03 Mar 2010 12:00 AM:

Hi All,

Been a while since I posted last but with the situation with Polaris World we have lost a little heart. Still affter numerous emails and telephone calls we are no further forward, No response at all from Polaris so now we are going down the legal route witha lot of apprehension. It is hard to trust anyone involved in the property market in Spain. So many false promises and lies.

Anyways the main issue for us now is to take Polaris on legally. We have been in touch with many lawyers and had loads of contact from others who want to assist us but we are looking at DECOTTA LAW(DE COTTA, MCKENZIE & SANTAFE)

Has anyone at all used these lawyers and what has been their experience.

We need to move on this now and all information would be most welcome.

Michael 

Thread: DE COTTA MCKENNA AND SANTAFE LAWYERS V POLARIS WORLD

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30 Dec 2009 3:59 PM:

Maria,

This is great news. Can you send me the breakdown as we discussed yesterday to get this moving thanks.

Thread: Bankers Guarantee with Polaris World.

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30 Dec 2009 2:22 PM:

Karen,

Today after many weeks I have received a email back from polaris with their opening times after requesting a meeting at their head office with their legal team. I have paid 42000 euro's on phase 2 on La Terrasaz de la Torre and my appt has not even started or a brick laid. I met them in July and was told that customer services would apply to their legal team to get my bamkers guarantee. This has still not happened and that is why when I am out on January 11th I will go their office again.I  have asked that one of their legal team is there as time is of the essence. I contacted Banco De Vlaencia for my BG but they refer me back to Polaris. I would have thought that my money would still be sitting with the bank as work has not commenced at all. I am seeking legal advice now to at least get my BG. Do you have one and have you executed it???  We all need to come together so we can at least get our monies back.

 

Michael

Thread: Bankers Guarantee with Polaris World.

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29 Dec 2009 11:07 PM:

Maria,

I am in Murcia on 11th January to 13th January staying at La Torre in Torre Pacheo. I need to start proceedings to get this BG issued. I am going to their head office but they will only let me speak to Customer Services as their legal team will only speak to lawyers like yourself. What is the cost for you to start proceedings against polaris for the BG as this is very crucial given that they could go bankrupt at anytime and administrators appointed. Where are you based and can we arrange a meeting for Monday 11th January. Thanks

Thread: Bankers Guarantee with Polaris World.

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29 Dec 2009 7:52 PM:

Maria,

Please see below and best advise.  I have been constantly emailing Polaris and telephoning Customer Sevices and now I have been passed this newsletter which has left me shattered and no where to turn to. If Polaris go bust do I lose everything or can I then chase the creditors Banco de Valencia who should have issued me my BG through Polaris. Is there anyone out there who can give me some advice. Thanks

Polaris World calls to renegotiate the debt of several subsidiaries to avoid the meeting of creditors

Polaris World looking for oxygen to avoid the insolvency proceedings
Polaris World in Murcia has asked the court to allow several of its companies to benefit from three months Insolvency proceedings / Creditors genetal meeting protection in accordance with the Insolvency Act to allow them to renegotiate their debts, according to company sources of the residential tourism group.

The company filed for approval on 22 December and the request was presented to the Commercial Court in Murcia according to judicial sources. Polaris World is now under a provision of the Insolvency proceedings law that allows commercial companies the opportunity to amicably resolve their debt situations without resorting to judicial process. The Act states that if the negotiations do no complete within 3 months, the group must request to be declared Insolvent within the next month. In this case, the judge would have to appoint a Court administration to creditors, within 15 days, and report the debts that the company has with them.

Last June, Polaris World was negotiating its debt with its major creditors, Bancaja, CAM, Banco Popular, Banco de Valencia and Cajamurcia. It is thought that this amounts to a total 900 million euros, which was used to finance the construction of several of its resorts in the Murcia region.

 

Thread: Bankers Guarantee with Polaris World.

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