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18 Jul 2008 12:00 AM by mariadecastro Star rating in Algeciras (Cadiz). 9419 forum posts Send private message

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If you were not granted a Bank Guarantee for the deposits handed in any of the FADESA  development ( now in ways or being under judicial administration for creditor´s meeting), you ahve got a way to obtain a guarantee for the money that you have paid and which were not guaranteed by the legally obligatory Bank Guarantee or Insurance Policy out of 57/69 Law or General Building Act of 1999.

There are some  Commercial Courts Magistrates that, out of interpretation of the Bankruptcy´s Act, consider that those buyers off plan of real estate are  special and privileged creditors and this translates as them having a real guarantee on the asset they were buying so none else but them, the buyers, can exceute that asset for the cashing of the debt against the company under bakruptcy.

This way, you stop your building process but keep the buying or executuion rights on the property you were buying: much better than being lost among the whole bunch of creditors of the company: worrkers, suppliers, lawyers, banks....



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria


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