- This topic has 19 replies, 10 voices, and was last updated 16 years, 9 months ago by
.
-
Posts
-
-
Now it’s Fadesa’s turn. Be interesting to see if they scrape through. With an office in London, and a big marketing push in the UK back in the fat years, they must have sold to quite a few British buyers.
http://www.spanishpropertyinsight.com/buff/?p=165
Mark
-
-
The company is suspended today at the stock market after falling about 20% in the early hours this morning.
http://elmundo.es/mundodinero/2008/07/14/economia/1216016190.html
The company is facing bankrupt and the debt of this company with some spanish banks is really huge:
Caja Madrid: 1000 million euros.
La Caixa: 1000 million euros.
Banco Popular: 400 million euro.But there are around 43 banks more….
If the company goes bankrupt we are going to be in another critical step of this crisis.
-
-
From yesterday’s Mail On Sunday – Letters to Tony Hetherington:
Failed Spanish deal has cost me £75,000
J. F. writes: In February 2003, we paid a deposit on a Spanish property being developed by a company there called Fadesa. There were phased payments for the balance, with completion expected early in 2005.
Since then we have had no contact from Fadesa despite chasing it for a completion date. So last November I cancelled the contract and was promised a refund within six weeks. When I chased this in January I was told I had to go to Spain to sign the cancellation, which I did on January 29. The cancellation agreement provided for a refund four weeks later, but I have phoned 12 times and just get excuses and delays. I still have no refund of my 94,000 euros (£75,000). I feel people should be made aware of Fadesa’s practices.
Answer
Fadesa is a Spanish company with a subsidiary in London called Fadesa UK Limited, so I contacted this as well as the head office in Spain. The Spanish company offered absolutely no comment, explanation or excuse for failing either to complete the development or to refund your money.
In London, one member of staff said: ‘We sent your enquiry to our head office to see if they would reply, but they didn’t have any. We cannot tell you anything if they do not give the go-ahead.’
Fadesa UK Limited is, by the way, almost a year in arrears with filing its accounts with Companies House. This is illegal and so it would not surprise me if the company was eventually struck off. One suggestion from Spain is that Fadesa was caught up in the huge scandal over developments that had no proper planning permission. Whatever the explanation, you and other buyers clearly need to get together and instruct a Spanish lawyer to sue. Other customers of this company should learn from your experience.
-
-
FADESA has declared itself this night in bankruptcy.
This mean the mayor bankupt in the history of Spain. Tomorrow is going to be a terrible day at the stock market and the economy in general.
-
-
-
As recently as the end of March, a website was still turning out PR blurb for a new project of theirs in Bulgaria (link below).
“The first-sod ceremony of the Modera Residence residential complex took place on March 18”
– despite Martinsa Fadesa knowing trouble was looming.
-
Clients from Fadesa will recover their deposits:
I think some people here will tell if this is a joke!
-
-
I have seen a few posts concerning the Fadesa development in Costa Esuri from Lawyers on Fora this week. One was obviously farming for business (probably the other too!). The first Lawyer said anyone who had paid deposits to get in touch with him to find out the situation! His post was followed by a client of this Lawyer who said he had been e-mailing the said Lawyer all week and hadn’t received a reply
The second Lawyer (one of our old posters!) said that Fadesa had been in touch and were still in control( 🙄 ) and could negotiate a discount for purchasers. Not sure what that was about but it sounds contrary to all I have read!
I know some of you on here have excellent Lawyers but there are certainly some Mavericks out there!
-
Martinsa-Fadesa announced again yesterday that it will complete the properties which have seen payments by clients. They say they’ll complete and hand over the keys for 12,578 properties which are pending and for which families have already made payments. These properties have an estimated value of 2 billion €.
A statement from the company yesterday said they deeply regretted the current uncertainty, and promised to work intensely to overcome this ‘transitory situation’ in the shortest time possible.
The company has also announced a halt to its building activities in Morocco.
A new telephone information line has been established by the company – 900 380 900.
-
I predict when/if the truth comes out that Fadesa debts will be much higher than the figure given and the asset value much lower. Already many conflicting reports in the Spanish media.
The Apartments just completed in Calahonda are only 20% sold and what value half-completed unsold units in Bansko, Bulgaria! Everything will have been written-up for the bank loans.
-
Very interesting article about MARTINSA-FADESA:
http://www.elpais.com/articulo/semana/Martin/suelo/pies/elpepueco/20080720elpneglse_2/Tes
In it we can read the lies of Zapatero…
-
billions of euro’s of cash is owed by developers who were living in la la land for the last 5 years. unbelievable how the greed of man is blind to common sense. We all knew that the market was overheated and that the property prices were getting higher than even the UK. But still they kept building. The banks were mad to finance the fools as blindly as they did, but who has any sympathy for the banks? Let them take a bloody nose for their incompetence. Of course I have sympathy with the individuals that lost their deposits – it’s just a shame that the spanish legal system doesn’t sympathise with them.
Now there are some 2 million surplus properties and they have wrecked the beauty of large tracts of their country.
-
Probably covered by most of the other links and comments but a link to the story in Costa Blanca News http://www.costablanca-news.com/news/last.htm
-
-
Fernando Martin has declared himself personally bankrupt
http://www.heraldo.es/index.php/mod.noticias/mem.detalle/idnoticia.19902/relcategoria.309
-
- The forum ‘Spanish Real Estate Chatter’ is closed to new topics and replies.
