Civil Claim for Deposit Return: What did I get for my money?
Wednesday, February 2, 2011 @ 9:40 AM
Having spent several thousand Euros to get a decision against a developer and an order to pay I thought the matter was over...well it was only just beginning! Only in Spain!
We then had to pay more to go through the process of setting the debt against some of the developers properties since they had no liquid assets (apparently). So these specific properties got identified and then basically someone else came along also assigned their debt against the same properties! So what we had identified for security of what they owe which leaves us with no security now as there is no equitly left for us there! If only the solicitor had said that such a risk existed then I think I would have thought twice about taking such action in the first place.
So then then the solicitors did a check to see what else there was to go for and found there is nothing. Therefore they thought that they should call a creditors meeting so that we can secure at least 25% of our debt as a priority over other debts the company has. Good idea, but in practical terms if I get 9,000 of the 36,000 I am owed and then I take off all their legal fees I am just going to be left with a few thousand meaning all this time and effort and expense was a waste! I might as well have done nothing!
I suppose a challenge against the banks is a harder one to win without a bank guarantee but at least if it works we get the full amount plus legal interest for 6 or 7 years or whatever it will be by then.
Please also see my sister blog under 'Intersting Links' on the right hand side here...