F.A.Q. about Bankruptcy

How much they owe me? In general terms, whatever monies you paid on account of the property which has never been delivered, plus interests to the date of the issuing of the competitive bidding process plus the legal costs should these been ordered. The Court would calculate any legal costs if it orders the settlement and usually these amounts are higher than the monies paid. Will I get paid? It is not possible to know it at the moment. It will depend on whether sufficient assets are found during the ongoing proceedings, either current or future (as may be any tax refund pending or it may happen that any issue either increases or decreases the company’s passive assets). In order to know this, we can only carry out a follow-up of the process and to communicate the available credit. How long does the process last? It is not possible to foresee at the moment. It depends on whether there are many issues regarding the competitive bidding process. Usually it will take between 1 year and 3. Which are my options and how much it will cost me? There are three possible courses of action. 1) Not doing anything and wait for the company to formally acknowledge the amount owed. This is a very risky option since you will not be informed whether your credit has been acknowledged and you will not be aware of any emerging news concerning the proceedings. It is not likely somebody will knock on your door and hand you over the money you are owed. 2) To communicate your credit without further ado. In this way only the credit will be advised and you will receive an initial report stating that your debt has been acknowledged by the administrator of the competitive bidding process. However, if your debt were not listed or a stating a wrong amount you would have to claim it by means of “incidente concursal” assisted by a lawyer and a Court attorney. 3) To communicate your credit and be represented in the proceedings. In this way, you will form part of the proceedings and will be informed about any emerging news as well as receive an annual report concerning the progress of the competitive bidding process and any emerging news, if any, by means of electronic updates.