Off-plan delays

** EDITED - Removed at posters request **

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Ask that lawyer to bring a couple of actions ( a main one and a subsidiary one): First for nullity ( if he thinks that is possible)but secondly another one for challenging f the penalty clause as abusive. The most they can keep as a penalty is of 20% of money paid.

Best regards,

Maria L. de Castro

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** EDITED - Removed at poster's request **

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Hi, I would be grateful for some advice.  We put a deposit on a flat in one of the developments in Dona Julia golf. At the time, they were giving a golf share (valued 35000 euros) to every buyer (we would have to pay only IVA). The company has stopped working in the development (which should have been finished end 2007) and the 6 months grace period ended june 2008. We do have a bank garantee, does anyone knows how long it takes to get deposit back if we were to activate the garantee? As the golf course is functioning, are we still entitled to the golf share ? (the contract doesn't mention it, but I have e-mails from the company, earlier in the buying process, where they confirm the giving and conditions of the share. Also, I think I read yesterday in one of the threads (I can't find it today) that ?purchasers might be able to claim the property for the value of credits owned to them?????  I am all eyes for any info on this.  Thanks.

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Would this be the thread, Andenca ?

 Deadline for San Jose/ Herrada del Tollo procedures 

I searched for "credits".

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Thanks More, it was not that one. It was something about Justin interviewing Maria and Nacho and although it was not openly explained, I thought I understood something about purchasing for th credits owned to th buyer, maybe I misunderstood. Thanks anyway. Andenca.

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Andenca, was it Justin's interview with Maria, sent to us in the emailed newsletter ? I keep mine in a folder so is this it ?

Listen to the interview

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Andenca. Please have answers below in bold green ( same text of your email):


Hi, I would be grateful for some advice.  We put a deposit on a flat in one of the developments in Dona Julia golf. At the time, they were giving a golf share (valued 35000 euros) to every buyer (we would have to pay only IVA). The company has stopped working in the development (which should have been finished end 2007) and the 6 months grace period ended june 2008. We do have a bank garantee, does anyone knows how long it takes to get deposit back if we were to activate the garantee? If the Bank honour its without opposing problems, it should not take more than one month.  As the golf course is functioning, are we still entitled to the golf share ? (the contract doesn't mention it, but I have e-mails from the company, earlier in the buying process, where they confirm the giving and conditions of the share. It will depend on if they are two different sale objects or just one and of course on decission of the company if you execute the Bank Guarantee.  Also, I think I read yesterday in one of the threads (I can't find it today) that ?purchasers might be able to claim the property for the value of credits owned to them?????  In Bankruptcy proceedings, we defend that if you paid a deposit to a company under Administration, you can ask the Judge to keep your unit as a guarantee of your credit, so none but you can execute that good for the cashing of their credit. I am all eyes for any info on this.  Thanks.

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Thank you Maria, I had already sent you an e-mail to your work address with more info. Thanks to More too, I had not heard the intrview before, very interesting. Thanks a lot. Andenca

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Maria you wrote " In Bankruptcy proceedings, we defend that if you paid a deposit to a company under Administration, you can ask the Judge to keep your unit as a guarantee of your credit, so none but you can execute that good for the cashing of their credit""
Well how do you proceed to cash your "credit"  thereafter?
How do you get your deposited monies back? Is that "credit" re-valued by the Administrators based upon a lower valuation since it's considered bankrupt stock? In other words could you end up losing a large part of your deposited monies anyway, or are you entitled to a refund of the full deposited amount (including IVA)? Is this dependent on having a valid Bank Guarantee in place at that time, or is the BG irrelevant at that point?

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Dear Ads:

It is difficult to give standard answers in Law and much more difficult in an Administration procedure, but let me just offer some: Please have answers below in bold orange now:

Maria you wrote " In Bankruptcy proceedings, we defend that if you paid a deposit to a company under Administration, you can ask the Judge to keep your unit as a guarantee of your credit, so none but you can execute that good for the cashing of their credit""
Well how do you proceed to cash your "credit"  thereafter?  WIth the sale of the property ( if classified as privileged) or any other good of the mass if not.
How do you get your deposited monies back?  At the end of the Bankruptcy proceeding, once the classification of credits, determination of mass of goods is made with the price of sale of the property if the credit has been prefrently classified and the house is sold.  If the building has commenced/ is advanced it is very probable that, a new company will finish the development. ofIs that "credit" re-valued by the Administrators based upon a lower valuation since it's considered bankrupt stock? No it is not. What can happen, if your credit is not classified as privileged is that, even when having your full credit recognised, you will just be able to cash a certain percentage of it after the classification of credits. In other words could you end up losing a large part of your deposited monies anyway, or are you entitled to a refund of the full deposited amount (including IVA)?  You are entitled to full refund plus VAT plus legal interests if there was a breach of contract recognised by developers before they applied for creditor administration. You are entitled to full refund of the deposit of the development is not finifhed by the company under administration. You are entitled to full refund if, after the change of a company in charge of the deveopment you do not want to proceed with this other one....

Every case needs to be treated separatedly as It is a complicated matter: it highly depends on ( 1)decissions that will have to be made in the future by the Judicial Administrators and ( 2) the legal defense you play and its results. Is this dependent on having a valid Bank Guarantee in place at that time, or is the BG irrelevant at that point?

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Thank you Maria. Informative as ever!
If clients have won their case for breach of contract and have been awarded interest on monies deposited, but the developer has gone to appeal (common practice from what we can gather) and then bankruptcy ensues before the appeal is heard, would clients' credits be classed as preferential and would this include the interest awarded?

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Ads:

In that case, the credit will be what the Court Decission stated ( deposit + interests?+ delay interests?+ legal costs?) and the classification of the credit as privileged and special will depend on the legal defense you act and the decission of the Judge.

I assume there is no Bank Guarantee in that case, is not?

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Hi my name is Martin i am trying to find anyone who has put money down on houses on the site at Jumilla about 2 years ago. I went though Amba Sun International, the builders were San Josa and Herrada del tollo it has  how gone in to the hands of the administrators and court proceedings have started, i am trying to find anyone who has been affected by this thank you Martin

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Hi martin

you need to look at the thread for 'residential santa ana' on the developements list.  There are loads of us there, so you are not along
tracey

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Hi Martin, search the forum their is a thread DEADLINE FOR SAN JOSE/ HERRADA del TOLLO PROCEDURES     IF YOU TRAIL DOWN THIS THREAD More's post 5th Aug you can just click on the thread.   Pat

This message was last edited by Pat and Roy on 9/3/2008.

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Yep... we also put down a large amount of money using Ambasun and guess what???
   THEY DONT WANT TO KNOW!!! 
Ever hopeful of a positive outcome of monies being paid back 
Meanwhile live your life because no one at Ambasun or San Jose have stopped living theirs 

Regards to all fellow creditors    Keep the faith

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thank everybody for the response, I am new to this site and not familiar with how it works, I would appreciate some help as I am running out of time, you can reach me at my  phone 0161 678 1725 or day time 0777 900 2646, I await your help martin

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I am in the middle of taking San Jose to court for not completing my appartment in time at El Pinet. I have just been informed that  San Jose have now declared themselves bankrupt. I have been advised by my solicitor that I must stop my court case and apply to be a creditor as if I were to be awarded the case I would only have to go on the creditors list anyway. Can anyone verify that this is the correct action to take? Regards Jason

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Hi Jason that is the same as me mate mine has gone to court and in the hands of the crediters and i have just had to pay £1.900 for the case to carry on in court i am sick about the hole thing they do not even no how long it could take, i have been told 3 to 4 years that is a joke good luck with yours.Martin

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