San Jose into liquidation.

Post reply   Start new thread
:: New - Old :: Old - New

Pages: 1 | 2 | 3 | 4 | 5 | ... | Next |

Forum home :: Latest threads :: Search forums
The Comments
13 May 2008 00:00 by georgia Star rating in Algorfa (As seen on .... 1839 posts Send private message

Vip Supporter

georgia´s avatar

Hi All,

I have just been told that yesterday San Jose went into liquidation.

I have mentioned this company before on here and aired my concerns.

This is the time when i hate being right........

 


I have just received information that the builder San Jose is going into liquidation

_______________________
www.orion-ire.com info@orion-ire.com still here after all these years!



Like 0      
13 May 2008 14:20 by EOS Team Star rating in In Spain of course!. 4017 posts Send private message

EOS Team´s avatar
My understanding is they have filed for court protection from creditors (like Chapter 11 in US).

Quite a worrying time for buyers as I think most properties were sold without bank guarantees.

Will post any new information as and when I get it.

Justin

_______________________

Schools in Spain Guide | The Expat Files | Learn Spanish | Earn a living in Spain




Like 0      
13 May 2008 15:25 by sterling Star rating in Kent & Partaloa, Alm.... 206 posts Send private message

San Jose have applied for voluntary administration, on Friday. A judge will decide if they have enough assets to cover their creditors. Apparently this takes about 2/3 weeks ** EDITED - Disallowed website **

I have been told that they have enough assets but  it looks doubtful  that  development will go ahead.  I think there is some news on www.spanishpropertyinsight.com also.

 



This message was last edited by EOS Team on 5/13/2008.

_______________________
Sterling



Like 0      
13 May 2008 16:03 by georgia Star rating in Algorfa (As seen on .... 1839 posts Send private message

Vip Supporter

georgia´s avatar

My contact seems to think that they have little asset against debt ratio which will mean that there will be an awful amount of creditors in the queue.

i would say the banks will call in their finance first and the clients who had paid deposits will be way down the pecking order.

The implications on a wider scale are that a large amount of the larger agents that used to constantly stream up to Jumilla will fall along with the developer,they will all be owed commissions due on completions that now will never materialise,this in affect will be passed onto their clients......

The signs were there,Albatera denied licence,El Pinet denied lIcence,Jumilla issued part licence.

i feel for anyone caught up in this mess as the ripples caused by this will spread and spread...........

 



_______________________
www.orion-ire.com info@orion-ire.com still here after all these years!



Like 0      
13 May 2008 17:18 by mariadecastro Star rating in Algeciras (Cadiz). 8857 posts Send private message

Legal Questions? Speak to Maria Direct
There are legal ways to  intervene in the bankruptcy process and protect off plan purchasers even if no bank guarantee is in place. It is a matter of specialists in Commercial Law and bankruptcy. Ask your lawyers to put imagination at work  as the buying rights themselves can play as guarantee somehow.


_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      
13 May 2008 19:26 by Chrissie1 Star rating in UK. 354 posts Send private message

Chrissie1´s avatar

Hi

As I understand the property development company is Herrado del Tollo S.L. it is those who are not able to comply.  San Jose have 300 million behind them so they are infact asking for Suspension of Payments which for the moment means they are trying to avoid liquidation by reorganising the company, surely that is not the worst news just yet.

What I cant get my head around is we are being asked to get in touch with our Lawyers and so far I cant seem to get hold of ours.  It really saddens me.  I would like to think that San Jose can survive because I have heard nothing derogatory (dont know how to spell it) about them as a Company. 

Does anyone know if the only option is to go to court and get our money back or, are there any other options.

Christina

 



_______________________

               
Chrissie   



Like 0      
13 May 2008 19:39 by mariadecastro Star rating in Algeciras (Cadiz). 8857 posts Send private message

Legal Questions? Speak to Maria Direct
I made a solvency check  of that company yesterday and it seemed fine.
Let´s see if the Judge finally admit the bankruptcy application and if so, again, there are legal measures to be taken so you can protect your money even if you do not have a bank guarantee.

Best,

Maria

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      
13 May 2008 20:50 by Andy&Lynne Star rating in Roda. 14 posts Send private message

I may be coming across a little thick here, but how can San Jose be bankrupt, he has taken 50% off everyone for their property, not one single house has been built, so where has the money gone

Im moving to Spain month next and renting an apartment whilst I wait for my house to be built, the money we put down with San Jose was to start our new life



_______________________
      LAG Living Our Dream in Spain  



Like 0      
13 May 2008 21:15 by Chrissie1 Star rating in UK. 354 posts Send private message

Chrissie1´s avatar

Hi Andy & Lynne

Same here. Where you supposed to be having a house built in Jumilla ?

