Herrada del Tollo S.L Case Update

Hi All

I found this on the net today i have a Google alert for anything regarding San Jose. Please note its a copy and paste so dont hold me for Inaccuracies!

http://www.dwf.co.uk/files/upload/Herrada%20del%20Tollo%20S.L_131108%20Case%20Update.pdf 

Herrada del Tollo S.L

13 November 2008 – Case Update

Update relating to the current situation of the developer Herrada del Tollo S.L. and the

insolvency arrangement no. 275/2008 R.

Further to our previous update of 7 October 2008 we now take this opportunity to inform you of the following.

As you know a meeting took place early in October between Mr. Emilio Lucas, the company Directors at Herrada del Tollo S.L. and the Insolvency arrangement Administrators. The purpose of the meeting was to discuss the situation of the group of clients represented by DWF LLP and by Mr. Emilio Lucas and try to find an amicable solution that can avoid the litigation.

There were talks about entering into a termination agreement whereby the developer would acknowledge being in breach of contract, as the property has not been delivered within the specified timescale for most of our clients, nor does it look like it will be finished within the agreed timescale for those who have a later completion date. The purpose of this agreement was to enable those with bank guarantees to obtain an immediate refund from the guarantors Banco Pastor and Sociedad de Garantía Recíproca. 

Unfortunately, the guarantors have not confirmed whether they would honour such an 

agreement and it is now necessary to issue proceedings against the guarantors to enforce the bank guarantees.

With regards to the remainder of the clients who wished to obtain a refund but do not have a bank guarantee in place, there were talks about the possibility of signing a termination agreement whereby the developer would acknowledge the obligation of returning the money to the purchasers although no clear indication was made as to how much and when the money was going to be returned 

Since then, it appears that the administrators have offered certain lawyers the possibility of signing a termination agreement whereby the developer acknowledges its obligation to refund the deposit to the purchaser plus a small amount compensation, which in some cases has been in the region of 2000 €. The document does not mention when and how the purchaser will be paid and more importantly the document states that the purchaser is considered an ordinary creditor.

 As you are aware, being considered an ordinary creditor means not having priority when it comes to getting the money back.

Mr. Lucas believes that the above offer is not fair because our clients should be considered credits against the insolvent's estate or "priority credits", to use a more familiar term. These credits are the first to be paid and hence that Mr. Lucas is not happy to sign the agreement offered by the administrators so far

As you are aware, Mr. Emilio Lucas requested the following to the Administrators and the Court when filing your documentation:

• The recognition of priority creditor status (credits against the insolvent's estate).
• An immediate and full refund of all amounts paid.
• A payment of 6% annual interest from the date in which the property should havebeen delivered.
  

   

 As no agreement has been reached with the administrators in this regard (and no clearindication as to whether the development will go ahead or not has been shown yet) the matter will be discussed with the Judge in what is called an "incidente concursal". The latter is a sub-procedurewithin the main insolvency procedure. The Judge will have to make a decision and state whether he agrees with the points above.

As usual, if you do not hear from us directly is because nothing relevant has happened. As soon as something important takes place we will let you know via email and if extremely urgent we will contact you by phone to the telephone number provided by you in the client questionnaire. 

Yours faithfully

Antonio Guillen

DWF LLP

Manchester, 13 November 2008 

Thanks for that Clive

This solicitor is representing some forum members it is obviously an update sent to them that you have picked up but makes interesting reading

Linda & Dave

What?  Tony mine is Spanish but is slightly clearer to me than that??  Can you translate or have I had a glass too many?

Crikey

Was that translated by a drunk Icelandic banker

I would be a bit worried if my lawyer sent this out to me  .It is little wonder Tony is so ill informed !

Surely

It can be pinged off to Almudena for a better translation than that......................if a weekly phone call with so much repetition is OK..........why pass up the opportunity to get a proper translation.

anyway,...thats what the lawyer is paid to do.....why struggle to do it yourself

anyone smell some bul***t about that posting?....cos i do

Brian, you may smell some bul***t, but there are those who have been given so much of it, they get immune to the smell and accept it. 

Remember, Tiger has been insulted and abused by some on here, but is obviously immune as he comes back for more. Much the same really.

There are those.

Yep FIN

But i mean....what kind of cheapo lawyer is it that sends that to clients?..................Its so unbelievable.is downright funny

I wonder if the lawyer can 'twigit'........hes probably on the chorros and chocolate as well, takes holiday snaps round Torremolinos with a sombrero in his hands..........in his spare time.

I would want that guys qualifications sent to me by return.......lol

Was he recommended to the SARC members?

Good heavens.................

But there is an advantage in them getting setting garbage. They can't understand it so there is nothing to worry them, then a quick call to a mate who says all is OK and the result. A vision of 18 months time, 1500 properties, sitting, sipping, sunshine.
Fantasy Island (well inland).