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On the 4th January 2010, the judge for Mercantile Court Nº 2 in Murcia issued an edict in which he agrees to accept as received a communication from Polaris World regarding 15 of its Companies, according to the Article 5.3 of the Insolvency Act.
Polaris has three months for negotiating purposes with creditors. After this there are two possibilities, that an agreement is reached and the activity continues as usual or that no agreement is reached; in this case the companies have one month to apply for voluntary bankruptcy of Creditors. Since the application was filed on 22 December 2009, the deadline for reaching an agreement with suppliers will end on 22 March 2010.
This has been expected for some time and looks bleak for the Murcia region, since they still own/ run the golf courses and these companies are included in the actions.Rumours persist that PW will pull out of this as they have so many holdings they can transfer in leiu of debts. But, the rumours would say that. Also continuing reports that purchasers are transfering from the unbuilt Terrazes de la Torre to key ready properties on Condado de Alhama- I read of four yesterday and had already heard of others. This means the PW gets the money rather than the purchaser having to wait at the bottom of the pile for PW to stump up and return deposits. Buyers are finding that the golf view Penthouse apartments and Los Isla apartments which previously were slightly beyond reach have now come into their price range. Property agents report that PW properties coming from the banks property arm are moving because of favourable mortgages being available. At Hacienda de Alamo Polaris have suddenly swung into action and have builders back working on the town centre.
But, still no official news other than PW are still in negotiations.
@Janha wrote:
Rumours persist that PW will pull out of this as they have so many holdings they can transfer in leiu of debts. But, the rumours would say that. Also continuing reports that purchasers are transfering from the unbuilt Terrazes de la Torre to key ready properties on Condado de Alhama- I read of four yesterday and had already heard of others. This means the PW gets the money rather than the purchaser having to wait at the bottom of the pile for PW to stump up and return deposits. Buyers are finding that the golf view Penthouse apartments and Los Isla apartments which previously were slightly beyond reach have now come into their price range. Property agents report that PW properties coming from the banks property arm are moving because of favourable mortgages being available. At Hacienda de Alamo Polaris have suddenly swung into action and have builders back working on the town centre.
But, still no official news other than PW are still in negotiations.
The work has started Hacienda Riquelme Golf Resort NOT Hacienda de Alamo
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