The Martinsa-Fadesa bankruptcy proceedings, affecting hundreds of foreign buyers, are likely to take a year longer than expected, the Spanish press reports.
The administration court dealing with the claims of Martinsa-Fadesa’s creditors has received 630 claims to date, with more expected in the next few days, despite the January 14 deadline. The high number of claims, which all have to be dealt with individually, mean that it may take a year longer than expected for the proceedings to be wrapped up.
This news means yet more frustration for Martinsa-Fadesa’s clients who have nothing to show for their stage payments, or who have purchased on developments that have not been properly finished by the developer.
