Comments on: Failing to Give a Bank Guarantee Lands Property Developer in Jail http://belegal.com/blog-by-antonio-flores/failing-to-give-a-bank-guarantee-lands-property-developer-in-jail/ Thoughts about laws and regulations which affect foreigners in Spain Wed, 16 May 2012 17:01:19 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Keith - FINCA PARCS ACTION GROUP http://belegal.com/blog-by-antonio-flores/failing-to-give-a-bank-guarantee-lands-property-developer-in-jail/comment-page-1/#comment-8045 Keith - FINCA PARCS ACTION GROUP Tue, 24 Aug 2010 19:52:15 +0000 http://belegal.com/blog-by-antonio-flores/?p=628#comment-8045 I think it is correct that the developer was jailed for deliberately acting contrary to the requirements of LEY 57/68. There are hundreds, if not thousands of innocent purchasers of off-plan Spanish property who have suffered or are currently suffering various types of Bank Guarantee abuse due to a number of corrupt developers and negligent banks, lawyers & agents. The Banks & Savings Banks are guilty of gross negligence and a complete lack of professional due diligence. They funded the developers, knowingly accepted the off plan deposits and failed in their obligations under LEY 57/68 Article 1.2 to ensure the funds were secured in a Cuenta Especial and to issue or to verify the existence of the corresponding Bank Guarantee or Certificate of Insurance. The Banks and Savings Banks are the guardians of LEY 57/68 and were the vehicle through which the illegalities were allowed to take place. Kind regards Keith Bank Guarantees in Spain / Finca Parcs Action Group I think it is correct that the developer was jailed for deliberately acting contrary to the requirements of LEY 57/68. There are hundreds, if not thousands of innocent purchasers of off-plan Spanish property who have suffered or are currently suffering various types of Bank Guarantee abuse due to a number of corrupt developers and negligent banks, lawyers & agents.

The Banks & Savings Banks are guilty of gross negligence and a complete lack of professional due diligence. They funded the developers, knowingly accepted the off plan deposits and failed in their obligations under LEY 57/68 Article 1.2 to ensure the funds were secured in a Cuenta Especial and to issue or to verify the existence of the corresponding Bank Guarantee or Certificate of Insurance.

The Banks and Savings Banks are the guardians of LEY 57/68 and were the vehicle through which the illegalities were allowed to take place.

Kind regards

Keith
Bank Guarantees in Spain / Finca Parcs Action Group

]]> By: aflores http://belegal.com/blog-by-antonio-flores/failing-to-give-a-bank-guarantee-lands-property-developer-in-jail/comment-page-1/#comment-7866 aflores Tue, 27 Jul 2010 10:42:09 +0000 http://belegal.com/blog-by-antonio-flores/?p=628#comment-7866 Hello Charles, The property concerned has been registered but with the Land Registry but with an existing mortgage for which a payment was initially made. This payment was used for other purposes by the owner and hence the clients lost exactly the outstanding capital amount. I have not tracked down Abacon Delta but I doubt they are still around or have any assets worth considering. Hello Charles,

The property concerned has been registered but with the Land Registry but with an existing mortgage for which a payment was initially made. This payment was used for other purposes by the owner and hence the clients lost exactly the outstanding capital amount. I have not tracked down Abacon Delta but I doubt they are still around or have any assets worth considering.

]]> By: Charles Mackenzie-Hill http://belegal.com/blog-by-antonio-flores/failing-to-give-a-bank-guarantee-lands-property-developer-in-jail/comment-page-1/#comment-7861 Charles Mackenzie-Hill Mon, 26 Jul 2010 20:12:09 +0000 http://belegal.com/blog-by-antonio-flores/?p=628#comment-7861 Hello Aflores I feel very lucky to have stumbles upon you. We represent several owners with properties in the Los Monteros Hill club. It’s a extremely nice development, and as I understand it has had an interesting time of late. If I may ask a question ? Would the property concerned be allowed to be written into the land registry and the appropriate taxes paid. Not even sure what happened to Abacon Delta or if they would still be the owner? Hello Aflores
I feel very lucky to have stumbles upon you. We represent several owners with properties in the Los Monteros Hill club. It’s a extremely nice development, and as I understand it has had an interesting time of late. If I may ask a question ? Would the property concerned be allowed to be written into the land registry and the appropriate taxes paid. Not even sure what happened to Abacon Delta or if they would still be the owner?

]]> By: aflores http://belegal.com/blog-by-antonio-flores/failing-to-give-a-bank-guarantee-lands-property-developer-in-jail/comment-page-1/#comment-7555 aflores Thu, 10 Jun 2010 07:47:29 +0000 http://belegal.com/blog-by-antonio-flores/?p=628#comment-7555 Hello Allison, Jailing a lawyer for losing a bank guarantee seems a rather harsh measure although I´m sure that the beneficiary of it may look at it differently! Jokes aside, bank guarantees are registered in a special registry within the issuing bank (Registro Especial de Avales) which means that even if the original is lost you can still pursue the bank for it as it does not cease to be valid (only the issuing of the occupancy license renders it invalid). You may however have to bring an action against the bank if they fail to attend to your petition. Hello Allison,

Jailing a lawyer for losing a bank guarantee seems a rather harsh measure although I´m sure that the beneficiary of it may look at it differently! Jokes aside, bank guarantees are registered in a special registry within the issuing bank (Registro Especial de Avales) which means that even if the original is lost you can still pursue the bank for it as it does not cease to be valid (only the issuing of the occupancy license renders it invalid).

You may however have to bring an action against the bank if they fail to attend to your petition.

]]> By: Allison http://belegal.com/blog-by-antonio-flores/failing-to-give-a-bank-guarantee-lands-property-developer-in-jail/comment-page-1/#comment-7552 Allison Thu, 10 Jun 2010 05:48:34 +0000 http://belegal.com/blog-by-antonio-flores/?p=628#comment-7552 What about lawyers losing Bank Guarantees? Can they also be jailed? What about lawyers losing Bank Guarantees? Can they also be jailed?

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