Hi everyone,
I thought that it was as well to copy the latest from the Costa Blanca News to ballance the opinion of the Solicitors remember that these are their opinions. I include all the likns that came with the article.
News south
Creditors must register now
San José customers face deadline to retain their investments
By Alex Watkins
THE COURT has accepted the application for the voluntary suspension of payments (concurso de acreedores) for the companies San José Inversiones and Herrada del Tollo and the details have now been published on the company website www.sanjosegrupo.com.
Three administrators for each company – an economist, a lawyer and a savings bank –have already been appointed by the judge.
They will now be responsible for authorising any of the companies’ activities and negotiating their financing with banks and savings entities.
A meeting of clients of Grupo San José took place in the UK last Sunday, organised by the Eye on Spain website.
One of those attending told CB News it attracted some 150 people who were concerned to know what may become of their own property investments in Spain.
She bought a house on the El Pinet site in La Marina, which currently is just a concrete framework.
The project had been held up in court for 18 months after objections by an ecological group.
San José has indicated that it hopes to finish this urbanisation but needs the town hall to approve building licences and get the approval of their administrators.
The Herrada del Toro site in Jumilla is considerably behind this, as not all of the land for the development has yet been expropriated from its current owners, reported the company last week.
Legal firm Irwin Mitchell offered to represent these clients during the process of either supervising the completion of their houses or trying to recover their deposits.
This would cost them each a further 2,000 euros as well as 10% of their current investment, notes the firm’s literature.
Gustavo Calzado, a lawyer for Irwin Mitchell, told CB News that they could not speculate at this stage whether any of the properties are likely to be finished.
He noted that the administrators would decide if any development can be completed or the possibility may exist of being offered another property on a completed development.
He explained that the legal process entails two other possibilities for the future of the company.
“They could then try to reach an agreement with the creditors by proposing to reduce the total level of debts or spreading them out into a longer term calendar of payments,” informed Sr Calzado.
“Otherwise they would proceed to the liquidation of the company’s assets in which case creditors would receive a share according to a predetermined ranking system.”
In either case, to be considered as a creditor it is imperative that clients register their interest within 30 days of when the acceptance of the concurso is published in the BOE (Official bulletin of the province).
Speculation as to the value of the company’s assets has varied between 300 and 400 million euros, but until the process is completed it is impossible to confirm this or the exact amount of their debts.
“We cannot say for sure when or how much clients might recover,” admitted Sr Calzado.
awatkins@cbnews.es
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