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In England when a company goes into Administration an Administrator is called in, they use all the company's assets to pay off any creditors, if this fails then the company goes Bankrupt. Can anyone explain clearly the Spanish process and the difference between Administration and Bankruptcy? Are there any EOS members who have been involved in a builders Bankruptcy case as a creditor? After winning our case in court in 2010 we were told if the Builder did go bankrupt we would be high on list of creditors, has anyone experienced this? Why can't the insolvent builders and developers just offer to pay their debts in property. This happened on Sierra Golf when a builder settled some of their debt with an estate agent by giving them properties. Why oh why is the Spanish legal system so complicated?
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Have you been told that you are a preferential creditor, as we have been advised that even having won a case against the developer that does not classify as preferential creditor and that Banks will take first call on any remaining assets (ironic considering the Bank may well have denied the purchaser their inalienable rights from the outset by not adhering to Ley 57/68 in its entirety).
Perhaps this needs clarifying.
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We have been told that we are ordinary creditors as opposed to sub-ordinate creditors. Just can't find out what this means.
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We are creditors in the bankruptcy of Technologia Urbanistica . When a bankruptcy is called several things happen 1. all civil judgements are suspended 2. you have 30 days in which to register your claim after notification is printed in the Borme .
Once you have registered usually by using a lawyer you become an ordinary creditor - preferential status is granted to banks and the social security .
People who register late are called subsidary creditors.
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Gaula,
Is the inference here that subsidiary creditors will be lower down the pecking order than ordinary creditors?
Are you making a simulatneous claim for return of monies against the Bank using ley 57/68?
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Yes I believe subordinates are lower down the scale with regard to claims. I thought we were higher up the scale because we had won our case but that remains to be seen. With regards to the bank guarantee, we have no proof apparently that our deposit went to the BBVA, we have a copy of a cheque but no receipt from the bank. We have been told by our estate agent that our solicitor can get this information from the bank if they request it, but as yet nothing has happened. This message was last edited by M11Block on 06/09/2013.
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@Ads That s correct the subsidiary creditor is behind the others . No we are not claiming under 57/68 as we paid the full amount to the agent Atlas and their associated lawyer Aroca so we are claiming through the U.K courts under consumer law in the high court . Our case is in process. This message was last edited by gaula on 06/09/2013.
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Good luck Gaula and keep us posted on your progress.
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http://www.eyeonspain.com/blogs/costaluz/7471/legal-tip-805-law-5768-and-creditors-meeting-ii-eurohouse-case.aspx
Legal tip 805. Law 57/68 and creditors meeting II. Eurohouse case
26 July 2012 @ 12:58
We have received today news about the failure of the Eurohouse creditor´s meeting. It was expected. Creditor´smeetings are not, as we have said repeteadly, (i.e.- posts 493, 747) the solution for your claims regarding off plan puchases.
We, unfortunatedly, expect some other creditor´s meeting to fail within the following months/ year. So implement actions against financial institutions out of Law 57/68 as these are the most effective solutions.
Any good lawyer in Spain will be able to agree and work on this. We know there are many already doing an excellent job.
Let´s keep fighting for balance and restoration,
Maria
_______________________
Maria L. de Castro, JD, MA
Lawyer
Director www.costaluzlawyers.es
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