Reply To: Mallorca development incomplete



The latest from my solicitor is that the bank refused to loan the builder /adminstrators the money required to finish the development, so the builder is asking whether the purchasers are prepared to contribute the required funds (no indication whether or not that would be taken off our final payment).

No specific details available yet though and other options being discussed such as possibly offering us our properties at a reduced price so we can finish them off ourselves.

What does seem clear though is that if the builder goes under there will be very little money for us creditors after the preferential creditor (the bank) gets what is owing to them