What will we claim for you??

If you got a Verdict on your favour, the Developer ows you: 1)The invested amount. 2) Legal Interest from the moment you paid. 3) Legal Interest + 2 points from the Verdict. 4) Legal fees if they where ordered to pay. This will increase the total money they ow you, to be recogniced into the Bankruptcy Process.

If you never got a Bank garantee...

The 57/1968 Act, (The Law that rules the money invested off-plan) says that the Bank will ask for hte Bank Garantee under his responsability. In the past this item in the Law made possible to recover the money from the Bank even with no Bank Garantee. Málaga´s High Court never decided on favour of the buyer in cases like this. Only a minority of Judges did it. Unfortunatly, the Supreme Court, ruled that this responsability only affects to the Developer, not to the Bank, so this makes this way very risky to lose the case and pay legal fees. (Verdict 25/2013 Supreme Court, Febrary 5th 2013): "Not applicable condemns the Bank..., as the obligation ordered in Law 57/1968 is to put the money into an special account (item 1.2), but the Law does not obligate them to care about if the Developer gives the Bank Garantee (to the clients)" Several lawyers in internet are searching for new cases to go against the Bank without Bank Garantee. Before starting this way please be sure to considerate the risk of losing the case and increasing your lost with Legal Fees.

If you had a Bank Garantee...

If you had a Bank Garantee you probably have recovered your money, or your are in the way to do it. Claims against Bank Garantee for the invested money are not in relation with the Bankruptcy process. If you got your money you should not be worry about this new situation. Maybe you will recieve any letter from the COurt´s administrators, because the Developer maybe did not change his records. If you recieve anything don´t hesitate to send it to us by mail.

Options after the credit is presented to the Court´s Administrators

1. Being part of the process. This option will provide us with the potential to remain on top of new procedures or changes within the process, implement future actions, to vote for an agreement and the possibility to regain part of the invested money from the bankruptcy or the administrators’ personal assets and liabilities. In all probability, this option will lead to a time consuming and at times desperate process. However, this is the only option that could lead to recuperation of the money. 2. Withdraw from the process. This option represents giving up and leads without a doubt to losing the invested money. In case of withdrawal from the process there would not be any possibility whatsoever of participating in the procedures of bankruptcy. This means that we would lose the right to defend your credit in any of the future phases of process. At the same time, we are aware of the present overall economic status and the fact that this concrete issue might complicate the situation. This is exactly the reason why we have established equal fees which in any case are reduced to a minimum. In addition, these fees do not only include the procedures we undertake within this bankruptcy case but also those of other areas such as penalty law.

Marbella Vista Golf and Lagos de Santa María. Bankruptcy process

We inform you that the Mercantile Court of Granada number 1 ordered (by means of Auto) the bankruptcy situation of the company MARBELLA VISTA GOLF, S.L and LOS LAGOS DE SANTA MARÍA S.L. on the 10th of May of 2013 in relation to the competitive bidding process with reference number 204/13 which has been initiated and its administrators assigned as follows: - LOPEZ Y GARCÍA DE LA SERRANA ABOGADOS, S.L.P. which in turn has designated Mr. Javier López y García de la Serrana. - José María Muñoz Jiménez. Once the position has been accepted by both of them and the appropriate procedures in accordance to Law have been initiated, we are writing you herewith in order to inform you that within one month as from the issuing of this present process (bankruptcy situation proceedings) in the Official Gazette (BOE), ley 57´s Lawyers will communicate directly with its Administration, as established by the Court order concerning the declaration of the bankruptcy situation and we will inform them about your creditor’s position, the owed amount (the credit), its concept, dates of acquisition of the credit and payment due date as well as any other particular and its qualification that we will intend to pursue. The Official Gazette (BOE) has not published the Bankruptcy. In this blog you will se all relevant news from now. Most of the questions will be answered here. If you want to contact by email do it preferably to the following email address: carlos@ley57.com We remind you that you are not allowed to inform directly the Court about your credit as this would not be in accordance with the Insolvency Act (Ley Concursal). You can see here to read the Auto wiht the Bankruptcy declaration.