The developer of the Trampolin Hills Golf Resort in Murcia has been forced into in bankruptcy proceedings unable to cope with its debts, reports the local newspaper La Verdad. A court has appointed administrators to run the company, and creditors now have a month to register their claims.
Trampolin Hills, in Campos del Río, has been struggling to survive since the market turned down and the town hall refused to approve its plans to build 2,500 homes and a golf course.
Hundreds of mainly British buyers will now be trapped as ordinary creditors with no property to show for their money. Those without bank guarantees for their stage payments will have to join the queue of creditors trying to get their money back from Trampolin Hills. As unsecured creditors, buyers without bank guarantees are likely to be at the back of the queue.
In may this year a judge warned that buyers at Trampolin Hills could face “massive losses”.