15 May 2008 4:38 PM:

I am new to the forum having joined specifically because of what has happened and the helpful advice Maria has been providing We purchased a villa (on R19)available through EPP (now Ward Investments) and not on general sale.  I must say here that Ward immediately informed us of the situation at San Jose.  The completion date is May 2009 with a 3 month extension period (as is common practice).  We DO have a bank guarantee.  It is written into our purchase/sale contract complete with details eg. passport number etc.  I have today emailed our Spanish solicitor with some questions mainly based on process and timescales.  If San Jose have to go into liquidation what is the process in respect of the bank guarantee?  And if they are able to re-negotiate their debts etc and continue to trade am I correct in that we would have to wait until Sept 2009 to claim back our money under their breach of contract if the villa was still uncompleted?

I am told that San Jose are at an advanced stage of negotiations to secure lines of credit and that work should recommence at El Pinet shortly with SADM following thereafter.  Maybe we should take a cynical view of this but it could be true......

Thread: San Jose into liquidation.

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