Have we all given up?

Does anybody have any info on Aifos?

I have written it off Jim; a friend of mine has lost more on cars since 2003 than I have in Cortijo. The fact is I do not trust anyone in Spain but I should have realised it was a nest of vipers that I was dealing with. However, I guess that the greed and disgusting corruption has hurt Spain far more than it has hurt me and it will take many years before people return, holidays perhaps, but would you spend another penny on a property? Rentals at a push, then if there are any problems it's just a matter of packing the suitcase and leaving.

In Spain today there are almost one million new homes standing empty with no prospect of any sales, 40,000 a week losing their jobs in the country with a huge proportion of those people formerly employed in the construction industry. Bearing that in mind, if another developer takes over the Aifos sites, does anyone believe that Cortijo will be the first that they will develop? Or even the last! The vast majority of the properties have a view of nothing except a scrubby mound thirty feet from their front door! Was anyone told when they purchased that a bloody great hole would be excavated and the buildings would reside at the bottom of the excavations? When I went to visit the site in 2003, the agent who accompanied me used the euphemism 'levelling' when describing what was going on at that time. With all the extra apartments that have been built it now resembles a Glasgow housing scheme in the sun, the only difference being that at least from Drumchapel and Castlemilk there are some pleasant views to be had! Of course, you read all the bullshit about the underlying buoyancy of the  property market in Spain and that soon the purchasers will return and everything will be rosy again. The fact of the matter is that when things do eventually turn around most of the major players in the Spanish property market will have gone to the wall. I'm sure the Spanish goverment will try and rescue some of them but Aifos will not be one of them.

It is sad really because many Spaniards have been affected as well. What I would say is that when communities openly allow unbridled corruption (perhaps aspiring to positions of authority in order to get one's share of the cake was the ultimate Spanish dream) they shouldn't be surprised when it all comes crashing down around them. Will anything change with regard to questionable practices once circumctances improve? I doubt it.

http://aifosbankruptcy.blogspot.com/

Extract from Cyclo Abogados info sheet re Aifos Bankruptcy

Thursday, February 26, 2009

hi jim elmo here

i was one of the first people on this site to post a message 5 or more years ago its changed so much since then.

Alison handley was the second we dont see her messages anymore we talk from tme to time but i quess she aint happy about it like the rest of us

I came back from fuengirola tuesday gone and nobody was at cortijo grass growing up around the site and alot of dreams gone.

i bought from an agent called casablanca realestate who i met up with on saturday he offered me a swap with appartments aifos have given him and still wants market value ive paid 43200 euros probably like the rest of you

All iwant to do is get my money back now from these robbin bunch of shitehawks can anyone give the name of a  decent lawyer preferably one who is already suing aifos

i feel totaly robbed speak again soon elmo

Do you know Aifos are still advertising Units for Sale on this site ?

See

http://www.aifos.com/EN/promociones/inmueble/listado.cfm?pagina=1&inm_pagina=10

I wonder if there is anyone anwhere who would now give them 30% upfront for one of these ?
 

I am still here. I went out last October and hired a new solicitor. I duly paid my money and haven't heard a thing from him either!

Despite at least half a dozen emails asking him for information on progress, he is blanking me. If anyone would like to know which solicitor is it, please let me know.

I still do not know what to do for the best, AIFOS seem to be hanging on by the skin of their teeth.

Does anyone know if anyone has been successful in suing AIFOS, and actually getting their money back?

I have now received a reply from my solicitor, so things are moving.

Has anyone heard anything else with regard to the bankruptcy issues of Aifos?

nothing yet rob.

I think its pretty obvious the only reason Aifos are not yet in adminstration is that they are being propped

up by the Spanish banks their Main creditors who in turn are being proppped up by the ECB.

Its anyones guess how long this will go on.

I am just amazed how it is how none of their corrupt criminal directors have not yet been lynched.

I've been looking throught he spanish press reports for info but there has been nothing about Aifos or about any of the other builders who now find themselves on a sticky wicket. I don't mind how long the banks prop Aifos up for as it's much better for everyone concerned if it manages to remain solvent. How long that will continue for is anyone's guess. I've considered calling our lawyer but I'm sure they would have been in touch if there was anything to tell us; it's the 'not knowing' that wears you down.

However, my wife appears to have regained her enthusiasm about moving to Spain again so this hasn't been a complete disaster but next time I will be ultra-cautious. The lawyers we have at the moment have been first class so any property dealings that we do will be through them. I wonder if 'frustrated owner' has any more info regarding Aifos as he has been quiet for a while.

Hello everyone, we are still around and still battling to get our money back!!!!!  We won't give up as it is far too much money to write off as far as we are concerned.  We are currently suing to get our money back and the hearing is scheduled for 24th September 2009 so a way off yet.  Our solicitor has been fairly helpful in sorting everything out and suggested a class action.  I think we had to get a certain amount of people together who collectively had invested a certain amount.  The solicitor found the people and we agreed to join.  So the end may be in sight for us but then again it may not. 

hi there its been very quiet on here ! hows everyone doing regarding getting money back etc ? every corner we turn we are hitting a brick wall and the lawyer wants more money !

'Send more money' seems to be the order of the day and I've just sent some more to go onto the creditors list. However, I'm hopeful that the mercantile court's judgement will be that Aifos should be allowed to survive and continue trading in which case we would get our properties eventually. I fear that if Aifos becomes insolvent we will get bugger all, excuse my french! Anyway, keep sending the money until it's resolved.

Perhaps if Aifos does survive it will deduct the cost of our litigation from the price of the properties because at the end of the day it's behaviour through all of this has been disgraceful. Oops, being silly and getting ahead of myself again, I'd almost moved in there!

We have also started to get on the creditor's list, and yes it has cost more money with the solicitor.

Hello,

I am fairly new to this forum and have not started any proceedings yet.  I find the whole thing quite frightening.  Is there any merit in grouping together to purchase the services of a lawyer, or have I just missed the boar on this.  Would welcome any advise on where to start.

Many thanks

Ena

You only have a few days to get onto the creditors list which means getting a lawyer quickly. If I were you I'd forget about finding other people to form a 'group' with as time is of the essence. However, how much we would recoup is anybody's guess but it is probably a very small figure in comparison to what we have all paid in deposits and litigation fees. If you contact me privately I can tell you who my solicitors are and they have been first class.

Thank you - I have sent a request to be able to you a private message - email you soon I hope

Thanks once again

Ena

Hi Rob

I still havent been given access to sent you a private email, so given time is of the essence my email address is (I have to do it like this as I need to have done 10 posts before I send and email address.

enalloyd at  the place which is hot and is common - hope this makes sense!

Many thanks

Ena

Local press says that creditors have until September to lodge any claims. However, as it now appears Aifos have debts in excess of € 1 billion and more than 2,000 creditors already listed don't hold your breath !