Bank'ruptcy!

Hello just an update for those of you who do not know>
The developers Masdevallia applied to the Spainish Courts in July of this year, to become registered as bank'rupt. This information was given to me last week at a meeting I had in Spain with my lawyers. I was also told bank'ruptcy proceedings usually happen very quickly in Spain, it means that those of us making a claim, become creditors of the company! For those individuals who have not registered their claim through the court, you might want to think again. Also those people who have not challenged the Bank Gaurantee's legally, the end of Dec. is not that far away!  of course the bank will oppose it, but at least you will be in the system. 
I would be very interested to hear from anyone who like me, signed the revised contract re: completion date?
Regards.
ZERO.

Zero

I presume that like us you are waiting to complete the purchase of an apartment in phase 2 at Nuerva Ribera.

We were contacted last week by our lawyer who advised us that the bank gurantee runs out at the end of the year and that because completion is unliklely to take place before then we will be without any guarantee unless the adminsitator was to arrange for its renewal. The administrator hasn't even had the curtesy to reply to this question. Our lawyer didn't mention that the developers had gone bust though. However this is not suprising given the delayed completion.

We are almost certinaly going to take action and seek to rely on the bank guarantee and having done some research it seems that you are right: the bank will try to avoid paying out, the main tactic being delay and consequential legal costs. If you have already taken this action I would be most interested to hear from you. Indeed anyone else who has embarked on this course we would urge you to make contact. We need to stand together on this.

I was dissapointed that our lawyer deflected my request to pass on our contact details to other clients who were purchasing on phase 2 with an invitation to contact us. She merely replied that she was unable to provide us details of her clients (missing the point somewhat - may be a refusal or may be just a mis-translation). On Monday she will receive the same request in Spanish. 

We have not replied privately because we wish to broaden the base of this discussion. However if anyone would rather communicate privately their privacy will be respected.

Steve