Christina.



_______________________

               
Chrissie   



Like 0      
13 May 2008 21:41 by Andy&Lynne Star rating in Roda. 14 posts Send private message

Yes we are were due to be completed Jan 2008, then July and the latest we were told is end of 2008

We have sold everything in the Uk and as of next month moving to Spain to await our property being built!!!!!



_______________________
      LAG Living Our Dream in Spain  



Like 0      
13 May 2008 22:15 by Abolex Star rating in Andalucia - Murcia -.... 136 posts Send private message

Abolex´s avatar

Dear Andy & Lynne

If you have a signed completion date for jan 2008, you do have a strong chance of recovering your deposit.

First of all, you do have your reason to ask for a reversal of the contract and, therefore, to recover your funds. This should include your expense of renting an apartment.

In a bankruptcy process, as you do not have a credit yet (until you have a Court sentence), you can file a claim to the same Court that works on the bankruptcy and, therefore, your credit will be inside the process as a "litigation credit".

This way you achieve defending your debt and also being part of the bankruptcy.

You probably are upset enough of your "dream purchase" but try to be positive and start action as soon as possible.

** EDITED - Spam **

Regards


_______________________
Martin de La Herran Sabick Abogado / Lawyer (reg. 851 Jerez) www.abolex.es



Like 0      
13 May 2008 22:24 by Chrissie1 Star rating in UK. 354 posts Send private message

Chrissie1´s avatar

Hi

We are in the same position as Andy & Lynne and it is very distressing.  We had a completion date for May 08. We sold a lovely home in the UK in the hope that this was going to be a happy adventure.  Our Lawyers are not very good, we now know it was a mistake to have a Lawyer that was recommended by the Agent. It is a horrible situation.  I have felt sick all day and dont know what to do.

Christina



_______________________

               
Chrissie   



Like 0      
14 May 2008 06:31 by barry210357 Star rating in Burntwood, Staffs.. 109 posts Send private message

barry210357´s avatar

For Maria De Castro

 

We have a Property Reservation Contract through Amba Sun International S.L. for completion in May 2008.

The Contrato De Compra De Vivienda / Purchase Sale Contract with San Jose / Herrada De Tollo S.L. also states the following:- The balance of the total agreed price, plus the applicable VAT, shall be paid upon the signature of the deed of sale and purchase, which is expected to take place in the month of May 2008.

As we are still in May 2008, does this mean we cannot file a claim against the them yet ?

If so, when do we file a claim.......beginning of June 2008 ?

Please advise as to our best course of action.

Barry



_______________________
Baz & Sue R10 - 36



Like 0      
14 May 2008 07:14 by sterling Star rating in Kent & Partaloa, Alm.... 206 posts Send private message

hi All,

It's a terrible situation, we are in the same position our completion date is May 08. We tried to pull out in the middle of last year SJ flatly refused to give us a refund and it seems we were able to do nothing about it. We have no BG either we were promised on several occasions that it was coming. We feel totally let down because like most people we made enquiries about SJ before we committed and as far as we knew they had an excellent reputation but looking at the problems they seemed to have had with other developments it seems I don't know where this reptuation came from!!!

there is a lawer in Manchester who is going to act on the behalf of many clients and put forward a list of names to the judge in the case. we have been added to the list but to be honest we don't know what else to do my Spanish lawer hasn't even come back to me and I phoned in a panic on Monday. she e-mailed saying she cant get hold of anyone at SJ office's!! So we have joined the other clients because we feel there is a better chance of getting our money back if action is taken collectively If anyone wants to know any details etc PM me and i will let you know the website etc.

 

Regards

 



_______________________
Sterling



Like 0      
14 May 2008 08:01 by mariadecastro Star rating in Algeciras (Cadiz). 8857 posts Send private message

Legal Questions? Speak to Maria Direct
Dear you all:

I think we need to first wait till the bankruptcy is approved by the Judge. Then, your buying rights on an asset  with full Work License can be used ( with proper use of Minor Court Case Law which back that defense) as a real guarantee. It is not a simple legal way ( not even stated in Law but just in Minor Court case Law) but it is very effective and accurate to protect rights of off plan purchasers when developer sgoing bankrupt. It is a way to avoid being considered as just a creditor out of many but as a creditor with a guarantee over the assets that you are buying.

It is not simple, but a lawyer with god expertise in Commercial Law and bankruptcies will be able to sort it out for you of course.

Barry, I have sent you a PM as it is better to keep the forums for questions and answers which may be of commun interest. I am pleased to answer to you through the PM facility.

