A new judgement by Commercial Court Number One in Malaga has opened the way for many Aifos creditors (among them buyers of properties that were never completed) to recover their money. Malaga Court has formally initiated the liquidation of the Spanish developer, Aifos, allowing the Administrators of the Bankruptcy to present a plan about the builder assets; in other words, whatever the builder has left. It is unlikely that there will be much in the way of assets to be shared by the smaller creditors. A Spanish version of the judgement can be found by clicking here.
However, this is an important decision which will automatically terminate Purchase Contracts, leaving open the possibility for creditors to claim back bank payments which were and were not guaranteed under the law 56/1968. Some clients have not been able to claim and recover their credits yet as they did not cancel the purchase contract with the builder (one of the requirements from the law 56/68 is that before proceeding with the claim, the creditors must have cancelled the purchase contract first). Again, during this phase, the claim can be made without this requirement.
Those clients that voted in favour of the agreement but a judgement has forced them to wait to recover their money until the agreement is in force, will not need to wait anymore as under the liquidation phase, the agreement will be null and void. This mean, that clients who have voted in favour of the agreement can proceed now with their credit recovery.
The claim will be done to those banks where the deposits were transferred as they have the responsibility to guards the funds under law 56/68. We are actually taking legal action against banks on behalf of those clients who have and who have not bank guarantees.