02 Aug 2010 4:24 PM:

 Hi Ads,

I cancelled the contract on the basis that the developer had failed to fulfill it (the apartment was not finished on time) as i was advised by my lawyer.   My action was open to challenge by the developer but I heard nothing.  How could they challenge when the development is over 2 years late, and showing no sign of being completed?  They are demonstrably in breach of the contract.

The insurance company tried to use the fact that the administrator for the developer had not agreed to cancel the contract as a means to refuse to pay out on the bank guarantee.  It seems that the insurance company realised that this position would probably not hold up in court, so they decided to settle.

D

Thread: Success claiming under a bank guarantee

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02 Aug 2010 3:56 PM:

 Hi Ads

I did not sue the developer as I had cancelled the purchase contract and therefore no longer had any contractual relationship to sue under.  My claim was against the bank guarantee which the insurance company refused to honour for over 12 months.  They eventually negotiated when the court case was listed to be heard.  Hope that helps, and good luck with your case.

Regards

Donal79

Thread: Success claiming under a bank guarantee

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02 Aug 2010 12:00 AM:

  Hi all,

 

I want to pass on some good news to anybody claiming on a bank guarantee.  I have just received a settlement of my claim from ACC / Zurich on foot of my bank guarantee (related to Medina Golf outside Granada).  The good news is that having gone through the process of sueing ACC / Zurich to enforce the guarantee, they decided to settle before the case got to court.  This is a breakthrough for Medina Golf buyers and I hope that everybody else can now claim under their guarantee with a positive expectation that the case will be settled.

I settled for my original investment plus a portion of my legal costs.  I did waive the legal interest that I would have been entitled to if I had won the court case, but I was happy to negotiate a reasonable settlement and avoid the risk of taking it to court.  The settlement also means that I got my money back immediately, rather than risking a protracted court process in Spain.

I would be delighted to provide further details by private mail to anybody who is going through a similar process.  I can also recommend my lawyer, Miguel Gonzalez Raya, who is based in Almeria.  He has practical experience of negotiating a very good settlement for me.  

 

All the best in getting your money back, and many thanks to everybody who i exchanged emails with over the past year.  The EOS website was a godsend in providing me with practical information from others, and some hope that I would get my money back.

Good luck,

Donal79

 

 

Thread: Success claiming under a bank guarantee

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02 Apr 2010 12:00 AM:

Hi all,

I have made a claim on my bank guarantee in relation to an apartment in Medina Golf, Granada.  ACC Sequros are refusing to honour my claim, and I am taking legal action to enforce the guarantee.  Is there anybody else who has either successfully claimed against ACC Seguros, or is in the process of doing so?  If so, I would be very interested in comparing notes.

Thanks,

D

Thread: Medina Golf - has anybody successfully claimed on the Bank Guarantee?

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24 Oct 2009 11:06 PM:

Hi Roy,

I am in the process of suing ACC in relation to a BG.  I am very interested in how you approached Zurich in the UK.  Did you have particular contacts with them, or did you approach them through their Customer complaints department or Public Affairs?  If it is possible to prevail on the parent company to put pressure on the subsidiary, this is an avenue that I would like to pursue.

I am fascinated that such a large company such as Zurich is prepared to allow a subsidiary to refuse to act on bank guarantees, apparently in blatent contravention of the law.  It would seem that the reputational damage for such a large company arising from such an approach matters little to them.  Or maybe you can advise otherwise. 

Any advice on how you approached Zurich would be gratefully received!

Thanks,

Donal

Thread: bank guarantee success at last

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