Spanish Deposit Recovery SolicitorAt Alonso and Haro we specialise in Deposit Recovery which helps people who have lost money on failed property developments in Spain. Over the last five years we have recovered millions of pounds in deposits that many people thought were lost forever. If you have money that you paid into the bank accounts of companies that then went in bankruptcy then you may be able to recover your loses due to a change in the law regarding bank guarantees.
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BREAKTHROUGH COURT DECISION ON NON-GUARANTEE FUNDS – 6th June 2014
A new judgment from MURCIA COURT NUMBER 11 has given new hope to those creditors who transferred money to a BANCO POPULAR bank account and never received a bank guarantee for the funds they transferred to the builder HUMA MEDITERRANEO S.L.
The Court has recently ordered BANCO POPULAR to pay the full principal plus accrued interest to a client who transferred money to BANCO POPULAR and never received a bank guarantee.
Previously, Spanish Law 57/68 protected bank guaranteed investors who bought a property in Spain in the event that the property was never completed. Now, this new judgment goes further, giving BANCO POPULAR clients with no bank guarantee the chance to recover the investment they made in the failed completion in HUMA MEDITERRANEO S.L.
The judgment has said textually: “the bank can not be exempted from the responsibility of payment back to the creditors in the event of the builder failing. Payments should be refunded if the funds were transferred to a bank account and it was an agreement between the bank and the builder to guarantee the money invested, under law 57/68, even if a bank guarantee was never issued “
On the original purchase contract that the client signed with HUMA MEDITERRANEO S.L, it was stipulated that the funds would be guaranteed (even if they were not). A policy was signed by BANCO POPULAR and HUMA MEDITERRANO S.L in order to guarantee the transferred money to the builder.
BANCO POPULAR should have guaranteed the full amount transferred by every client to its bank accounts.
The judge stated that: “BANCO POPULAR was negligent in not providing a bank guarantee in this case.”
This new judgment sets a precedent and brings hope to those creditors who never received a bank guarantee for the money they transferred and where the builder failed to complete.