San Jose Inversiones were the developer responsible for the building of a large number of properties across the Murcia and the Costa Blanca area. According to OPP, the vast majority of these properties were sold to foreign buyers on developments including – most notably – the massive Jumilla Golf and Country Club. However, other urbanisations included Dolres Golf, Albatera Golf and Playa Golf.
San Jose Inversiones most popular development, Jumilla Golf and Country Club, was intended to hold 2,285 homes and a golf course. Their other projects were also of a large scale, with Dolres golf set to cover 160 hectares.
So what happened?
San Jose allegedly had assets worth 300 million euros. However, after being unable to repay its creditors the €30 million they owed, San Jose Inversiones went into voluntary administration in 2008. This allowed them protection from these creditors and some time to renegotiate the terms of their debt.
This was unsuccessful, and as a result the company ended up in liquidation. It’s believed a slowdown in the property market that was taking place at the same had something to do with this.
There were numerous buyers and families affected by this incident, but all is not lost.
We’ve helped those who lost their money on this development before, and we can help you.
Don’t believe us?
Take a look at the below testimonial.
“Dear Pilar / Marta and Team.
Firstly a big thank you, to all you have done for re claiming our funds from Spain.
After all these years of trying with different solicitors without success, you have given us hope in the Spanish judicial system.
During the process with your company, communication was essential to us and we did appreciate your timely updates. We found your professionalism and commitment excellent.
Finally we wish you all well for the future and continue the good work for all your clients
Chris & Elaine Wood.”
Are you ready to start your claim?
I bought an off plan property at San Jose Inversiones Y Proyectos Urbanisticos S.A and lost my deposit, can I get my money back?
Yes. If you are one of those buyers who lost your investment in San Jose Inversiones Y Proyectos Urbanisticos S.A, now is the right time to recover your lost deposit.
How can I get my deposit back?
You can get your deposit back thank you to the Spanish Act 57/68.
Also the new Judgments released during 2015 and 2016 have been strongly supporting the Law 57/68.
What is Law 57/68 for?
Spanish Law 57/1968 is a short but very important Law that was created and passed in the public Interest on 27 July 1968 specifically to safeguard deposits from purchasers who paid in good faith to developers to buy off-plan properties.
LEY 57/68 was introduced in the Public Interest to create general preventative standards to ensure the real and effective protection of funds paid in advance by purchasers and to ensure they received a refund in the event that the house building did not take effect.
This Law was created with the sole purpose of providing protection to property buyers by guaranteeing their deposits in the event that a builder went into Bankruptcy.
How Law 57/68 works?
Under Act 57/68, banks and builders were required by law to sign General Insurance Agreement that established that creditors deposit must have been guaranteed individually.
According to Law 57/68, banks and developers had an obligation to sign a General Insurance Policy that would individually insured the investors’ investments, so that once the customer sent the deposit to the bank, that bank should issued an individual bank guarantee to guarantee the buyer’s investment.
This mean that in case a company went into liquidation, all the buyers would be able to claim their deposits back, plus the interest which it had gathered sitting in the bank for several years.
Why did I not receive a bank guarantee if Law 57/68 obliged the builders and banks to grant the individual guarantee?
When the banks realised that San Jose Inversiones Y Proyectos Urbanisticos S.A had financial problems they decided not to comply with the obligation to grant individual guarantees.
The banks made the decision to look the other way and not comply ( due to the risk that they entailed) the obligation to secure the buyers deposits. Banks have criminal responsibility for not fulfilling the duty to secure the payments of the investors.
Has San Jose Inversiones Y Proyectos Urbanisticos S.A gone into Bankruptcy?
Yes, San Jose Inversiones Y Proyectos Urbanisticos S.A was declared Bankrupt under the Court file number 278 /208, Comercial Court 2 Alicante, and dated May 2008.
Seven years after (31/3/2015) the company has finally gone into liquidation, which basically means that the company will not be able to face their debts (including creditor’s deposit).
If San Jose Inversiones Y Proyectos Urbanisticos S.A has gone into liquidation, can I recover my lost deposit?
Yes, it is exactly during liquidation phase when the bank’s responsibility to pay creditors begins.
How can I recover my lost deposit?
Legal actions will be taken against the bank where your deposit was transferred as they had the obligation to guarantee the amounts deposited in their accounts. The chances clients have to recover their deposit are very high as most of the Judgments are on investor’s side.
Some banks have even started to settle agreements before the Hearing Date, as they are aware about the small chances of wining the Case they have.
Do I need to receive an individual bank guarantee to recover my deposit?
No, you do not need an individual bank guarantee to recover your lost deposit.
Latest Jurisprudences (Judges orders) have made a good progress in favour of those creditors who invested money in properties failed in Spain.
In the even that a General Insurance Agreement signed between banks and builder is in place, all the creditor’s deposit must be guaranteed so the banks have failed to provide individual bank guarantees
Which banks were involved with San Jose Inversiones Y Proyectos Urbanisticos S.A?
There were three banks that received deposit from San Jose Inversiones Y Proyectos Urbanisticos S.A buyers.
The banks involved are: Banco Pastor (now under Banco Popular name), Banco Bilbao Vizcaya and Cam Bank (Caja de Ahorros del Mediterraneo).
They are the banks that received creditor’s deposits when buyers transferred money over to Spain.
What is the actual situation with the claim against those banks?
We are currently settling agreement with most of the banks before the Hearing and clients are recovering their deposit back. Our law firm keeps the Insurance Agreement in our firm.
We guarantee 100% that we can recover our client’s deposits.
Do I need to pay fees up front for proceeding with my claim?
There will be no fees for you to pay to us in advance. All we will take is any bank interest that we manage to negotiate from your claim when we recovered your credit.
So, there will not be any fees in advance and we commit ourselves to recover your full deposit. In the event we need to take any legal action our law firm will pay for Court and solicitors expenses.
How long my claim will take?
It will be depending on the bank and Court but the Case could take from 4 to 18 months.
We guarantee that our client’s will definitively recover their investment.
Do I have a deadline to present my Case?
It is also very important to mention that the time for making a claim on this matter is 15 years from the date you made your first deposit payment so we highly recommend to proceed with you claim before this time ends.
Which documents would I need to start the claim?
In order to start proceeding with your claim we will ONLY need: 1) Copy of your purchase contract and 2) your payments records.
In the event you do not keep any documents records, we can always contact with your previous solicitor, who acted on you your behalf when you bought the property in Spain. Also, we can contact the Bank Administrator for this purpose.
What I need to do next?
Just a simple phone call or an email informing us that you could be interested in us to help you with the recovery.
We will guide you from there. We are quite aware about how stressful this matter is for our clients so we will take care of the procedure for you.
We deeply believe that this is the only chance clients have to recover their lost investments. Contact us and we will do the rest.