Another Developer goes Bust.

LoadingFavourite

This topic contains 17 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years ago.

  • Author
    Posts
  • #54487
    Profile photo of katy
    katy
    Spectator

    Tremón another large company in the style of Martin Fadesa has asked for a suspension of payments. Debts coud be 1200 million.

    http://www.diariosur.es/20081117/economia/tremon-declara-insolvente-deuda-200811170005.html

  • #87917
    Profile photo of Anonymous
    Anonymous
    Participant

    …’Martinsa Fadesa filed for administration in July after failing to meet payments on 5.4 billion euros of debt…
    …Realia is the only large Spanish real estate firm that is still
    profitable, although its net income dropped 68 percent in the nine months to September…’

    Some more info here on other developers etc:
    http://orange.advfn.com/news_FACTBOX-Spains-troubled-property-sector_29360762.html

  • #87920
    Profile photo of katy
    katy
    Spectator

    Tremón owns two Hotels on the CDS TRH Mijas and El Paraíso Estepona. Also owns Tivoli the entertainment park in Arroyo.

  • #87925
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Suzanne/katy

    well found, that makes interesting reading. Do you know the position of Aifos at present?

  • #87926
    Profile photo of katy
    katy
    Spectator

    AIFOS workers and buyers had a joint demonstration on Friday (Fuengirola). I have not seen anything in the local news as to what happened. It is rare for the Spanish press to publicise anthing negative about Developers. Not that I am saying they are corrupt! Don’t want to be accused of xenaphobia 😆

  • #87928
    Profile photo of Anonymous
    Anonymous
    Participant

    katy

    heavens above no, you wouldn’t want that!,…….and you know most of the problems are caused by us greedy buyers!

    as for Aifos’s workers and buyers having a demo’, that sounds amusing in a black humour sort of way. Have a mental picture of a big crowd on the side of the good guys, and about three on the other!

    good to see continued pressure, whatever form it takes i guess. Shouldn’t go unnoticed by those who will decide our fate in court, but who knows?

  • #87929
    Profile photo of katy
    katy
    Spectator

    I think the workers are about to lose their jobs.

    Goodstich, not exactly a property case but heard on the radio some people are about to be sentenced for burning down a supermarket 11 years ago, the wheels of Justice are slow here 😉

  • #87931
    Profile photo of Anonymous
    Anonymous
    Participant

    Hello Goodstich,

    Heard from 4 people this week who are caught up with AIFOS. No build, no bank guarantees, and two incompetent/dishonest ‘lawyers’.

    If I find out any more about the financial situation, will let you know.

  • #87936
    Profile photo of Anonymous
    Anonymous
    Participant

    Suzanne

    what can you say? As if there isn’t enough evedence to bury them a thousand times over!

    As for the incompetent/dishonest lawyers, again words fail me? Betrayed by the very people who we have to trust. It’s just wrong, whichever way you look at it.

    What will have to happen in Spain before common sense justice prevails?, or perhaps it never will?

    katy

    i’ve heard they have been teetering on the brink for a while now, but don’t really know how likely they are to contiue in business?

    ……so i’m looking at about 5 years longer to get justice then!

  • #87940
    Profile photo of Anonymous
    Anonymous
    Participant

    Goodstitch – These so-called-lawyers are the foundation stone of the problem, in my view. Sometimes I wonder whether they are actually worse than the corrupt developers, as if these lawyers had carried out their jobs with the ethics they are supposed to be bound by, thousands of us would not be in the situation we are in today. And maybe the illegal property problems in Spain could then have been dealt with swifter, with mainly the guilty suffering, rather than dragging along many thousands in their wake.

    Thankfully, you & I are many others are now in professional & reputable hands.
    Have you read this article? Makes for interesting reading:
    http://www.lawbird.com/news/view/12

  • #87942
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    does anyone know anything about terrazas de torreblanca (aifos). We have a vendor that is trying to sell up there and…well its impossible, no matter what price. the poor guys has lost everything because of these ba**tards.

    And as you can imaging trying to get any sort of honest answer out of these people is impossible.

  • #87943
    Profile photo of Fuengi (Andrew)
    Fuengi (Andrew)
    Participant

    @katy wrote:

    I think the workers are about to lose their jobs.

    Goodstich, not exactly a property case but heard on the radio some people are about to be sentenced for burning down a supermarket 11 years ago, the wheels of Justice are slow here 😉

    that they are. we can only hope they reform the system.

    It’s unbelievable that the courts are only open early hours! can’t they even do a full days work???

  • #87945
    Profile photo of Anonymous
    Anonymous
    Participant

    Suzanne

    yes, very much agree with you. The crooks will prosper if those paid to stop them are just as crooked. How obvious is that to those who can force change?

    yes, i read the article a while ago thanks. I like to think we have the best guys on our side. The fact so many have been conned is so black and white now, none of us should be worried about the outcome. This is Spain though, we know better sadly!

  • #87955
    Profile photo of Anonymous
    Anonymous
    Participant

    @fuengi wrote:

    It’s unbelievable that the courts are only open early hours! can’t they even do a full days work???

    Apparently the courts are in “turmoil”.

    ‘WITH calls for a major overhaul of the justice system, it has been revealed this week that more than 650 staff working in courts throughout Alicante Province are on short-term contracts and that many of those employed are temporary staff.

    This has been highlighted in Alicante Province where, says the report, 40 per cent of those employed in the judicial system are forced to travel between court houses in order to fill the shortfall in staffing levels.’
    (Costa News)

    Wonder how many other provinces are likewise affected ❓ Dare I say, it makes you wonder how easy it may be for developers to influence these temporary staff. 💡

  • #87960
    Profile photo of Anonymous
    Anonymous
    Participant

    Suzanne

    yes, i wonder?. I also wonder if the courts have a quota of cases that must go ‘against’ the buyer, so that they are not accused of being biased against developers/lawyers/agents?

  • #87961
    Profile photo of katy
    katy
    Spectator

    Thanks for that Suzanne, missed that one. 🙂

  • #87964
    Profile photo of Anonymous
    Anonymous
    Participant

    Pleasure 🙂

    I forgot to post the link:
    http://www.costa-news.com/index.php?option=com_content&task=view&id=1385&Itemid=1

    Have been looking for an up-date to this story, but nothing so far. Maybe this week ❓
    It certainly explains quite a bit. The developer’s appeal, after winning my case heard last year, will be 22 months later 😥 It’s almost an unbearable time to wait, but wait I must.

  • #87972
    Profile photo of Anonymous
    Anonymous
    Participant

    Suzanne

    hard to know who is screwing us the most?, the developers or the Spanish government for allowing this to happen?

You must be logged in to reply to this topic.