10 Sep 2016 12:55 AM:
A deeply distressing outcome for the depositors. They were sold a complete pup. This decison was made in a local court and ther can be no surprise that the outcome was found in favour of the developer.
It's dreadful that it seems to have taken so long to come to this decision at a local level. It is enough to weaken the strongest resolve and the deepest pocket. It is surely designed to weaken the possibility of appeal.
My understanding of this situation has always been that units were sold on the understanding that the development would be a high end luxury resort. The hotel was an integral part of this. The De Vere link was crucial and a major part of the marketing. However if you delve deeply it is apparent that there was never a formal contract between De Vere and Calidona. It's outrageous that the literature produced by Calidona should have included the De Vere branding IMO.
I believe EU funding was made available to build a hotel on Corvera on the basis it would generate employment. Whether it was recieved might be worth looking at. Although Calidona sensibly made a point of forming several separate legal identities to deal with different parts of its business and will therefore be prepared to wipe it's hands of any responsibilities.
If this judgement is being based strictly upon what was delivered it might be worth reviewing exactly what was built in comparison to what was signed for in the plans ie looking at aspect, actual square meterage, specification of finish etc. But that's a pretty long shot.
Community thread:
Court Ruling Non-Completors
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