I recently noticed that the bank guarantee Peinsa provided us with through Banco Popular, was only valid until June 2007.
Since June I have had my solicitor engaged with arranging an extension to this, however to date with no success, neither the builder nor bank have not been forthcoming. Peinsa intimate it is the bank that they are waiting on, while the bank will not comment!
I would be interest to learn whether anyone else is or has had a similar experience. Our solicitor has suggested that this is ‘worrying’ sign as he feels it indicates that there maybe some liquidity problems for the Company with meeting their financial commitments in the future.