Campos Del Rio – Grupo Trampolin
With so much to offer and being located within close proximity to the beautiful city of Murcia, the Trampolin Hills Golf Resort in Campos Del Rio was supposedly intended to be a British expat’s paradise.
There was a golf course and over 2,500 units planned, the first of which was purchased in 2005, and over the next few years demand remained high; by 2008 the majority of the properties had been sold.
Buyers were also given the option to purchase a ‘package’ that consisted of many valuable assets including the home itself, a luxury car, and shares in the golf course.
In addition, the development was heavily promoted by The Trampolin Group, and was also marketed to British buyers. Aside from this, it had the full support of the planning office at the local town hall, as reported by Spanish Property Insight at the time. Everything appeared to be in place.
Take a look at the video below to see what Trampolin Hills was planned to be:
However, this never came into fruition. These buyers now have nothing to show for the money that was spent.
When did it start to go wrong?
Around 1,700 off-plan homes were sold at Trampolin Hills Golf Resort. Buyers on these homes in deposits and stage payments spent a total of 53 million euros. People who bought these homes even moved to Murcia early in order to wait for their homes to be completed.
These buyers are still waiting for those homes that were never built.
Only show homes were constructed and work never developed past the land movement phase. It was at this point that problems became apparent – administrative fraud was exposed and financially the company was just about ready to collapse.
It wasn’t just British buyers who were affected either; this ordeal also hit Finnish, French and even local Spanish buyers just as hard. Because of the large number of victims, which included Spanish locals, Trampolin Hills Golf Resort found itself under the intense scrutiny of the Spanish media – something that doesn’t happen a lot when it comes to this type of case.
So what happens next?
If you lost your deposit when you bought your property in Trampolin Hills Golf Resort, then this letter can help you to understand how you can recover your deposit.
I bought an off plan property at Trampolin Hills Golf Resort (Campos Del Rio, Murcia) and lost my deposit, can I get my money back?
Yes. If you are one of the buyers who lost your deposit in Trampolin Hills Golf Resort, now is the right time for recovering your lost investment.
How can I get my deposit back?
Thanks to the Spanish Act 57/68. Also the new Judgments released during 2015 and 2016 have been strongly supporting the Law.
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 does Law 57/68 works?
Under the LEY 57/68 Act, the banks and builders were required by law to sign General Insurance Polices, which state that the funds transferred for the deposit on a property must have been guaranteed individually.
In accordance with Law 57/68, banks and the developers must sign a General Insurance Policy, which should secure the investor investments individually. So once the client sent the deposit to the bank, the bank issued an individual bank guarantee so the buyer’s investment was guaranteed.
This means that in case a company had to go 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 builders and banks to grant an individual bank guarantee?
When the banks realised that Trampolin Hills Golf Resort 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 Trampolin Hills gone into Bankruptcy?
Yes, under the Court file number 20/2009, dated 13/10/09, Trampolin Hills Golf Resort, S.L (with Company Registration number B-73345746), was declared bankrupt.
Six years after (May 2015) the company has finally gone into liquidation, which basically means that the company will definitively not be able to pay any of the monies back to its creditors.
If the builder has gone into Bankruptcy, can I recover my lost deposit?
Yes, it is during the 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 individually. The chances clients have to recover their deposit are very high as most of the Judgments are on the investors’ side. Some banks have started to settle agreements before the Hearing Date, as they are aware about the small chances of winning 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.
The jurisprudence (Judges decision) has progressed and fortunately it has become clear that if there is a General Insurance Agreement signed between Trampolin Hills Golf Resort and the banks, an individual bank guarantee is not required as the Agreement covered all the creditors payments transferred.
Which banks were involved with Trampolin Hills?
There were two banks that received deposits from Trampolin Hills Golf Resort homebuyers. Those banks involved were Caja Mar and Caixa bank.
They were the banks that received creditors deposits when buyers transferred money over to Spain.
What is the actual situation with the claim against Caixa Bank?
As I have mentioned before, one of the most important pieces of evidence in the Case is the Agreement signed between the bank, and Trampolin Hills Golf Resort. We can now ensure clients that Caixa Bank signed a General Insurance Agreement with Trampolin Hills Golf Resort and for that reason Caixa Bank should have guaranteed all the deposit received by the buyers.
It is important to mention that we keep in our premises a copy of the Agreement signed between the Banks concerned and the builder, which is the most important evidence on the Case.
What is the current situation with the claim against Caja Mar?
We have requested Court the Agreement signed between Caja Mar and Trampolin Hills Golf Resort, as we need to make sure if Caja Mar was obliged to guarantee clients deposits transferred to them.
Have our law firm won a case against any of those banks?
We proudly say, that last December 2016 we won our last Case against Caixa Bank and on behalf of our clients who bought in Trampolin Hills Golf Resort. Clients are more than welcome to request the Judgment from us.
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 recover 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 is difficult to say as once a Case is presented in Court, a Judge will make the final decision.
However, if your deposit was sent to Caixa Bank (as we have already won a Case against them) there is a chance to settle an agreement with them before a hearing date. We believe this Case will not take more than 12 months.
In the event you have sent your deposit to Caja Mar, as soon we have received from Court the agreement signed between themselves and the Trampolin Hills we will be ready to start the Case.
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 your 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 records of your documents we can always get in contact with your previous solicitor who acted on 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 helping 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 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.