Aifos´ bankruptcy.

Hi Patricia:

Thanks for the info... let´s see what happens. I have also been told that Aifos is being bought out by vasques. Do you know of this?

Best regards,

Maria

Hi María!

No, I did not know anything about someone buying them.

Here in Málaga the rumour about its bankruptcy was really strong these last days. Now we have the confirmation the insolvency proceeding has been asked by its creditor/supplier. We will see what the Court says about it and how many promoters and providers (apart from buyers) are affected by this case.

Regards from the Costa del Sol!

Yes Patricia.... and we will have to sharp the remaining tools for our clients.

Best of the lucks with your actions and keep the enthusiam up!

Maria

Ps.- Please let me know if you are ever around.

Of course, that is our aim, defending our clients´ interest and rights.

Yes, I will let you know if I visit your area!

Thanks!

Regards

http://www.marbella-lawyers.com/wordpress/aifos-creditor-petition-for-administration-procedure-turned-down/

Yes, the Judge has turned down the petition brought by one of main´s Aifos creditors due to lack of evidences on the legal reasons for the creditor´s meeting.

Yes, María, the Málaga Company Court has not accepted the insolvency proceeding application deposited in that Court by one of Aifos creditor. The Court decision establishes the application is not right and accurate. As you say, the Court explains the reason given in the application does not justify this claim. We will see if this or other provider tries again.

Regards for everyone, Merry Christimas and Happy New Year!

¡Feliz Navidad, María!. Te mando un abrazo y mucho ánimo desde Málaga...

Patricia Morales

http://pmsabogada.blogspot.com

Feliz Navidad a tí tambien Patricia... a ver si nos conocemos.

Vienes por Algeciras o Tarifa?

Un abrazo,

María

Lo cierto es que no... tengo familia política en Algeciras (un par de veces he estado, pero hace ya tres y cuatro años...).

Si vuelvo, ya sé dónde encontrarte. Un abrazo.

When a company goes under what happens to all the unsold units? 

Reason we are asking....we are looking at several units that are new on the Market (10 units by one developer, 33 by another).

Our worry is we may be the only owner or a couple of owners left...so what happens in this case?

Thanks Rob

They can keep selling house with the consent of the Judicial administrators and you, as a owner can ask the Administrators to conribute to tye maintenance of the common areas.

Best,

Maria

Thanks, we're looking at a bunch of new developments around Madrid. We were a bit concerned as very very few units are selling (was talking to the bank manager at Deutsche Bank and she said they are doing almost no mortgages anymore) and we didn't want to be the only owners. We've been looking and prices are coming down but they are still way above affordability. Everyone figures including me that it's best to wait another 12 months to buy as prices have a lot further to fall.

Personally I think the biggest issue facing Spain is that almost everyone here owns two units and are facing a cash flow squeeze, give it another year and I think it's going to turn a whole lot nastier. Unless your a buyer than it's great news.