I want my house

"In the UK  directors of limited companies are not liable for the company debts"
Incorrect. Depends on how the companies are set up.

"I read in the evening standard that a chef who owned several restaurants in London and owed creitor £ 1 million liquidated the company. He then bought the restuarants back without the debt and carried on buisness"
Incorrect. A new company which he was a director of traded the restaurants.
The chef did not own the restaurants prior. A company he was a director of owned the restaurants>
Get your facts right and don't make allegations which are incorrect and libelous.

"and 80% of those who he owed money to have contiuned to supply him. "
Yes, and a prior deal had been agreed to.
This has not only been done by one chef who was a director of the company, but in the last year, 2 chefs and different companies.

Such is not illegal and a high profile company (retailer) with 80-100 stores and the main shareholder described by BBC as "Scotland's richest man" recently did such.

Misappropriation of funds, fraud, theft, etc., are an entirely different matter.
But how would Nurse Tiger be expected to know. He only knows what people tell him.

"HdT of bad practices,at least they are trying to save SADM."

When i was in Spain in December 08, San Jose were still taking deposits for houses at El Pinet, i thought it was a bit strange that the administrators would allow this but then again "This is Spain"

I will be back in Spain in a few weeks time and have a meeting with my new lawyer, who can only be a huge improvement on the last one

FAR

Thanks FIN

While i am waiting patiently for the twigitt /Sydney person to come back from his choc and churo's, and find out if he has any good business opportunities he can put my way..........houses in Spain, pyramid selling offers, double glazing, books on philosophy or how to win friends and lie to people etc.

Can i just say to Tony...............you dont understand the way administrations work or the way businesses trade at all do you?  I looked back at the last post you made on IWMH and was bewildered by it.  So how can you try and advise purchasers of the way forward at Herrada del Tollo..........when you dont have the basic understanding of company trading or insolvency?

Whats the latest on the re-financing?

Hi Far

I think SJ were cleared by the court after the admin reports to sell assets and continue trading .There for they would have been OK legally to sell El Pinet .

I am more concerned with some agents with allocations at SADM who are still selling  . If the agent still continues to sell does it let HdT off the hook legally .I am not sure !

I wonder if SJ will repay the loan they got from HdT with these new deposits will this be a  priority ? or will it be lost in the black hole that is SJ/HdT /Inversol /Imperium et al  .

It is beyond my comprehension that  anyone still has faith in this outfit being fit to carry on  if allowed I think they will only stumble very  badly down the line . More  haertache and financial trouble for all involved !  Megan

Edited for Spelling only   Meg
 

Thanks Mystic Meg oops i mean Magic Meg for your reply

Given the reputation of San Jose for all to see now makes one wonder how they will ever sell another house! I think they are well and truly finished

FAR

Sadly FAR

There will always be people who can sell houses to Brits as a dream...unless the system is reformed by catching the rogues, making it safer to buy and stopping the greed and stupidity of the developers..

The only thing i will say is...........dont listen to the salesmen..........dont take the advice of the idiots who think its good to let them get away with it either....then you may finaly twig it............................its a load of rubbish

By the way FAR

Good to see you posting again.its about time we had some different opinions here once again.....nice to have you back

Hi All,

                As far as we can find out they are still in negotiations for refinancing of SADM but with who we do not know as it is confidential and we are not priverliged with that information. I am as tiered as everyone else about the lenght of time it is taking bu I can understand that in this climat it will take longer that we would normally expect.

brianmags

R4 556

I wish this were true but they have been trying for finance for over a year now and banks are lending again slowly but surely and above all cautiously  .Perhaps they are reluctant to lend  in this instance because HdT dont look like a good investment anymore and have a really bad reputation with British  and Spanish buyers now .No bank will refinance a builder who is going to be hard pushed to generate sales because of a very poor record in customer care ,communication , aftersales and delivery of goods paid for   .I am a firm believer in what goes around comes around .I fear HdT may have burnt their bridges where refinancing is concerned . I will how ever be delighted to be proven wrong but with every day that passes it is looking very unlikely . Megan

"it will take longer that we would normally expect."
Is that comment based on your experience of multi million Euro re-financing?
How long does it normally take?

FIN

                        what is your point.

                                             maybe you can tell me as you are so full of it (I mean knowledge) you are so much smarter than lowley old me after all I don't deal in millions of pounds or euros like your self and I always liked your passing on of all that indepth knowledge and helpfull information that you keep to yourself.

Brianmags  

Yes, you have said it yourself "I don't deal in millions of pounds or euros" have you ever dealt with corporate re-financing?

So without knowledge or experience, how can you make a statement such as: " I can understand that in this climat it will take longer that we would normally expect."?

If no experience or knowledge, how long do you think, pre-recession, that it would have taken for a multi-million re-financing deal to be formulated?

Dear fin

                           you questions but no answers from yourself I have already bowed to your superior knowledge in this area so how can I then answer your question. as you are the given expert here tell us all ( Oh I forgot you originally said that you look out for number one and no one else) sorry

Brianmags

R4 556

And yes I still Want My House

"Oh I forgot you originally said that you look out for number one and no one else" - Would you blame anyone for having such a belief, or do you think that all should be led down a bilind alley by the likes or SARC and the propeganda they are fed?

"you questions but no answers from yourself" But it was you that made the statement " I can understand that in this climat it will take longer that we would normally expect.", so what question do I have to answer. I am trying to determine how you arrived at a point where you were qualified to make such a statement, or who fed you the information?

Hi All,

Back to basics:

HdT has no money.

If HdT goes under those without BG's ,about 85% of us will get very little back.

If SADM gets refinanced, then some can buy their houses & HdT will have money to pay others their money back.

Yes it takes time and is annoying but i prefer to get something rather than very little.

 I WANT MY HOUSE AND A POSITIVE OUTCOME FOR ALL

Tony R17 18

"HdT has no money.
If HdT goes under those without BG's ,about 85% of us will get very little back.
If SADM gets refinanced, then some can buy their houses & HdT will have money to pay others their money back."

Assuming the above is correct, which it must be as it came from such an authorative person!!!!

BACK TO BASICS

Where do you expect them to get the funding required.
Do you believe banks and institutions are lining up to throw money at a lost cause?

Taken from the HdT report

figures for those with BGs   interesting reading.

I like the bit about resolving the contracts ,could the reason for that be because they refused to resolve and forced people into court ,could it be because the courts are so busy the cases have not been heard yet .No ? It suits HdT to pretend to the courrt that it is because purchasers want to continue .

From March 2004 till April 2008, the company has received the amount

of 57.448.562 €. The bank guarantees they have provided are inexecutables,

and cover only 7.8% of the amounts receive. Is insignificant the purchasers that

have claimed to solve their contract compare to the properties sold.

VIABILITY PLAN

The company Herrada del Tollo, SL has not presented a viability plan

that can be studied by the court administrations.

 Hello

Where does it say that the BG's are inexecutable and why would they think that to be the case?

Hi Joannie can you be more specific ,not sure what you are asking .

 sorry...

In the segment you have pasted in your statement (I assume from the administrators report) it states that the BGs are inexecutables. This I wold assume means that they are incapable of being enforced and are invalid.

I was therefore asking whether you got this from the administrators report or if not where and whether there was any more detail around why the author considered the bank guarantees inexecutables!

Thanks