 For you all: Do not worry too much, you have got  a problem but it is not unsolvable and not a disaster.

Best,

Maria

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      
14 May 2008 08:16 by sterling Star rating in Kent & Partaloa, Alm.... 206 posts Send private message

Thank you Mariadecastro,

Your advise is very very helpfull

Many thanks



_______________________
Sterling



Like 0      
14 May 2008 09:13 by Linda Needham Star rating in Jumilla,Spain. 302 posts Send private message

Linda Needham´s avatar
Hi Maria

Do I understand correctly? That there is another way as in Minor Court case Law to achieve a better or same result.  Is this way likely to cost less?  I feel very reluctant to send good money after bad, although at this stage I feel there is no other option.

I am grateful to you for giving your time in this matter.

Linda Needham

_______________________

Linda Needham
La Alberquilla
Jumilla, Murcia


R4 308 For Rental




Like 0      
14 May 2008 15:02 by mariadecastro Star rating in Algeciras (Cadiz). 8857 posts Send private message

Legal Questions? Speak to Maria Direct
Dear Linda:

You are correct. The properties you are/were buying can act as a real guarantee for your rights. You need to have a Commercial Law expert lawyer to do so.

Fight and you will get.

Maria

_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



Like 0      
14 May 2008 16:09 by Linda Needham Star rating in Jumilla,Spain. 302 posts Send private message

Linda Needham´s avatar
Hi Maria.  You are music to my ears.  I am so sorry to ask  another question?

 "Then, your buying rights on an asset  with full Work License can be used"

What is the definition of the above in law.  The properties at Jumilla have the foundations laid for the first phase.  The final licence to build upwards has not yet been granted due to, a part, of the land needed to build the golf course being expropriated and the necessary paperwork for the expropriation has not been finalised to the best of my knowledge.


_______________________

Linda Needham
La Alberquilla
Jumilla, Murcia


R4 308 For Rental




Like 0      
14 May 2008 17:52 by briando55 Star rating in Yorkshire. 1770 posts Send private message

Hi all

This is a very messy situation, placing trust in the developer has not worked, now placing trust in Spanish Law on bankruptcy, which we don't understand, is that going to work any better?

I feel completely helpless, let down and screwed.  The ability of a developer to sell properties that dont exist on land that has no licence, make millions and collapse.  It sounds like a fraud of both the developer and the regional government where everyone has shared out our money and dont give a damn about anything other than their greed.

In the UK if a builder goes bust there is a creditors meeting and an insolvency expert decides by appropriate manner, a dividend to creditors,usualy nothing because the residue is carved up and shared out.

In Spain?  It seems the cost of chasing the debt through the court could be around 7000 euro's and it will take around 2 years to be told nothing to come, at my worst guess.  I am reading some really awful news here and thinking that one way or another it is just going to cost a whole load more money, and get screwed all over again.

Awful situation, awful people.

 

Brian

 



_______________________

Best wishes, Brian

 




Like 0      

Pages: 1 | 2 | 3 | 4 | 5 | ... | Next |

Post reply    Start new thread


Previous Threads

La Nueva Ermita - 0 posts
HELLDORADO - 3 posts
A question on how to advertised a property rental. - 2 posts
cheap car hire - 34 posts
Elegance Dona Julia - 3 posts
Emailing using a Blackberry - 1 posts
Ripples.................................................... - 4 posts
Electricity costs - 7 posts
4 Month old baby in Spain - 2 posts
WANTED 3 MONTH RENTAL - Early JUNE To SEPTEMBER 5th - 1 posts
Dona Julia - 6 posts
Schools - 4 posts
Laptop help please - 15 posts
How to find a good administrator? - 9 posts
buying golf clubs - 7 posts
Introducing myself to the forum - 1 posts
El Rocio - 5 posts
Anyone in Torrevieja? - 3 posts
Driving over in june - 11 posts
Cheap Flights & Accommodation ?? - 5 posts
Feisty Kitty needs new home - 2 posts
Swimming Pool Lockout - 4 posts
Van Rental in Murcia Region - 9 posts
Selling Luxury 2 Bed Apartment Los Granados De Cabopino - 1 posts
THE RAIN IN SPAIN AGAIN !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! - 24 posts

Number of posts in this thread: 340

DISCLAIMER:  All opinions posted on these message boards are the opinion solely of the poster and do not necessarily reflect the opinion of Eye on Spain, its servants or agents.


1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 |
Our Weekly Email Digest
Name:  
Email:
   


This site uses cookies. By continuing to browse you are agreeing to our use of cookies. More information here. x