Aifos seeks protection from creditors

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This topic contains 24 replies, has 9 voices, and was last updated by Profile photo of Anonymous Anonymous 7 years, 4 months ago.

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  • #55122
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    Anonymous
    Participant

    Been expecting this for the last 3 years, maybe more. Can’t believe how long it took.

    Aifos seeks protection from creditors

  • #93597
    Profile photo of Anonymous
    Anonymous
    Participant

    mark

    following 7 years of fighting for justice, our court case 3 months ago has still not been decided on, and the judge has now gone on holiday until September, so I guess from reading your post that’s it for us. Short of a miracle we are finished?

    If you feel some of us are over negative about Spain I would remind yourself of this. Yes we were swindled by a UK agent and a UK conveyancing company and one Spanish lawyer and of course the developer. The biggest swindler though?, well it has to be the system that allows a judge to take a minimum of six months to pass judgement on a very clear cut case against a roque developer who is court several times a week for fraud, corruption and the like as you know.

    I am so angry and disgusted with this. After all this time and money we have been most let down by the very people who’s job it is to serve justice on those so clearly cheated. To say the system stinks is a massive understatement!

  • #93598
    Profile photo of Anonymous
    Anonymous
    Participant

    Mark – do you know where this leaves those whose lawyers have obtained embargos for their clients while their court cases with Aifos are ongoing?
    Are the embargos still valid?
    Am not affected personally but just interested to know how this works.

  • #93599
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    Anonymous
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    charlie

    I can answer that for you. That is the crux of the matter. Our embargo is useless if a court doesn’t pass sentance before a company goes bust.

    In other words the delay in judgement has most probably rendered all our efforts, time and money useless.

    Our lawyer tells us that it’s not the judge at fault, but the lack of manpower and funds to catch up with the ever growing enormous amount of cases going through court for corruption and various bad practice. So yet again the hopeless system is at fault.

  • #93600
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    Anonymous
    Participant

    @goodstich44 wrote:

    Our lawyer tells us that it’s not the judge at fault, but the lack of manpower and funds….

    I don’t buy that. It’s in the judge’s hands to make a ruling as and when he wants, regardless of manpower and funds. Six months is long enough for him to put his brain into gear.

  • #93601
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    Anonymous
    Participant

    Charlie

    yes, my feelings also. With that in mind, an official complaint to the court will be made on our behalf. What else can we do?

  • #93602
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    Anonymous
    Participant

    Goodstich,

    I know it looks pretty bleak for you, and I perfectly understand your rage. I would feel exactly the same. I don’t think you are over-negative about Spain given your experience, though of course many others have had a better experience. I’m familiar with your case and I know you are 100% the innocent victim. You have all my sympathy, though I know that is little consolation.

    Difficult to know what to do now. When a company goes into court administration it’s not game over, though it does make life for creditors like you more complicated, and often ends in liquidation. I know it is disheartening, but I guess you shouldn’t give up. I suppose you have to join the queue of creditors, which means more legal fighting and bills. But at least that means you are still in with a claim, and might get something back one day. You’ll have to go with what your lawyers suggest, if you trust them.

    Good luck

    Mark

  • #93603
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    Anonymous
    Participant

    Maybe you have your reason why the judge delayed his decision while he went to holiday? He knew this was coming and couldn’t wash the honey off his fingers.

    The reason I’m interested is because I know once some things are filed with the court, an event that happens retrospectively can not be taken into consideration. I just wondered if this is one of those situations.

    Did you not already have your embargo in place or was applying for it was what this particular hearing was about?

  • #93605
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    Anonymous
    Participant

    charlie

    our embargo was filed by our lawyer and accepted by the court over a year ago. The recent (3 months ago) hearing was to sue the developer for the bulk, and the agent for commision they kept on a development never built, before we were transfered to the next disater! Our lawyer was very pleased with the embargo in place for the hearing, as he assumed if we win we would never get our money from the developer as cash, so the embargo at least secured funds from a future autioned property. The embargo depends on a court win though while the developer is still in business. Without that it means nothing. Hence the crucial timing on a court decision.

