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Home-buyers affected by the collapse of Spanish property company Martinsa-Fadesa have been given extra time to register their claim with the authorities, says law firm DWF.
The initial deadline of 1 October has been put back to 25 October due to the large number of creditors affected. “This is the biggest insolvency case in Spain's history,” explained Antonio Guillen of DWF, who is qualified as a lawyer both in Spain and the UK and acts in insolvency cases.
“The extension will give a second chance to those creditors who missed the first deadline. Anyone who has bought a property or plot of land from Martinsa-Fadesa which has not been completed is entitled to either have it completed or receive a refund. This is why it is so important to be recognised as a creditor. Those who fail to register would probably not get any money back should Martinsa-Fadesa go straight into liquidation.”
Buyers can carry out the registration process themselves by sending a statement in Spanish explaining their position and enclosing the relevant documentation or they can appoint a Spanish lawyer. The statement needs to be written in compliance with the provisions of the Spanish Insolvency Act.
Antonio Guillen adds: “All creditors should register and whether they do it themselves or through a lawyer is up to them.
“However there are distinct advantages to using a lawyer – for example to ensure you receive all relevant correspondence and have the right to challenge decisions taken by the administrators or the court. It will ensure you are not kept in the dark and that you receive sound and clear advice on your rights and options.”
Notes to editors:
DWF LLP is one of the fastest growing law firms in the UK. With over 950 people based in Leeds, Liverpool, London, Manchester and Preston, DWF provides a range of services grouped under the following practice areas:
Banking & Finance
DWF has developed extensive sector-specific expertise in a number of areas including: automotive, education, retail & leisure, legal expenses and food and resourcing. Further information on DWF is available via www.dwf.co.uk.
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