Current situation at Golden Beach

When the development was mothballed in January 2009 some buyers exercised their Bank Guarantees,which were well written and complied with Spanish Law

The bank repaid the deposit plus interest at 6% and it took about 6 weeks to get paid-by transfer direct into the buyers Spanish bank account 

If you have a BG you should cash it in straight away

If your current lawyer does not move quickly, then get another one

Paul

Your statement that Torrevisa has recently started the administration process has not been confirmed and on another post on EOS Maria [ Lawyer] has stated that a recent solvency test was OK

Suggest that you move quickly re BG even if that means changing lawyers

Anyway, who told you that they had applied for administration?

Hi Brian,

We were informed by our Solicitors that Torrevisa S.A had applied for voluntary administration on 31st July - below is taken from their original email which we received from the Solicitors on 2nd September. Since then we've been trying to get them to confirm that they are in receipt of bank guarantees for the development and they're trying to arrange a meeting for all owners in the UK once the administration has been confirmed.

"The site is nearly finished, some phases more than others, but apparently the normal operation of the company cannot continue and we have been informed “off the record” that they have been forced to go into Administration.

 In Spain the Administration process is knows as “Concurso” and is ruled by a new and very complicated Law, called “Ley concursal”. When someone voluntarily presents an application for Administration at court (“Juzgado de Lo Mercantil”), the Judge has to study all the circumstances and decide on acceptance, or not, of the application. The decision of the Judge will be based upon there being enough assets to repay the creditors.

 We have been told that TORREVISA, S.A. applied for voluntary administration on 31st July this year and, as August is a “non-active” month at courts in Spain, the Judge will make a decision in September as to whether the application should go ahead.

The Judge at the Juzgado de Lo Mercantil has to study the whole documentation presented by TORREVISA, S.A., to decide on the acceptance of the process and announce it officially afterwards. We would expect this to have happened by the middle of September."

We're yet to receive any further update since this original email of 2nd September.

Any recommendations on another good lawyer?

Many thanks
 

Thanks for the information

You seem confident that it is correct

When tbey started selling this development BG were issued quite quickly so lets hope that your lawyers have the documents and can act quickly

That's all we had from our Solicitors so far so I'm assuming the information is accurate to date.

If I get any progress from Plus Advisors I'll post it up here.

Hi All,

If anyone on the forum is in the same situation as us regarding a purchase on Golden Beach, I'd be very interested to hear from you. We were originally introduced to the development through IAP and have used Plus Advisors as our solicitors to date.

Please feel free to Private Message me.

Many thanks

Paul

has anyone else recieved an invitayion to claim from the builders we have passed this on to solictors but are unsure what to do as we brought through Masa and they are assuring us that our apartment is finished and therefore we do not need to claim.  has anyone been out there recently our apartment was almost finished on our last visit.  I am not sure how we stand in this situation.

Letters have been sent out to all potential creditors in respect of the administration of Torrevisa and it is important to take legal advice on your sitaution and make a claim if appropriate

Time limits are important as they are in UK

If you apartment is finished then you may be able to complete the purchase in due course or you maybe able to exercise your bank guarantee

All these matter should be looked at as soon as possible and independent  legal advice is the best    

Current state of development at Golden Sun as at 25/11/09. 

Current state of the Golf Course at Golden Sun Beach as at 25/11/09 

Hi

Looks like everything is at a standstill including the golf course which is rumoured to be up for sale ,but i thought that by keeping the course green and lush that a buyer would have been better tempted.

regards

Keith

Hi Keith,

I forgot to mention that when I took the photos (Wed 25th November) there were two Spansh gents taking extensive photo's of the Golf Course itself (they wouldn't confirm if they were there on behalf of Bancaja) but they did confirm that the course was completey dead which I took to mean completely beyond repair/reinstatement.

I'm no groundsmen, but I'd assume they'd have to start from scratch witht he course.

Regards

Paul

I hope you know that the developer has gone into administration and if you are a buyer then you should take urgent advice on your claim as a creditor or to exercise your bank guarantee

there is probably a good chance that the part built apartments will be finished and that evetually the golf course sold or opened but that will be up to the administrator

I know its a few months since anybody has had anything to say on the golden beach but does anybody have a recent news to share we are currently waiting to hear from the courts on our deposit as well we also bought apartments in block 6 which has never been bulit I still keep in touch with my lawyer but the process is so slow we also bought through masa like some others has anybody got any deposits back yet?????

Regards

Peter

Peter

Do you not have a bank guarantee?

When these were being marketed most buyers received one and relatively quickly

I know from experience that it was relatively quick to exercise it in  March 2008 without going to court and also receive interest [ cost about 1000 €]

However. I do not know if the administration will cause any problems-it should not as your BG contract  is with a Bank not the company  

Hi

thanks for your reply ,

When we first bought our apartments the agent assured us there was a bank garantee in place but when we come to exercise this they then told us there was no bank garantee to our horror. we were not the only ones to be told this by the same agent.

We now have a lawyer acting on our behalf but the court process is very slow because of the amount of claims that have been submitted. I asked our lawyer wether we could take action against the agent but he said doubtful!!

Have you got your deposit back yet  or have you heard from the courts

Regards

Peter

through a bank guarantee the deposit was repaid in May 2009 plus interest @6% for about 2 years

I must say that I am surprised that you did not get a BG because they were generally available in 2007 and took about 14 days to be issued

You should also lodge a claim with the administrators  

Early 2007 when they cancelled one of the blocks of apartments Torrevisa offered buyers a chance to change to the blocks being built or another of their developments

Although they are in administration it may be worth exploring with them the prospect of changing to another property

Whilst not a perfect solution it may be a way of mitigating your problem-the administrator will in due course be wanting to off load built units

You must of course take legal and financial advice but you are now just a general creditor of the company and if you did find a property which you like and they agreed for you to exchange, then you may be able to mitigate your loss

Just a thought about an alternative approach!