Martinsa Fadesa Administration

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This topic contains 9 replies, has 4 voices, and was last updated by Profile photo of Anonymous Anonymous 8 years ago.

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  • #54495
    Profile photo of Anonymous
    Anonymous
    Participant

    Has anyone got any news on the administration process for Martinsa Fadesa? I am still hoping I won’t have lost my 60k deposit.

  • #88013
    Profile photo of Anonymous
    Anonymous
    Participant

    If you are a Campos de guadalmina baja buyer i might be able to share a little insight on the situation as i just got back form a lawyer trip there.
    let me know.
    this building is complete so the options arnt quite as grim.

  • #88058
    Profile photo of Anonymous
    Anonymous
    Participant

    No sorry – I have bought on Costa Esuri – Ayamonte but I assume that they have parcelled together all the debts that Martinsa Fadesa have so you might have some general info worth sharing – I am keen to hear anything!

    Our buildings are complete – some are not such good quality but in theory there is nothing to stop completion. However several of us want our money back as the quality is so poor. They have breached contract but we have no bank guarantees – my lawyer has not fulfilled his statutory obligations either. Stuffed is how I feel – just hoping to resurrect something from it.

  • #88059
    Profile photo of Anonymous
    Anonymous
    Participant

    Sounds like you need a new lawyer who will work in your interests only.
    Many of us weren’t given bank guarantees – we didn’t know at the time that this has been required by Spanish Law since 1968.

    Then try & get an embargo placed, so that at least you have a foot on the ladder of creditors. All the best.

    p.s. And then please sign Our Petition ❗
    http://www.spanishpropertyscandalpetition.co.uk

  • #88062
    Profile photo of Anonymous
    Anonymous
    Participant

    CES: I am sorry to hear your predicament. No point suing a bankrupt company, you will be throwing good money after bad.

    What ever is going to be in the pot. The bank will take it first & if Martinsa Fadesa were able to pay the Bank than they would not have been in the position that they are in.

    Your, reason for not completing for the poor quality and finish is not going to get you very far legally, as the quality is a relative thing.

    I, however agree with you in so far as the quality & finish is concerned it is appalling. Fadesa, and I will not include Martinsa, as they came late on the scene. Has created a fraud on a grand scale. The EU trade, crime department should act.

  • #88074
    Profile photo of Anonymous
    Anonymous
    Participant

    CES
    I understand the building is of poor quality but has the construction phase been fully completed or not? and did you have a claim legally filed by oct 25 2008 against fadesa naming you as a creditor?
    if you can answer these questions i will be in a better position to tell you
    what options you have based on my own situation.
    homelessinspain

  • #88084
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Homelessinspain

    Yes, the building is completed and I did file by the 25th October but have not heard a thing from anyone – including my solicitor. Anything you can help with would be appreciated.

  • #88095
    Profile photo of Anonymous
    Anonymous
    Participant

    I am in the exact same position as you, filed on 25th and a completed building. From what I here all completed bulidings will eventually receave
    there LFO. my lawer hasnt givent me much info eather but i think thats because she really cant predict the outcome accuratly, but I here that the LFO may take a few years to organise. if no LFO is ever issued
    we are automaticly on the master creditors list for a refund of all moneys paid, but dont think for one minute that you will ever get 100% of your money back. please note that if you want out of the contract regardless of any LFO you will have to file to sue fadesa for breach of contract(DELAYS) before any LFO is issued, once the LFO is issued you are required to complete. but if you sue you will be treated as a creditor and remember dont expect all your money back.
    Personally I,m waiting for the LFO.
    remember i,m not a lawer always seek legal advice before any decision making.

  • #88096
    Profile photo of Anonymous
    Anonymous
    Participant

    I don’t know whether the apartment has LFO. I am assuming not otherwise they would have pressed us to complete I assume. Several owners did complete and lived on a generator for some months. When the company went into administration there was no electricity – they had a short period without any power. The mayor quickly sorted that out and in September the properties were connected. Correct me, but is it true they cannot give a LFO until it is connected to mains?

    I don’t want the property I chose due to poor workmanship and inadequate landscaping as promised, but there are several other properties on other parts of the urb that I would happily accept – at the present time I have been offered a poor selection – ones I suspect they have been unable to sell and also no discount – in fact more than I agreed to pay three years ago.

  • #88099
    Profile photo of Anonymous
    Anonymous
    Participant

    only your lawer or marbella town hall can tell you if the compex has a LFO or not.but i would have assumed that you would have been asked to complete if there was one. some people decided to complete without the LFO and paid the full price of the property. this was ther choice as it was yours too, but if no LFO is ever issued they can never legally sell their property or get water/electric in there name and run the risk of fadesa turning off the water/electric, as just happened, fortunatley the town hall intervened. as for you prefering a different unit in your complex.
    You, (WE) are not exactly in a bargaining position here, i understand your concerns wanting a different unit in your complex(FOR WHICH YOU WILL NEED A LAWYER) but you might be better off taking the agreed apartment instead of chasing a % of your money back. remember
    if you want out of the contract you must sue before any LFO is issued.
    ps you might consider speaking to a new lawyer.
    good luck anyways.

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