Procabar and grupo masa

Hi has anybody got any info on procabar in administration has anyone
Received any money back got there property or is it still up in the air any information would be greatfully received thanks Gary and Julie

Hi Gary,

Yes, I too have heard that procobar has gone into adminstration.

I have been trying to contact my solictor, emails and phone calls, and he doesn't have the courtesy to return or ack them.  I dont even get any answer's from Atlas International... I have been trying to get my money back for the past 4 years , its hopeless....

The only thing - I can rely on is that, back in 2009 the court put a block on the property, meanining until things are settled with me, the property cannot or should not,  be moved on, but then again I may of been mislead....

So frustrating, I keep looking at this forum to see if anyone else is in the same boat....and if anyone has had any success...There was lady on this forum reporting, that she had won there case for money back and still not recieved a penny 5 years on.

I suspect my grand-children will end up picking up the battle for me, when Iam long gone..

I just wonder, is your solictor any good.

Good luck with your quest....

 

 

 

 

 

 

This message was last edited by chris mcternan on 08/12/2013.

Hi Chris we put our deposit on is house on Oct 2007' we took Procobar to court as they were the ones who signed the contract not Masa. We won our case in 2010' deposit plus interests plus costs. We haven't seen a penny despite further court appeals to get them to pay up. Procobar simply refused to pay, the courts then identified a bank account of Procobars, but the bank refused to pay up. Then a property was seized to be auctioned to raise some capital, but since then on the 10th December Procobar went into Administration, we have been logged as an ordinary creditor by our solicitor, but I don't think we will ever see any of our money as Procobar owe 68,000,000 euros. We are presently considering wether to take the bank to court for BG Law 157/68 but we need to find another 6',000 - 10,000 euros, which we don't have at the moment for another case which cannot guarantee success. We don't understand why it takes such a lengthy court case (maybe up to 2 years) and thousands of euros to enforce a Spanish Law, the overseers of the big banks should be doing this and not costing those who have already lost their savings.

This is an update I received From ATLAS International, the agency I was using to purchase property on Sierra Golf which i will share with you.

• Atlas do not have anything to do with Masa anymore. They have gone bankrupt and owe Atlas money as well. They would not answer our calls or reply to our correspondences.
• Most of our remaining clients who are in the same situations have a lawyer dealing with the case as it is between the client and the administrators now. The administrators would only contact the client direct. They as well, would not give any information to a third party. The situation with Sierra Golf remains stagnant. No further building will take place there in the near future. As the land still belongs to Masa we presume (unless they have sold the remaining un built land) There is a slight possibility that if their financial situation was to turn around, they would re-start the project. But that is being very optimistic. A prospective buyer, if Masa was to sell, may finish the project.
• The whole point of having a solicitor is for him to ensure that you are on the list of creditors by contacting the administrators and supplying them with all your details and that of the purchase. Then the administrators would contact you direct and give you two options: 1) would you wait until the building is finished (that is if a bank or another entity has taken it over and would finish the project). 2) Would you like to be on the waiting list to get your money back. This option can take a few years and comes with no guarantee of a full refund either.
• The administrators are the only people who could tell you what is happening or what will happen to the site, to any unsold properties and to the unfinished ones. That is why we recommend you sought the service of a good solicitor.

I thought I had a good solicitor, but I have not received any updates that he has registered me with the administrators.

Good Luck to those that do make progress.

 

Hi Chris thanks for the info we too bought with atlas who were great when they where getting money out of us then washed there hands there after waste of time I have just got a new solicitor as they seem that most don't like to work for a living do you know who the administrators are and who you register your claim with any help would be great full
thanks Gary

Can I just clarify. Atlas was the agent, Masa was the builder, Procobar was the developer. Procobar went into Administration in December 2013. Claims had to be in within so many months of Administration being declared. ( 2 months I think). Their debts are over 62.5 million euros.

Not mmuch chance of anyone except the banks getting their money back. The banks win hands down. They have our deposits, they have our buildings and any outstanding mortgages they will claim from the administrator. Win win situation.

Are you now telling me that GRUPO MASA have also gone into Administration?

I advise everyone to chech their contract. Ours was headed by Masa but signed by Procobar - so it had to be Procobar that we took to court, and even though we won in 2010 we have never seen a penny.

These builders should be taken to the Criminal Courts not the Civil Courts as they are all crooks.

