Aifos´ bankruptcy.

I am surprised that Aifos lasted as long as it did given the mind boggling incompetence and corruption rife within that organization. I guess we can say goodbye to the Spanish dream - or was that nightmare?

THIS IS VERY WORRYING ! DOES ANYONE KNOW HOW WE ALL STAND ! SURELY SOMETHING CAN BE DONE FOR REFUND OF MONEY ( LIFE SAVINGS)  ANY ADVICE OR SUGGESTIONS PLEASE !!

Fazarelli is the man to ask. Maybe if he passes by he can give us some inside information on what is happening with Aifos. I don't know whether everyone has just lost interest in gaining possession of the properties or whether their lawyers have told them all to keep a low profile but there does appear to be a distinct lack of interest in what is happening in Spain and Cortijo in particular. I received an email from my lawyer [can't say what it contained! ] but I would hazard a guess that Aifos is on its last legs. It will probably be years before anything is resolved although I guess that we are in a better position than most in as much as the apartments do actually exist; maybe somebody will come along and take it over and complete it in a few years time. Anyway, this morning in the post  I received my degree from the OU, diploma in Spanish and some English to make it up to degree level. What a waste of time, six years of my life dreaming the dream only to have a bunch of shylocks snatch it away.

A friendly reminder to please sign Our Petition if you are caught up in an illegal build, trying to get your money back, etc.  Our Petition will be presented to the Prime Minister in the New Year.  He has already been made aware of this.  The more signatures we can get, the better.  A Lawyer Complaints Document is also being compiled alongside Our Petition.

Thanks for taking the time to sign; it could make all the difference.

www.spanishpropertyscandalpetition.co.uk

The request made by Gestión de Obras y Reformas SL, to have Aifos made insolvent, has been refused by the court in Málaga. So the company still exists and is still trading.

From PMS Abogados

Monday, 19 January 2009

Hi. I am new to the forum and have just got back from Spain after seeing my lawyer abut the latest Aifos situation.

It seems the Malaga court has demanded a detailed financial statement from Aifos and have demanded statements of affairs from all the banks who have dealings with Aifos.

I have been advised that I should wait before canceling my contract and suing Aifos as my status as creditor cannot be changed in the short term and clarity on Aifos'  true financial position will tell me whether it is worth spending more thousands of € to recover some or all of my money. I advise anybody who has not yet started legal proceedings to wait a while as it is not clear yet whether a costly legal battle will yield any results. Any embargo already taken on Aifos properties will not be enforceable if Aifos does go into administration.

In my case building was stopped on my block due to contraventions of planning permission. It may turn out that the administrators decide to finish Cortijos as there would be a large influx of cash to  the company when everyone completes. These are decisions that the administrators will take after the financial position is clear, so those of you who still have a contract with Aifos may still be ok in the future but this is not going to happen quickly and the situation stinks whichever way you look at it.

If Aifos does go into administration - and it does seem extremely likely - people already in litigation will have there cases heard by a different court but I failed to understand the difference this will make. Perhaps it would be worth checking with your lawyers on this.

My lawyers have already won  several cases agaist Aifos and got their clients money back with compensation but the new situation changes a lot of things. I would still thoroughly recommend them though as they are professional and efficient and answer all my emails very quickly. A friend of mine (chartered accountant) lives in Fuengirola and they have acted for him for several years. Let me know if you want their details.

Whilst I am not suprised that this has happened.  Is anyone thinking of grouping together as a group and making a claim for our deposits?

I live in Cardiff, Wales.

 There are already group actions against Aifos - all getting nowhere. Everything is up in the air at the moment and for that reason I personally want to see the administrators' reports before I make up my mind what action to take. Unless Aifos wriggle out of it again, the best you can hope for is to register your claim as a creditor (much cheaper than litigation) and take the money if there is any at the end of the administration process. Even if you win your court case (which you eventually will)  there is no guarantee you will ever see a penny and it will have cost you the best part of 10,000 euros in legal costs up to this point. You see it all depends on what the administrators find when all the accounting is done. Things may even change for the better, who knows?

We are all in the same boat, as you know, so we all will have to do what we think is best for ourselves. However there is a petition you can sign via a link on suzie's post further down this page. 

Hope this helps

Good luck