Category: Insolvency
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Santa Ana del Monte. A story of successful recovery of deposits paid to an insolvent developer in Spain
Litigation is never an easy thing. When I was a trainee lawyer in Spain, my boss, who was a walking enciclopedia and knew every single law in Spain, used to tell me: “Antonio, it is always better to reach a bad settlement than entering into a long but good case in Court…
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Returning the keys back to the bank
A REAL CASE OF A SUCCESFUL DACION EN PAGO This is a real case that we saw in the office some months ago. For obvious reasons, no names will be mentioned. The important thing is what happened and how the matter was resolved. Let me explain what happened. In year 2006 two friends bought…
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Ok, a dación en pago has been approved. Now what?
If you own a property in Spain but you are no longer able to pay its monthly mortgage instalments, one of the possibilities contained in the Spanish legal system is the dación en pago which is the procedure to enable consumers to surrender their properties back to the bank…
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No way out?
Recently and as a result of the sum of several factors such as the unstoppable fall of the sales of properties and an increase in mortgage defaults, Spanish banks have accumulated more than 150,000 million euros in property assets. Assets which, incidentally, the banks do not want but the truth is that since October 2008,…
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Holiday home Brits have now three weeks to claim following Aifos collapse
British home buyers who fear they may lose out due to the insolvency of one of Spain’s best known developers have been given until the end of September to register their claim with the Spanish authorities. Aifos Arquitectura y Promociones Inmobiliarias SA has gone into administration leaving 4,000 unfinished homes. Aifos was one of the…