Colds and Stuff?

My understanding is that we do not fall in to any of the categories kindly posted by Brianmags and therefor will not go through the full Liquidation process when it happens.

Hello Julie

Only if the judge upholds our case that we should not be treated as creditors (because our monies are in a separate account) If the judge does not agree to this then we will be at the bottom as he says.

Hi Lincoln,
                      What you say is very true and every one should be aware of this

 But I feel that if they go into liquidation then we are all F***ked and out of pocket big time and i mean big time what we realy need is the survival of the company ( as much as some would hate to see that happen) as this way we all win those that want their houses and those that want their money.

Iif there is no company bye bye deposits to be completely blunt.
           
Whether you want you house or your money everyone should hope that funding comes from the financial sector and sooner rather than later as if they survive then all our money will be safe.
regards Brianmags

Not necessarily. It all rests on the shoulders of the judge. The decision to award purchasers their money back if requested however will most certainly lead to liquidation and so I do not think everyone on each side can win.. although I would like this to be the case like you

Thanks Lincoln, at least we are seeing the reality of the situation even if our aims are different good tospeak with you with decent comments and auruments logically laid out best wishes to all of us
brianmags

Hola Todos,
With regard to the monies held in a secure Bank Account. It has been stated earlier that the creditors list supplied by Herrada del Tollo included 1500 creditors.Assuming an average deposit of 30,000 euro  that comes to an initial deposit of 45,000,000 euro (45million euro ) on a secure account ( that cannot be touched  we are told ) this money placed on the money markets gaining interest at 6% brings in another 2.7 million euro a year. Since monies are there from 2005 it should now be well over 50 million euro.  Lucas Associates state that there is 39,000 euro  ( I hope they meam 39 million euro ) on deposit at the Bank. Where is the missing 11 million euro ?.
In the article published in the Costa Blance Times by Nuria Parez she states that  " San Jose face a bill of nearly 4.5 million euro for another 200,000 square meters of land and other smaller plots which they do not own " Once the land has been paid for , the remaining administrative procedures will be carried out "
I cannot understand that if San Jose have all this money on deposit in a secure account why the Spanish Banks are reluctant to facilate San Jose with 4.5 million to complete the purchase of thr remaining plot of land to secure the future development of the project ?. Can anyone throw any light on this ?.
saludos.

Hi Laganside
My understanding is that all the deposit money is in the seperate account, minus 36,000 (36 thousand) euros.  However, we are waiting the judges decision on whether this will be kept ring fenced for refunds etc going forward. (fingers crossed).  

Also for the record, I think the average deposit will be more than 30,000 euros - they have 90,500E of ours!!   

What appears to be coming out of the forum lately, is this will be an either/or situation.  Either people will get their houses OR we get refunds and the company goes into liquidation.  I hope this turns out not to be......

Tracey

Hi, we know the questions has been asked many many times on the forum and we may well have missed the reply, but has anyone proven this this money is safe in a separate Bank Account(s)?  There must be documented proof somewhere if this is true at all surely?  Was it a members Lawyer who found out this information.  If so can you re-post the proof again for us. 

We agree with you Tracey, and believe the Deposits were on average a lot higher than 30,000 euros.  They have just short of 97,000 of ours.  If someone can prove that this money is safe and now ring fenced it would put a lot of minds at ease right now.  But its proof we all want.. if it cant be..

Does anyone know (fairly accurately) when the Administrators/Judges Reports are expected to be made public?   We read 30 days from ?when.. Time is playing rather well for them at the moment with a month's holiday coming up.. it would be music to hear something official before then for us all to be able to think carefully about which way we want to go as individuals.

Sorry to ask Linda,Tony,Brian,  but are you hoping to be able to post the notes from your meetings soon?

Sally the 30 days started on the 9th of June and will expire 1st of September. Justin posted it the other day . Cheers Joanniemac

Of the two emails (from legal people) about the money being in an escrow account, both mentioned a shortfall of around 39000 euros, however as laganside has mentioned, what's happened to all interest accrued on these funds, or are SJ allowed to cream off the interest.  This question goes out to our legal representatives.

The other point about the list of Creditors, I personally have seen the list,  it not only included purchasers, but other creditors including CAM bank where the figure was 9 Million euros.  So it would be difficult just using the creditors list to guess how much is in the secure account (if it exists).

