Aifos´ bankruptcy.

Aifos have applied to the Court for Bankruptcy, the courts have to agree and it could take several months, strange how it takes years to try and get money back from them, but only months to declaire themselves bankrupt!! Anyone with cases going through good luck!!!

Only one comment: Aifos HAS NOT APPLIED for bankruptcy: one of their providers/creditors has done it. 

This is the difference between a voluntary insolvency proceeding (applied by the company) and the obligatory insolvency proceeding (applied by a creditor´s company).

Regards

Just got back from spain,visited Aifos in their new location,what a job to find if you are visting let me know and i will give you directions.

Spoke to Mathias at some length,DEFINITELY Aifos have not filed for bankrupty themselves ,but one of their creditors has and they are trying to reach and agreement with them,they are still trading and i visited sales office at Hacienda and it is open for business.The person dealing with the case (judge) is away and they cannot speak with him to try and stop the proceedings,wether they will be able to they dont know!!!So it could be a while before things are sorted out ,their words not mine.

In the meanwhile they are waiting on the monies from the bank for them to proceed with Hippodromo ,which they say could be released at anytime and they could complete by mid 2009.

In conclusion i feel that if the creditor gets a judgement then we would be listed as a creditor and get nothing or the bank can get another builder to complete the development whom would want more cash from us ,(the words of my contact at CASA Blanca).to complete the project.

Overall then things are pretty bleak,just to confirm i visited all the other developments around the Hippo area and all have stopped buiding.