CES, I take it your place is in Costa Esuri. You have asked for matters that are complex in most Countries.
The object of the Liquidators is to realise all assets & distribute them to the creditors, as set out by the law of the respective Country. Your completed flat is an asset & can be turned into cash for distribution.
(quality of finish does not matter as this could be subjective ) Yes you could wait for some time. As liquidation is always a long drawn process without the Spanish manana, who knows when it would happen.
I cant see why your solicitor is advising for an action for a breach of contract. Even if you win your case you will be ranked as an unsecured creditor of Fadesa and lets face it if Fadesa had cash or available credit they would not have put into liquidation/protection from them.
On the land front, yes they were sold so Fadesa does not own them anymore. However some speculators may not have transferred the titles for saving tax etc. This means that any interested party may challenge the sale/ownership of these plots. Besides the VAT on sale of land is 17%+/-.
You also need to think that the infrastructure such as water, sewage may not be in place & who knows if & when they would be there.
The Spaniards have moved into Costa Esuri and have been offering silly prices & getting them from desperate sellers.
I don’t know how old you are, but if I was in your shoes I would not try and make a bad situation further complex. Sit on your purchase & by the time Fadesa demands the money from you three, five years down the road the long term market would have improved,as the speculators would have been bought out by the Spaniards & demand & supply would have equalised.
Thanks Shakeel for your thoughts. I have another question. We will not complete on this apartment as the quality and the environment in particular is so poor – no plants trees etc – very stark even in winter. However in spite of what everyone seems to be saying about Costa Esuri it is really a lovely spot. It may take years, if ever, for the full concept to be realised but if it is taken for what it is – a lovely spot with easy accessible routes then things look different particularly if the price is right. You are right – the Spaniards are buying it up at rock bottom prices as whole blocks are being put up by banks. I have the opportunity to buy one at 30% – 40% less than its price 3 years ago. It seems a bargain since I like the place – not the building site etc and in any case the block I would buy on is completely finished has trees and plants and the rest in place. However I am holding off because I am scared that Fadesa can force me to complete on the apartment I don’t want. I certainly cannot afford to buy two apartments. Informally my solicitor has told me that it is not a problem but I really need to know what the law is here. I can afford and like the resale – at best I want to leave my previous investment to see what I can get – at worst I want to walk away from it – I certainly do not want to be forced to complete. Can this happen?