[Anonymous]

Any Martinsa-Fadesa clients (Costa Esuri, Ayamonte and all that) who have paid money to Martinsa-Fadesa but have no property to show for their stage payments, especially if they do not have a bank guarantee, need to register their claims against Martinsa-Fadesa sharpish if they haven’t already done so.

For more info see: http://www.spanishpropertyinsight.com/buff/?p=246

Mark

[Anonymous]

A friend of mine who purchased at Costa Esuri. The property is ready & he should have completed back in Spring 2007. I along with him was at the notary to complete the purchase. This completion was held back, as he is a non EU citizen residing in Dubai. He need a security clearance.
This as one can imagine has not gone through the Spanish bureaucratic process to date.

The property is ready the balance of the purchase price around 60% is sitting in a Spanish Bank account. What would be his position ????

The general laws of Insolvency in my experience is that my friend property is an asset of Martinsa/Fadesa which once the balance is paid can be converted into cash for distribution for the creditors/shareholder’s etc.

[katy]

One thing for sure is that Maritn-Fedesa’s assets will be like the Emperors new clothes!

[Anonymous]

@shakeel wrote:

A friend of mine who purchased at Costa Esuri. The property is ready & he should have completed back in Spring 2007. I along with him was at the notary to complete the purchase. This completion was held back, as he is a non EU citizen residing in Dubai. He need a security clearance.
This as one can imagine has not gone through the Spanish bureaucratic process to date.

The property is ready the balance of the purchase price around 60% is sitting in a Spanish Bank account. What would be his position ????

The general laws of Insolvency in my experience is that my friend property is an asset of Martinsa/Fadesa which once the balance is paid can be converted into cash for distribution for the creditors/shareholder’s etc.

Hi Shakeel

See my post on an earlier thread – we are in the same boat – have not completed. Feel very much in the dark. Up to now have been using the British expats forum for Costa Esuri to try to find out what is going on but there seems to be little information – I hope this forum is better.

[katy]

Any thread on the ex-pats site regarding negative stuff is quickly stifled by the ones who have already completed. This site is much more realistic. Just my opinion but if there were no bank guarantee I would not spend money on a Lawyer. It is rumoured that MF’s assets are vastly overstated. The wrangling will go on for years and only the banks will get anything. By all means register your interest though.

[Author]

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