up date

the judge in spain has given  the bank  one month to respond to my claim made through my solicitors on my behalf  for the return of my deposit , interest and all legal costs to date all though it does not mean i have won .

We are a little behind some of you in taking the action. In December our lawyers (GV&A) confirmed that they had instigated the legal action through the court against Caja Castilla La Mancha for execution of the bank guarantee (to meet the deadline of 31/12/08) and had previously lodged the claim in the the Malaga commercial court dealing with the bankructpcy of Masdevallia in accordance with the deadline for noticifaction by their creditors set by that court. Like most of you we are now awaiting a response from the court but don't expect much to happen for a couple more months.

Steve

Dear all

Does anyone have any updates regarding this development? As regards myself, I went over to Los Alcazares in February 09 to see my Spanish lawyer. To summarise, I have one deposit with a bank guarantee and one deposit without a bank guarantee (which the bank/developer did not want to issue). Therefore, people in similar circumstances have to have two court cases; one against the bank re the bank guarantee and one against the developers administrators re no bank guarantee.

The success rate and the possibility of receiving the monies paid where you have a bank guarantee is likely to be recovered and can take 8-10 weeks receiving the cash after initiating court action. I have seen evidence and proof of this at my Spanish lawyer.

As regards no bank guarantees, this process of recovering monies paid will take longer and the possibility of recovering the money in full is uncertain. Due to the developer being in administration, the creditors (ie. ourselves) will have to re-negotiate a "reasonable" amount to be paid back. This would have to be discussed through your Spanish lawyer. Also, the time scale of receiving the money could take a long time. This is a situation where we all need to ensure that we are all receiving consistent advice from our Spanish lawyers.

If anyone has received any monies back without a bank guarantee please record this on this forum asap and explain how this was performed.

Regards

Mark

Hi everyone

I was wondering if we can try to collate the updates as we are all interested in everyone's progress.

Mark, in your email below you mentioned that one of your deposits was covered by a BG: have you had this deposit money returned then?

Zero, in your email of 07 Dec you advised that the deposit had been paid into court by CCM bank. Was this a deposit that would be held by the court pending further action or have you now actually recevied it?

Chindo, your email of 26 Jan, you should by now have received a response from CCM as directed by the judge in January. Any news?

Phil and caroline when you learn of the outcome of your next court hearing on 16 march would you update us all?

If anyone else has any news please advise. We have nothing further to report.

Steve

Steve

I have not had my monies refunded back as yet for the bank guarantee deposit. But my solicitor showed me a case which was similar to mine and showed me the monies being returned where there is a bank guarantee. As explained before this can take 8-10 weeks after the court hearing. I am currently 4 weeks into my claim.

I will keep you informed.

Mark

Mark

Thanks for the update.

I am trying to establish what progress each party has made and then I will talk to my lawyers. They may not be as aware as us as they may only know the situation with their own clients.

Steve