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Time is running out for Britons affected by the collapse of another Spanish property developer to put forward their claim for recompense, warns law firm DWF.
The firm says that buyers affected by the collapse of Compañía Inmobiliaria Masdevallia should inform the Spanish court as soon as possible, or appoint a lawyer to do so on their behalf.
Masdevallia was the developer behind the ambitious Nueva Ribera and Nueva Ribera Golf Club developments in Murcia. Both Masdevallia and One Properties, which marketed the schemes and which has also filed for insolvency, appear to be linked to Juan Antonio Roca, ex-planning councillor at the Marbella town hall and one of the main people involved in the Malaya Operation, the anti-corruption campaign in Marbella.
Both companies are in a voluntary insolvency arrangement and administrators have been appointed to supervise their management. Antonio Guillen, a Spanish lawyer with DWF who are acting on behalf of British buyers affected, explained: “The administrators will detail the companies’ resources and assets as well as the debts and point out any possible ways of saving them. This procedure takes time and could prove extremely complicated and frustrating for those who are not familiar with Spanish law.
“Creditors of the insolvent company, and that includes purchasers of properties off-plan or owners of properties that have not been fully finished, should inform the administrators and the court of their credit as soon as possible.
“Under the Spanish Insolvency Act all creditors should receive a personal communication from the administrators but this does not always happen. Therefore it is advisable for anyone affected to contact a lawyer versed in Spanish insolvency law and provide them with any documents that can help to prove the payments they have made. These will have to be lodged with the court to ensure they are included in the final list of creditors.
“It is also necessary to ascertain whether the developer has a bank guarantee in place to cover any amounts paid by the purchasers towards the construction. This is a requirement under Spanish law although not all developers comply. This document is extremely important as it could make all the difference between creditors losing all their money and getting a refund. Your lawyer will check this for you.”
Antonio Guillen is also currently representing clients of Martinsa-Fadesa, Spain’s largest property developer and the largest insolvency in the country’s history, as well as another Spanish developer Herrada del Tollo S.L. He adds: “It is vital for purchasers affected by the insolvency of a Spanish developer to appoint a lawyer as soon as possible to make sure they are duly represented in the insolvency procedure, as well as considering alternative solutions such as enforcing the bank guarantee, if there is one.”
Notes to editors:
DWF LLP is one of the fastest growing regional law firms in the UK. With over 970 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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