There is a final point which I don't know if it's the same in Spanish law or not, but purchasers of property are different to creditors and often have more rights and come higher on the list when it comes to being paid out.  I wondered if this is why San Jose declared purchasers as creditors as we would have less rights when making a claim.

It was the fact that purchasers were listed as creditors that gave the indication to the legal professionals that the build would not continue.

Regards to all,

Steve.

Hi Sally

My solicitor told me that the funds were there in a seperate account, however that is not the same as it being safe unfortunately as in theory the Judge could decide to put this money in the larger pot when sorting out the money.  Sorry not to allay your fears

Tracey

Thanks Tracey, I appreciate the reply... its just been said a fair number of times but never proven.  Your right, it's time to wait for the Judge.  
Take care

Sally

Hola todos,
I stated an average of 30,000 euro , as mentioned by alantracey / martinbrothers many have deposits much larger than this making the money held in an escrow account much larger than 50 million. If this is the case why are the Banks reluctant to facilitate San Jose with 4.5 million to complete the purchase of outstanding land at Jumilla and proceed with the build?. There has to be a deeper reason for this action or a BLACK HOLE somewhere !.
Saludos.

We have no proof the money has been in an account earning interest. It could have been put there just before administration.
Debbie

Hi Guys 
 I don't know why everyone is going on about interest but if you expect to get your money back with interest then that is the last payout number 5 in order of where it comes and may take years to get anything back at all if it goes to liquidation so please don't count on it. 
      I still believe that the best route for all is that they get refinance and the chance of getting full refunds back is better.
brianmags

No I dont know either It is just about as mad as you going on about getting refinancing and getting your house !


This message was last edited by julie anne on 7/11/2008.

brianmags..ask yourself this. take a deep breath and try to forget about Jumilla and your dreams there. Imgaine you are a profit making organisation (certainly not the NHS)

If you had millions to invest would you do it in a place where land expropriation has not been paid/half the investors want to sue for breach of contract/ there are not licences for any of the things that would attract further buyers/ there are water issues/ land and house prices are depreciating and the ability to finance at the moment is limited.

Given that housing is the hardest hit area in the economy at the moment..if you had money to invest would you do so. I know the age old scenario that you should buy when down. however we are at the start of what is predicted to be a far worse crisis not at the peak where peope may choose to speculate

I honestly do believe that if anyone who wants their house tries to consider objectively then they know that the chances of them getting a house are non existent almost and if they get oe it would be worth half of what they were paying without any facilities.

can you honestly answer that this is what you would want.

I have not seen anyone answer the question yet about whether they would want their house with no swimming pool shops or golf course..even though this has been asked many times

So please could you answer this now just for my own sanity check

If the IWMH people really did they would not have gone in to the legal administration process at all .If they are absolutely sure  100% of getting their houses why bother they want there houses but are also registered to get their money back .It seems to me truth is if offered people would take what ever they could get first. Anyone rich enough to offer them their money back today no strings attached .Now wouldnt that be interesting !

JA until the Judge says that their is no hope for the company and te project after advice from the administrators and issues that final decree then I will continue to try an get my house consitant am i not
Brianmags 
I WANT MY HOUSE

I think we have gone away from the truth whole truth....etc. recently, can i get back to reality for a while please.  I got some spare minutes to list some things.

Just want to backtrack a few weeks and re-state the options here if i may.

If the administration closes with the resounding hallelujah that the builder can carry on with the project, there are still many many over-run contracts where properties are not built or started...is that correct...  

No one can impose a fresh contract on a depositor, its not a dictatorship, so if the builder goes ahead, everyones happy, its agreed the deposits can be paid back, and i for one (with many like minded individuals) will ask for my money back immediately.

The people then wanting the place built have the same builder, but many less deposits and customers and have to attract new custom, and i say good luck and hope you get what you wish for.....as they do to me.

When we hear of things like...the administrators are having meetings with residents comittees and the administrator is deciding how to use the money in deposit accounts, its an extreme wind up for people........but its just blah blah blah really.

If the deposits have to be kept in a secure account by Spanish Law (57 1986 was it?...check with your solicitor), you can shout boo and hiss if the builder broke the law......but the administrator to break the law, in a mercantile court?  Your havin a laff.

The only way the builder can carry on is if the whole thing stacks up....including paying back on failed contracts.  Thats why customers are so important to them......i am happy each time the SARC scheme gains momentum, it helps my cause to get me my money back.

I wont stand for any kind of subsidy though......and neither will the solicitors.....in the end thats why they may be worth their money.

Brian