  • #93721
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    The problems for the Aifos real estate company continue the week after they finally filed for bankruptcy protection facing an accumulated debt of 1.029 billion €.

    Now the courts are looking at several actions of their directors, and the Penal Court in Málaga has reopened the oral case against the Company Chairman, Jesús Ruiz Casado and his wife, María Teresa Maldonado, who are accused of fraud for selling property which was not later built.

    The prosecutor has asked for a seven year prison sentence for both husband and wife and a fine of 16,200 € for an alleged crime against consumers. The key thing now is that the penal instead of the civil court is being used, as it is considered that the owners of the company tricked their clients in a pre-meditated way…

    http://www.typicallyspanish.com/news/publish/article_22532.shtml

  • #93724
    Profile photo of Anonymous
    Anonymous
    Participant

    Fuengi –

    Surely this raises the question: can pre-meditated fraud override bankruptcy protection by qualifying for a case to come under criminal charges as against going through the civil courts?

    As the article states, they tricked their clients in a pre-meditated way…

    Would an example of this be for example if a Bank Guarantee had been issued after a building licence was revoked, which would be tantamount to an attempt to perpetuate the illusion (therefore intentional deceit) that the development was still on track.

    Many of us at Santa Maria Green Hills were in this situation and I have always claimed that this action was blatant and intentional fraud to deceive that there were no problems. The revoked building licence was obviously known to the developer and the issuing bank at the time the BG’s were given.

    Roots, I honestly think this is a path worth looking at in your particular case. My OH agrees!

    Any legals out there who could comment?
    Whatever happened to Drakan? 🙁

  • #93725
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    Anonymous
    Participant

    Great news Fuengi. Let’s hope it brings a ray of light to the long dark tunnel that Goodstich is in.

    Charlie,
    It appears all the lawyers left this forum some time ago.

  • #93727
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    Anonymous
    Participant

    Hey Fuengi, it was me posting that link on your blog, thanks for spreading it around, the more all of us victims of Aifos are aware of the better. I mentioned on your blog that I have asked my lawyer if there is any point in trying to get together another group of people to present a similar case. We may have a greater chance of success than fighting for the crumbs on the creditors list! Has anyone else put this question to their lawyer?

    Justin

  • #93732
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    your welcome.

    Regards
    Andrew

  • #93734
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    Anonymous
    Participant

    I dont know how old the directors are. Seven years is not long enough. They should be locked up for life, like Madoff.

    Assets of all their family, friends lovers investigated & seized & investigated along with the web of companies that they have interest.

  • #93736
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @shakeel wrote:

    I dont know how old the directors are. Seven years is not long enough. They should be locked up for life, like Madoff.

    Assets of all their family, friends lovers investigated & seized & investigated along with the web of companies that they have interest.

    ahhh that would be interesting. But as likely as public flogging.

  • #93737
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    Anonymous
    Participant

    Public flogging or not, they have systematically & carefully ruined the lives, health & dreams of many a members of the public.

    I have not an ounce of sympathy for the devil. Now was it Mick Jagger or Julio iglesias who sang about it.

  • #93741
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    Anonymous
    Participant

    Hi all

    this latest development is an interesting twist, and confirms what has been known by the victims and courts for some time. That makes the justice system look even worse if that’s possible?. Surely those who have had a strong and obvious cases against Aifos for years should now get their stolen money returned whatever the development? where a serious breach of contract (read crime!!) has taken place.

  • #93742
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    Anonymous
    Participant

    serious breach or crime is now irrelevant. There is or there will not be enough money to go around.

  • #93747
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    Anonymous
    Participant

    shakeel

    being 1 billion in debt, we probably know the answer to that?

