3,2,1 to Martinsa- Fadesa´s liquidation-- Actions against Banks opened

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28 Dec 2014 7:50 PM by mariadecastro Star rating in Algeciras (Cadiz). 9419 posts Send private message

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Legal tip 1248. 3,2,1 to Martinsa- Fadesa´s liquidation-- Actions against Banks opened 
28 December 2014 @ 19:37 
 

Martinsa Fadesa has until Wednesday December 31 to reach an agreement with its creditor banks in regards to debt of 3,500 million euros to prevent the liquidation of the company. MF overcame the higher creditor´s meeting procedure of history back in 2011.

On  December 31st, Martinsa-Fadesa must pay a percentage of the debt (23%), as established in the creditors' agreement .The default of this debt payment would throw Martinsa Fadesa to liquidation, since it would be the second consecutive breach of  said agreement.


Company is negotiating with its 14 creditor banks the possibility  for the  bank to control  70% of the company and leave the  remaining 30%  in the hands of its president and current prime shareholder, Fernando Martin, and his partner Antonio Martín.

Not to forget much of the business Martinsa Fadesa did was off plan with total breach of guaranteeing obligations according to Law 57/67... so if liquidation came,  route to act against Banks will be open and clear.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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28 Dec 2014 8:44 PM by ads Star rating. 4134 posts Send private message

Is this now the time to push for a specialised court(s) to handle all of these cases against Banks/Insurers to fast track the processes before the justice system collapses under the strain, Maria? Not to mention the impact on extremely lengthy time periods for innocent purchasers to endure.

The concern is that there are already major compromising delays impacting these fights for justice and as the Banks now appear to appeal most cases this could exacerbate the situation further.

Keith advocated this approach in his BG petition several years ago....

 


This message was last edited by ads on 28/12/2014.



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