Medina Golf - Very Disaappointed

Our case went to court in June and we have just found out that whils the courts agreed we were in our rights to cancel the contract and request our money back, they were waiving our rights to do this as the developer is under administration and it would have an adverse affect on other creditors.

Has anyone else had the same ruling?  If so where have you gone from there? The sols have said we can appeal but not sure if this is just going to be throwing more money into a bad situation. 

Surely the banks should be liable anyway not the develoer?

Any help is appreciated

Sarah

Hello Sarah,

I was also in court in June.  Haven't heard about the ruling yet though.  I guess the lawyers are trying to do something before giving me the definitive answer. Will contact again soon.

I saw many Criado clients there - felt very sorry for them to still be with him, it was his fault I am in this situation in the first place as he told us that all the guarantees we needed in place were.

This is now a Saga I want to just put behind me too but I think they want us to give up, take our deposits, find a way to complete and sell everything on cheaply.

It seems it could be us bailing out Spain not there taxpayers!

As an owner on one of the few completed developments in Medina Elvira who has been there several times in the last couple of years I am aware that neither Granada Green nor Medina Golf has had a brick laid, never mind completed (royalpoobear I saw your other post on the ME23 forum).  I'm sure you and thelooney know this but just in case I thought I would confirm for you. 

I would have thought any case in these circumstances would be against the bank under the bank guarantee?  I have met someone this summer who received a full refund of their deposit on one of the developments not finished (Tee 17 I think, which has been built but not fully completed) they were successful in invoking the bank guarantee and have actually had the money paid into their bank - not something you hear very often! 

Maria from Costa Luz lawyers has had recent success with the Finca Parks action which was related to bank guarantees, and I believe was the lawyer who acted for the couple I met.  Might be worth contacting her.

Thanks Silver,

We changed from Criado to Maria a couple of years ago.  It's going in the right direction but slowly.  The court verdict does not look good though. It was because of C&K that we failed to have an individual bank guarantee and therefore the process of getting our deposits back is going to be much more difficult.

I felt repulsed to stay with the lawyers who had already cost me so much so had to change.  Realy surprised anyone is still with him.  Even his own employees mostly jumped ship!

How is it working out there on ME23.  Did any of the promises - rental guarantee etc get delivered?

All the best,

Looney

Never heard of Criado, which sounds like a blessing!

I hope Maria can put things right for you, the Spanish legal system is a quagmire. 

Things on ME23 are challenging to say the least, with two steps forward and one back (and sometimes the other way round) since we took over management with a great Spanish owner as president, who is doing his level best to keep things going under very difficult circumstances.

The main promotor (Vladigolf) who walked off leaving a heap of problems for his own developments and ours is now rumoured to be in Rio de Janeiro building for the Olympic Games!!!

 Hi,

This is an awful situtation. Can I ask, did you have a bank guarantee? Have you claimed against the bank or the developer?

Best wishes,

Chris

I just wanted to add, you should appeal, even if you didn't get a bank guarantee. There have been some high profile cases won without a BG being issued as it was the banks responsibility to give them and to look after the deposits in accordance to ley 57/2968. Are you with Maria de Castro?

From my experience going to court in Spain is an absolute waste of time, I had a bank guarantee on ME23 I lost the case, lost the appeal, lost all my savings and ended up paying Costaluz Lawyers a lot of money for a very poor service!!!!! 

JamieAled it is going to depend on your situation isn't it? 

Tee 17, Granada Green, Eden Golf, - none of these were completed, in the case of the last two not even started - so the bank guarantee could be invoked and I know people who have done this successfully AND had their money refunded - though it wasn't cheap to do it. 

Medina Elvira 23 was completed, albeit with delays, and the LPO was issued - perhaps in this case you were badly advised by Costa Luz to try to invoke the bank guarantee at all. We asked for advice about the delay in construction and no-one suggested it was sufficient to invoke the bank guarantee.  As we had signed a contract of sale we were legally obliged to complete purchase once the LPO was issued - we did so with some misgivings but couldn't see any way out of it. Interesting to hear not everything Costa Luz do is magic and I am sorry you didn't succeed.  The Spanish legal system is a quagmire that's for sure and not to be entered into lightly.

ChrisBW is correct in that for properties not built or completed the bank guarantee - whether issued or not - can be invoked, though of course in the recent high profile case (See Finca Parks action on this forum) no doubt the bank will appeal and appeal again and it will be interesting to see if the judgement of the first court (said to be a very strong judgement, which is important in Spain) will stand up, let's hope so as that truly would be a landmark victory.

We were in the process of buying an appartment on Tee 17 and were lucky enough to get our money back. We used BCP lawyers based in Malaga. If you would like to PM me then I would be more than happy to supply you with the full details. Good luck.

Caroline.

Dear Jamie:

Could you please give to me name and last name? I would like to see what happened in your case, specially as you had a Bank Guarantee.

Kindest,

Maria

 Hi Everyone,

We had a contract to buy on the Granada Greens development but did not receive the guarantee that should have been issued. Nevertheless we took Peninsula to court and have a lien on a property in Marbella to support the legal case we won against them.  

Does any one know what is happening with Peninsula?

I assume that they have gone bust and in due course the bank will sell assets such as the Marbella property to repay debt.

Regards

Bill

That's no surprise,

Macias is part of the Criado and Kraus cartel.  They were the cause of so many not getting their guarantees in the first place.

We were also in court in June - we do not have to complete on the development but also can't claim against anyone yet - from Costa Luz - they are appealing this case now.

Spain is sinking and it looks like we will all be sucked under the water with it!

 Hi There just to add a little balance to this forum . I am with Mr Macias i had a bank gaurantee from them re Medina Golf and have had my money back. I am aware the bank have appealed, however i am hopeful justice and common sense will prevail. 

Broc

 A little balance - hmmm - so you are the only Criado client who actually received a bank guarantee then.

Then why are you interested in this case.  People with bank guarantees have been paid out left right and centre with other lawyers already.  We are mostly the remenants of the criado fiasco, some of whom have changed lawyers trying to claim against the banks for failure to provide our guarantees in the first instance.

If this case fails I will pull all the stops to launch a case against criado on the basis of failing to get hold of our guarantee and instead assuring us that a general guarantee was in place which meant our deposits were safe.

Had that lot done their job properly in the first instance then none of us would be in this situation!!

This is directly from a letter received 28 August 2009 from Criado and Kraus:

"We would also like to inform those clients who may have never been provided of a guarantee,

 May i apologise for my obvious tactless post. I have been following the site for 4 years and have just received my deposit back. I have nothing but sympathy for those investors without a bank gaurantee, and i hope you succeed with your cases. 

 Congrats on getting your deposit back Broc and I sincerly hope that the bank is not successful in its appeal.  

That's not my point as it's great news after alI I love it when people rightfully get their deposits back.  l.

I was wondering if Macias was your lawyer then I presume Criado and Kraus were your conveyance lawyers and therefore how on earth did they manage to get a guarantee for you and not bother for the rest of us.

It's C&K I am critisising.  Have a great Christmas.