    Those who have been cheated by convicted criminals shouldn’t have to subsidise those who allowed them to prosper for so long. If there was any justice at all, the Spanish government would step in, put their hands up and admit they failed hopelessly in regulating against these crooks long ago, and before anything else, making sure those of us clearly robbed are compensated in full. There is no excuse, it’s the laws and the so called justice system who ultimately have failed many people so badly.

  • #93752
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    Anonymous
    Participant

    just a reminder of my situation for anyone who might be interested to wade through it?

    2002 decided to buy off plan at Aifos development Balcones de riviera

    copy of building license sent to us

    30% deposit put down

    contract signed by Aifos sent to our lawyer which we hold

    about 18 months later Aifos admitted building license revoked so despite being told development was knee high, it was never started!

    transfered to apartment at Angel De Miraflores, but when we had it snagged found it was much smaller than contract, had no LFO, and Aifos wouldn’t offer a bank guarantee, missing a pool, plus a sewage issue so we refused to complete and asked for money back or a discount. It was also nearly two years late being built.

    lawyer told us to complete despite above, so we realised lawyer was not working in our interest!

    switched lawyer. Aifos contacted our new lawyer saying they had now sold our apartment ‘by mistake’ but we could have one half the size, but with no discount!

    sued Aifos and OVP for return of deposit ( OVP now gone bust) and got court embargo granted.

    Aifos then denies ever having our deposit!!

    court set hearing 1 year on, despite knowing Aifos’s fragile situation.

    hearing this April, but decision which should take maximum 20 days is delayed till this September at least! (Aifos admits guilt by making small offer before case starts. Lawyer warns us they wouldn’t honour it, so case goes ahead.)

    Suprise suprise, in the meantime Aifos now gone bust so our embargo useless.

    We are now at best just creditors unless someone steps in?

    hows that for justice????????????????????

  • #93753
    Profile photo of Anonymous
    Anonymous
    Participant

    Hows that for justice? There isn’t any in your case.

    @goodstich44 wrote:

    ….about 18 months later Aifos admitted building license revoked so despite being told development was knee high, it was never started!

    Do you know what date the building licence was revoked?
    Before or after you signed the contract?

  • #93756
    Profile photo of Anonymous
    Anonymous
    Participant

    Thanks Charlie

    You wrote.

    <<Surely this raises the question: can pre-meditated fraud override bankruptcy protection by qualifying for a case to come under criminal charges as against going through the civil courts?
    As the article states, they tricked their clients in a pre-meditated way…

    Would an example of this be for example if a Bank Guarantee had been issued after a building licence was revoked, which would be tantamount to an attempt to perpetuate the illusion (therefore intentional deceit) that the development was still on track.

    Many of us at Santa Maria Green Hills were in this situation and I have always claimed that this action was blatant and intentional fraud to deceive that there were no problems. The revoked building licence was obviously known to the developer and the issuing bank at the time the BG’s were given. >>

    Continuing this conversation on a new thread ‘Premeditated fraud’

    roots

  • #93776
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    Anonymous
    Participant

    It is just a disgrace what is happening. The problem is even if you get to court the question is weather the judge hearing the case is corrupt or not. The judge may just be putting off making decisions until he knows that it will then be too late to do anything about it. As someone who has taken them to court and Thank God won (no thanks to the judge but thanks to a brilliant and honest lawyer I might add) I know how difficult , stressfull it all is not to mention the fact of the hard earned money they too.

    Makes me so mad that I had to stop going on the forum for a while .

  • #93777
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    Anonymous
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    bettyboo

    it is indeed a disgrace. Our case was delayed for a year and then sentence still delayed for a further five or six months while Aifos teetered on the brink of bankruptcy. Our case couldn’t be clearer. Can it be anything but corruption?

    I’ve tried everthing I can in the last few years, but I can’t fight the Spanish government. I can complain, but that’s allready being done, but no doubt falls on deaf ears.

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