Hi Maria Hope you are well . I have a rather complicated question I would like to know your opinion on ,
When a building company is in concurso/administration and the judge is deciding on which level of credit (without a hearing ,as in this case the judge has said no hearing ,the judge will decide ) what are the chances of him deciding that purchasers of off plan property will be credit against the mass . first line creditors ? is it unheard of ? has it ever happened before ?
Will the judge take any laws or circumstances into account when making this decision ? for instance consumer law ( if the property was being purchased by an individual as a holiday or permanent home ? ie consumer law )
Would it make a difference if the property was being purchased by a company or business or if many properties were being bought as a business venture to sell on at a profit ?
In short what will the judge base his judgement on ? perhaps it is like the UK where only government get this classification ie Tax ,vat , banks etc .
Thank you Maria as always your opinion is very valued and much appreciated MM
PS in the case of a few builders in administration we will know the answer to this soon ,I just wondered what your thoughts are Thank you
This message was last edited by MAGICMEG on 03/06/2009.