Hi everybody,
We have just returned from Spain about an hour ago,and we too have had meetings with Pilar and our solicitors.
We,like all of panicked and took aflight over there a soon as we could.
Pilar explained to us the whole procedure,and having left the offices we both a little bit better.
All of the assets of San Jose have been frozen,and the onlt people that are being paid are the office staff.The Government is sending in three people within the next ten days,and are going to audit the company.The company as a whole is said to be worh in the region of 300 million euros,and the debts that have accumalted are in the the region of 100-130 million euros.The company approached the banks for backing ,but the banks wanted to charge 60% interest,which to anybody is a ridiculous amount,and that was was when they decided to to go into voluntaryt receivership.Once the government people have concluded their findings,then we will know 100% if our dream homes wil be able to go ahead,and at the moment it looks as though it will happen,but may take up to 2-3years.The option of transferring to another propertyat the moment is not an option,as nothing can be done until the go ahead has been given from the auditors.What we do know is,that we all have tomake certain that we are on the creditors list,even if the project does go ahead,and then if we still want our monies already paid back,then we can take that option,or continue with buying the house,so we are in a no loose situation.We wont loose our money,regardless what happens,bank guarentee or not.
We are going back out in ten days time,so hopefully we will know a little more by then.