Ingofersa

I bought on Sector IV and then switched to Natura World when i realised sectorIV would never happen. 

Natura World apartments are built, but Ingofersa cannot sign deeds. There is an article about the dispute on the euro weekly news site. 

if you take ingofersa to court, they will admit they owe you money and the courts will say that too, but then there is no money, so it seems rather pointless.

they say their money is tied up in natura world so until this rumbles on, there is not much anyone can do.

Taking the banks on is a good idea, but is this just another way for lawyers to make money now that the property market is dead?

Call me cynical...

 Hello all, 

Does anyone have an update on what is happening with Ingofersa? 

If they are not in a position to refund deposits paid in good faith and we are without a bank guarantee is it worth taking the bank to court? Has anyone had any news of success where legal or any action has been taken against the deposit taking bank? In our case we sent 36000 euros to Unicaja bank in June 2004, benficiary was Ingofersa.

Any news/updates would be welcome

Tim.

 Hello all, 

Does anyone have an update on what is happening with Ingofersa? 

If they are not in a position to refund deposits paid in good faith and we are without a bank guarantee is it worth taking the bank to court? Has anyone had any news of success where legal or any action has been taken against the deposit taking bank? In our case we sent 36000 euros to Unicaja bank in June 2004, benficiary was Ingofersa.

Any news/updates would be welcome

Tim.

If anyone is interested in taking action against the bank receiving our funds I am happy to get involved and co-ordinate this.

At the moment I have already paid AG2 to take this to court but I am not getting any reply from them at the moment so starting to worry. I need to go over and see them face to face. However, if I am getting nowhere with them then I am nappy to take up an alternative course of action. AG2 have only taken up a case against Ingofersa for a civil suit against them. However, if I did win the case then I doubt they would be able fo pay me off, so yes a case against the bank might be a good alternative...it woudl be harder to win maybe but at least we would get paid if we did win.

If we get together then we might be able to get a discount on legal fees.

If anyone is interested then you can get in touch with me at peterjfirth@btinternet.com

Thanks,

Peter

My solicitor wants to go down this route, but has asked me for Euros 1300 up front.  I cant see that being the end of the costs and also one of the banks my money went into is CAMBANK which I believe has gone bust.  Even it was proven that the banks were at fault how does one get them to pay up if they have no money either.  Its another thing that could go on and on again for years and never get anywhere  with even more good money being spent.  There is a recession on in Spain with loads of people out of work.  I doube whether the banks could pay up even if a court order said they should.    

I think the banks would be able to pay up if a case was won against them, at least I don't know of any banks who have not been able to pay up in such a case let's say.

All we really need to do is get over the hurdle of winning a case against the bank. Morally this would seem straight forward in that they have got our money and we have got nothing in return for it. At least if you are in the Ingofersa situation that would be true because not a single grass sod was turned over for the development I am in, Sector 4 in Garrucha.

As for the banks going bust that is not true, Cambank was taken over, so there is a new owner of the liability to us!

It really gets down to winning the case against the bank. As for the fees we could ask for fixed fees to get us to a fist instance decision at least. Of course if it was appealed then that might be a different matter but we could ask for an estimate of that.

All I need to know is whether there is any takers for moving forwards together. I have felt a little isolated with AG2 as I have been a direct client of theirs for three years and more now on this case but still don't know where I am with it apart from the case was against Ingofersa and not the bank.

So I if anyone is wanting to look to get a small group together on this to get a discount on legal fees to take up a case against the bank please contact me at peterjfirth@btinternet.com

Hopefully I will hear from someone soon!

Peter

Does anyone trust AG2? I emailed them recently to ask what is happening with Ingofersa and they asked me for paperwork and money before they could tell me anything.

Since they have also represented Ingofersa in the past, I suspect they know exactly what's going!

Taking on the banks sounds great in principle, but who wants to fork out more money for even more uncertainty?

This is exactly what my solicitor is doing, she is representring a group of us and said this would make it cheaper but I stillhave no faith.  Perhaps there is a solicitor who would do it on a no win, no fee basis.  What do you think?

 No-win no- fee is a great idea. if the lawyers are so confident in this new law, then they should do exactly that. 

Worriedtoo - Peter is correct, CAM was purchased by Banco Sabadell for One Euro.  Therefore, Banco Sabadell assumes the liabilities of CAM.  At the moment CAM is still trading under the Banco CAM name, but probably at some point in the future the CAM branches will be re-branded under the Banco Sabadell identity.

Puneet - you  say "if the lawyers are so confident in this new law.........."

The process of taking legal action against the Bank for the return of the off-plan deposit is according to Spanish Law - LEY 57/1968.  This is certainly not a new law - it was established in 1968.

The problem over the past decade was that most Promotors, Developers, Agents, Banks & Lawyers chose to ignore the requirements of LEY 57/1968.

Kind regards

Keith

 Anyone have any news/updates on the Ingofersa Natura World/Sector IV saga?

It seems to have been a lifetime...