This email is for those buying a property in Spain from the developer San Jose, such as on the development Santa Ana Del Monte in Jumilla.
As you may already know, San Jose this week applied, voluntarily, for court protection against it's creditors. They blame the credit crunch and market conditions for their demise.
This now means that anyone who has put a deposit down on an off plan property through San Jose essentially has to join the creditors list to try and get their money returned.
We know most people don't even have bank guarantees so this is particularly worrying for them.
This is going to be a long and complicated process with no guarantees of success. At this stage we don't yet know the actual state of the finances at San Jose but group action is now called for to try and recover as much as possible from the developer.
Now, we have received many emails from worried people this week in total disbelief that they could lose all their money here. So, with a couple of contacts of mine we went to see the UK law firm Irwin Mitchell yesterday (
www.irwinmitchell.com). They are a huge company with huge resources and with huge experience in these cases. We went to see them to see if they could apply their formula to this case. They have branches in Spain.
They have agreed to hold a meeting next week to explain to people what the situation is, what the options are and what action they propose.
They explained that there are essentially three groups of people here:
1. Those with bank guarantees should be ok
2. Those with no bank guarantee but did use a lawyer
3. Those with no bank guarantee and no lawyer
They have set a provisional date for a meeting in their offices in Birmingham on Wednesday 21 May 2008. They need to know how many people would be interested/ are able to attend.
This is a very serious issue and this is a good opportunity to meet other people in the same situation and to ask questions as a group to these lawyers who have been through this before.
You need to register your interest by filling in the form TODAY at:
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Fill in the form
Even if you can't attend but would be interested in joining in with this group action then please fill in the form TODAY.
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Fill in the form
Your details are totally confidential and will only be used but Irwin Mitchell lawyers to contact you.
I hope you can attend the meeting. I am very pleased that this company is willing to take on this case as they know how complicated it is dealing with so many individuals, each with their own unique circumstances.
In the meantime you can also see the discussion about this subject on the
general forum on Eye on Spain.
I wish everyone the best of luck with this and if there is anything I or my team can do to help then please just shout.
By the way, in case anyone is wondering, we are not getting anything out of this personally. I am just trying to help as an independent party. I just wish there could be more we could do to help.
Best regards
Justin Aldridge
www.eyeonspain.com