VICTIM OF SPANISH JUSTICE SYSTEM

Hi m11 hope your wrong but atlas where dealing with the buying of our house . I only found out that they had gone into administration from yourselfs .atlas where supposed to be our go between and solicitor, and then told us get yourself a solicitor but I found all this out probably 12 month after they'd gone into administration I'd payed 75 percent of the property that surely the banks and administrators should be aware of. I hope for everybody we have some hope of getting our property's mine been stood there for 8 years and that's how long they have had our money my bloods boiling as I write this.also how do the people who took there property's without habitation certificates stand are they okay fingers crossed Gary and julie

Hi Gary and Julie, we know exactly how you feel. However, I would first check your contract and find out who it is with, who signed and stamped it.

If your contract is with Procobar who are in Administration, then I wonder if you are in a better position than us. You actually own 75% of your property! your contract is still valid as you have not cancelled it, as we have !!, so maybe the Administrator can only seize 25% of the value of the property.

You need to get a good solicitor. Ask Maria or one of the others recommended on this site.

I have the email of the Administrator for the Procobar case, but I believe they only deal with us through solicitors. But do check first who your contract is with.

This message was last edited by M11Block on 26/01/2014.

This message was last edited by M11Block on 26/01/2014.

Hi m11 thanks for info any email addresses you have for us would be great we are just starting with a new solicitor so any info I can give them can only help I often wonder where is everybody surely there are more than just ourselves in this situation but there's only a few that post

Hi Administrator of EOS , can you help ... .? When I was typing the last message I was deleting a word in the middle, and somehow it merged it with a reply from Maria de Castro. I managed to delete this message from the body of my message but her reply on the thread seems to have disappeared. Can you restore her reply please. It was an earlier one a few days ago to M11 block and her answers were in green. Thank you

Hi Gary and Julie, most people i think have given up! died , or are too stressed and broke to carry on ( our present situation). You just can't fight the Spanish Justice system unless you have money and time. Which means young affluent people. Not tired pensioners who have lost their retirement pot. I'll send a private PM with email of Administrator when I have chance.

Hi Gary and Julie, most people i think have given up! died , or are too stressed and broke to carry on ( our present situation). You just can't fight the Spanish Justice system unless you have money and time. Which means young affluent people. Not tired pensioners who have lost their retirement pot. I'll send a private PM with email of Administrator when I have chance.

Hi,

If anyone has the email address of the administrators could they PM me with it please.

 

Just to let people know , there were 4 guys in suits undertaking inspection of empty properties this week. Don't know who they were , may be worthwhile checking with your legal representatives/or the Administrator

 

Hope things start to turn positive fr you all

 

steveandrosa

They were most likely bank representatives.  They may be getting ready to sell on the lot to an institutional investor.  That is what is happening now in Ireland.  All distressed loan books are being off loaded to mostly American fund managers for 10 to 20% of the book value

 

This has meant here that some "Ghost Estates" are now being finished as new money has come in.

 

There could be some light at the end of the tunnel

Light and the end of the tunnel for who. Certainly not for the Procobar Masa clients involved with the Bankruptcy. The Banks are the ones who will benefit from the houses. What happens next? Will they sell the houses on? Will those who have still got deposits on houses now be able to complete? Will they be offered their homes at a special rate. We wait .....

There has been a stasis for the last 5 years as recession and bank administration took hold.

Any activity that is likely to have money changing hands and deeds going through legal approval is good, as it will highlight claims on properties in place etc. (you would hope....)

Going through something similar in a different country now myself, and as far as I see it, any activity is good, stasis is bad as it, leaves no room for any kind of hope.  (obviously any legal activity is bad and stressful)

Spanish banks are getting their act together with foreign investment appearing again.

Large International investores are investing in financially draigned or broke Spanish builders.(Bill Gates for example).

The government have just raised upwards the Spanish economic output for this year.

For me as a current owner, any activity that will hopefully eventually mean some or all of these things:

1/2 built houses being completed and sold, or demolised as appropriate

Paths and lighting completed

Trees planed everywhere.

Dangerous manholes capped

Overgrown gardens, paths and roads  tidied

Dare I say it.....the entrance completed

2 - 3 years.  Council take over once above jobs are completed.

4 - 5 years.  Paramount opening and driving up tourist numbers in the region

Long term 5 - 8 years, possibly the appearance of new homes in the pre serviced roads built over by the golf course.

The golf course expanded to 18 holes as per original plans

10+ years.  The hotel built.

 

Or, or course, none of this might happen.

Just picked up on this thread in particular the role of Atlas's comment. I khow that Atlas are still involved on SG as they were showing clients properties on M11 less than two weeks ago. Hope this helps

Brian

Just picked up on this thread in particular the role of Atlas's comment. I khow that Atlas are still involved on SG as they were showing clients properties on M11 less than two weeks ago. Hope this helps

Brian

Atlas own properties on Sierra Golf as Procobar and Grup Masa paid off the money they owed Atlas in properties on M11.