Advice – following company going into administration

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    • #55958

      I really just need some advice. In 2006 I bought an apartment off plan. Usual stuff – I was green – used the only solicitor who spoke English in the town – he did not get Bank Guarantees and did not look after me. I did not realise this large company was in trouble until a year later when it became clear they could not offer what they planned – it was a large project. I tried for some time to get an exchange, then the company went into administration and then I tried to cancel the contract. No help from our solicitor except to want money to register us as creditors. The building completed after this – but poor quality and we did not want it – at our age living on a building site with high condo fees because of unsold homes was not an option. For months we tried to cancel – even to walk away – just wanting to forget about it even though we have lost 60k euros. We finally employed a new solicitor – Spanish but in the UK. He cannot get anyone to answer anything and the old solicitor won’t give up the paperwork. He has created an expensive bill having done nothing for us except get us into this mess and never helped us when we wanted him to. We have asked for an itemised bill so we can know exactly what we are paying for and get it checked to see if it is fair, but it has not been forthcoming. We have had threatening letters from the builder to try to get us to complete, and the new solicitor is spending money just trying to get some response from the builder and the old solicitor. I have just retired – partly due to ill health and just want to see the end of this. I cannot afford to continue to pay a new solicitor for endless calls and letters to no avail. I am told this large company may come out of administration next year. The bank has repossessed and pretty much sold the unsold properties at knock down prices. At some stage surely they will need to contact us about our uncompleted property? Are we better just to leave it and see what happens – just ask the new solicitor to wait or what? Are there any risks to just waiting? We have pretty much accepted we have lost this money.

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