Good News For Aifos Creditors

A new judgement by COMMERCIAL COURT NUMBER ONE in Malaga has opened the way for many AIFOS creditors (among them buyers of properties that were never completed) to recover their money. Malaga Court has formally initiated the liquidation of the Spanish developer, AIFOS, allowing the Administrators of the Bankruptcy to present a plan about the builder assets; in other words, whatever the builder has left. It is unlikely that there will be much in the way of assets to be shared by the smaller creditors. A Spanish version of the judgement can be found here 

However, this is an important decision which will automatically terminate Purchase Contracts, leaving open the possibility for creditors to claim back bank payments which were and were not guaranteed under the law 56/1968. Some clients have not been able to claim and recover their credits yet as they did not cancel the purchase contract with the builder (one of the requirements from the law 56/68 is that before proceeding with the claim, the creditors must have cancelled the purchase contract first). Again, during this phase, the claim can be made without this requirement.

Those clients that voted in favour of the agreement but a judgement has forced them to wait to recover their money until the agreement is in force, will not need to wait anymore as under the liquidation phase, the agreement will be null and void. This mean, that clients who have voted in favour of the agreement can proceed now with their credit recovery.

The claim will be done to those banks where the deposits were transferred as they have the responsibility to guards the funds under law 56/68. We are actually taking legal action against banks on behalf of those clients who have and who have not bank guarantees, so if you want us to explain more about this situation, we will be more than happy to talk about your individual case.

You can contact us on 07712 129567 and alternatively you can visit our web site www.ah-solicitors.com.  

Hi 

This is interesting and would like more information.

There are many posts on this site about claims against the banks but not many about cases 

that have been won or for that matter appeals that have been won against the banks.

Many people  can not afford to lose more money.

How many cases have you taken to court and won and how many were appealed and won.

There must be hundreds of cases against Aifos and other builders and banks but impossible to find 

out how many have been won or lost in court.

Have banks just paid up without the need to go to court as it appears they fight to the end.

We too would welcome a bit more information. Original Spanish Solicitor ttold us we had a guarantee, until we asked him to recover our money. Paid over 7000 Euros to take Aifos to court, who said we could have our money back plus legal interest but no compensation as we couldn't prove we intended to move out there, which was always our intention. Paid again to go on creditors list. So obviously, not keen on keep throwing more money into trying to recover our deposit if there is no REAL prospect of getting it back.

I worked for a bank for a number of years and know that UK banks had to hold monies in seperate accounts to ensure that they were only used for the purpose intended. So I sincerely hope the ame really does apply to Spanish Banks. 

There are a few Court Cases recently which have been won by clients without a bank guarantee.

The important thing for us, as a legal company, is to find out if the builder signed a general policy with the bank under Law 57/68. If this is the case, then all the deposits sent to Spain for property purchases are guaranteed by law.

We take our fees when we win, so we are very careful to invest time only in cases where we know that there is a good chance of winning. The new judgments have given us the confidence to support cases against Aifos and their banks.

We need to study each case on it's individual merits in order to determine the client's legal position. We are always happy to provide you with more information about your case if required.