So that Consumers can be free from Bankruptcies

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18 Jul 2008 00:00 by mariadecastro Star rating in Algeciras (Cadiz). 9347 posts Send private message

Legal Questions? Speak to Maria Direct
If you were not granted a Bank Guarantee for the deposits handed in any   development  by a company  under creditor´s administration  you have got a way to obtain a guarantee for the money that you have paid and which were not guaranteed by the legally obligatory Bank Guarantee or Insurance Policy out of 57/69 Law or General Building Act of 1999.

This is the way to try: There are some  Commercial Courts Magistrates that, out of interpretation of the Bankruptcy´s Act, consider that those buyers of off plan of real estate are  special and privileged creditors and this translates as them having a real guarantee on the asset : ( the asset is the guarantee) , that is a kind of  legal mortgage: a mortgage in your favour and provided by Law   . This way noone else but the buyer  can exceute that asset for the cashing of the debt against the company under bakruptcy. Money is quite much protected this way.

This way, you stop your building process but keep the buying rights  and get execution rights on the property you were buying: much better than being lost among the whole bunch of creditors of the company: workers, suppliers, lawyers, banks....



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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