710€ to the Court Bank account. This is the principal amount of the deposits claimed in our Lawsuit.

Congratulations! One more step ahead!

María

Fantastic news.... well done all.

That's brilliant news!

Slowly, slowly catchy monkey.

Yipee!!!!!!!!

and many congratulations, will the money be safe there?

Norman

Thanks Sandra, Ads & María.

Norman - yes I am sure it will be safe in the Courts Banesto Account for a week or so until we arrange for the transfer of the funds to a group account with our Lawyers.

Kind regards

Keith

Ruth

Your post came up while I was replying to Sandra, Ads, María and Norman.

Yes we are currently arranging for the money to be released from the Court into a 'group account' at Costa Luz Lawyers.  The group members then have the choice to have their individual part transferred to an account of their choice or to leave it in the group account pending the result of the appeal.

For those who choose to leave their money in the group account they will get the benefit of interest on the lump sum paid to each individual on a pro-rata basis.

God forbid, if we lost the appeal then the money must be paid back to the Court.  So all members of the group are fully aware that if they take possession of their money then they will be responsible for paying it back to the court if the appeal was lost.

Ruth, like you I am a realist.  We have the money.......but only on an 'interim' basis pending the result of the appeal.

But......so far so good................

Kind regards

Keith

Many congratulations Keith on your money being deposited I am sure it is as safe as houses (if you pardon the pun).

Can you tell me if the Judge threw out the appeal by the CAM or did they capitulate.  Also will this make any case law seeing it never went to the appeal court..

Margaret & Charlie

No, the appeal has not been thrown out.  The appeal will be heard by the Appeal Court in Albacete.  We expect the decision within one year.

What we have done is 'provisionally enforce' the First Instance Court Judgment.  In that Judgment the Bank and Developer were convicted jointly and severally to refund the deposits.

Of course, the developer never paid, so Banco CAM had to.

That is why I refer to us as 'having possession of our money on an interim basis pending the result of the Appeal'.

But this is a big step forward and it is good that Banco CAM (SabadellCAM) has paid the money after we 'provisionally enforced' the First Instance Judgment.

Either way - in our favour or in favour of Banco CAM - the Appeal decision will create Case Law!

Kind regards

Keith

Interim or not it is still very exciting and vindication of all your efforts,very well done.

Hope springs eternal

all the best

Norman

I sincerely hope that it only takes a year Keith. As you know we had to wait 3 and a half years to gain a successful resolution against our developer appeal and still we await the court's acceptance of our lawsuit against the Bank who provided a generic Bank Guarantee. Timely enforcement of law should not be a "postcode lottery", hence my focus on the need for consistent and timely enforcement of law in Spain.

I hope you don't mind me adding this word of caution as I trust you know that I have every respect for you and Costa Luz, but we have to tackle this timeframe problem for trust to be re-established in Spain.

Hi Ads

I understand what you say.  Our Procurator told us that cases in the Albacete Appeal Court are normally heard within 2 months to 1 year.  So based on that I am saying 1 year.

The speed of the Appeal being heard is really down to how busy the relevant Court is.  The Albacete Appeal Court is, I suppose, considerably less busy than Appeal Courts in Malaga, Madrid, Murcia etc.

Kind regards

Keith

Hi Keith,

Let me add my congratulations to the other's!!

 " Yes we are currently arranging for the money to be released from the Court into a 'group account' at Costa Luz Lawyers.  The group members then have the choice to have their individual part transferred to an account of their choice or to leave it in the group account pending the result of the appeal.

For those who choose to leave their money in the group account they will get the benefit of interest on the lump sum paid to each individual on a pro-rata basis."

Have I understood you correctly, that you and the other members of the group have the option to have their deposites put into an account of their choice - e.g. back into their own account in the UK - with the risk that they might have to give it back if the unthinkable happens? OR leave it with Costa luz and earn interest on it? Is this your legal right, or something you have pre-arranged with Maria?

Many thanks,

Chris

Thank you Keith, it sounds more hopeful for an appeal resolution in your area. Good luck.

Maria, may I ask is there any way that we (lawyers and clients alike) can call for greater resource to be made available to clear the backlog of cases in those specific problem areas that continue to compromise the actual enforcement of law in Spain?  To your knowledge, have for instance complaints on behalf of clients been formally placed to the relevant Justice departments, so as to add to the statistical data reviewed by the World Justice Project, or are these realities/statistics being hidden from view?

Hi Chris

Thanks.  Yes, you have understood correctly.  It is our legal right.  BUT....anyone who has the money transferred to their own account in the UK or anywhere else fully understands the situation if we lost the Appeal.

They would be under a legal obligation to pay the money back to the Court.  If they failed to do this then it would be a criminal offence and the Court in Spain would probably use an EEO (European Enforcement Order) via a Court in the UK to take criminal action against that person.

So the message is clear - if you take the money - earn the interest, but keep it safe at least until the result of the Appeal is known.

Kind regards

Keith

Thank you very much for this information. And the fact that the bank has appealled has on bearing on this right?

Many thanks again,

Chris

If the Bank had not appealed then the money would have been ours to keep.

As the Bank has appealed then we have 'interim or provisional' possession of the money pending the result of the Appeal.

Kind regards

Keith

Hi Keith,

That is of course very true. That was a bit of a stupid question.

I don't mean to push, but are you 100% sure of this right? Would Maria or another lawyer also care to confirm this? As, if this is true then it has some very serious implications for my family's situation.

Also, but if you exchange your deposit into £ and the euro continues to devalvue, then even if you do have to return it, you could gain some money back. It's a gamble, though, the exchange rate could go the other way again.

Cheers,

Chris