Comments on: Zurich Refuses to Honour Bank Guarantee Arguing the Developer is Bankrupt http://belegal.com/blog-by-antonio-flores/zurich-refuses-to-honour-bank-guarantee-arguing-the-developer-is-bankrupt/ 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/zurich-refuses-to-honour-bank-guarantee-arguing-the-developer-is-bankrupt/comment-page-1/#comment-8052 Keith - FINCA PARCS ACTION GROUP Tue, 24 Aug 2010 20:54:17 +0000 http://belegal.com/blog-by-antonio-flores/?p=243#comment-8052 'Extend the validity date of the policy' According to LEY 57/68 Article 4: Articulo cuarto – Expedida la cedula de habitabilidad por la Delegacion Provincial del Ministerio de la Vivienda y acreditada por el promotor la entrega de la vivienda al comprador se canceleran las garantias otorgadas por la Entidad aseguradora o avalista. So a Bank Guarantee or Certificate of Insurance must not have an expiry date. It only expires when the Certificate of Habitability (Licence of First Occupation) is issued by the Local Town Hall. There are several instances of Case Law to support Article 4 of LEY 57/68. Many Banks & Savings Banks deliberately included pre-determined expiry dates in their Bank Guarantees which is clearly contrary to Article 4 of LEY 57/68. This is yet another clear example of the gross negligence and complete lack of professional due diligence by the Banks & Savings Banks with regards to off-plan deposits and Bank Guarantees. In 2008 the Banco de España stated: "There are obligations imposed by LEY 57/1968 on financial institutions - some banks have not acted with diligence" The Banco de España is the Supervisor of the Spanish Banking System and must act immediately to ensure that all Banks & Savings Banks are forced to comply with obligations imposed on them by LEY 57/1968. Kind regards Keith www.fincaparcsactiongroup.com ‘Extend the validity date of the policy’

According to LEY 57/68 Article 4:

Articulo cuarto – Expedida la cedula de habitabilidad por la Delegacion Provincial del Ministerio de la Vivienda y acreditada por el promotor la entrega de la vivienda al comprador se canceleran las garantias otorgadas por la Entidad aseguradora o avalista.

So a Bank Guarantee or Certificate of Insurance must not have an expiry date. It only expires when the Certificate of Habitability (Licence of First Occupation) is issued by the Local Town Hall.

There are several instances of Case Law to support Article 4 of LEY 57/68.

Many Banks & Savings Banks deliberately included pre-determined expiry dates in their Bank Guarantees which is clearly contrary to Article 4 of LEY 57/68.

This is yet another clear example of the gross negligence and complete lack of professional due diligence by the Banks & Savings Banks with regards to off-plan deposits and Bank Guarantees.

In 2008 the Banco de España stated: “There are obligations imposed by LEY 57/1968 on financial institutions – some banks have not acted with diligence”

The Banco de España is the Supervisor of the Spanish Banking System and must act immediately to ensure that all Banks & Savings Banks are forced to comply with obligations imposed on them by LEY 57/1968.

Kind regards

Keith

http://www.fincaparcsactiongroup.com

]]> By: Martin http://belegal.com/blog-by-antonio-flores/zurich-refuses-to-honour-bank-guarantee-arguing-the-developer-is-bankrupt/comment-page-1/#comment-7859 Martin Mon, 26 Jul 2010 09:26:47 +0000 http://belegal.com/blog-by-antonio-flores/?p=243#comment-7859 Hi there Donal i took ACC to court in Madrid last Oct i lost my case even though the development was 11 month late in completion we are now in the hands of the Appeal Courts GOOD LUCK Martin Hi there Donal i took ACC to court in Madrid last Oct i lost my case even though the development was 11 month late in completion we are now in the hands of the Appeal Courts GOOD LUCK Martin

]]> By: Donal Crowley http://belegal.com/blog-by-antonio-flores/zurich-refuses-to-honour-bank-guarantee-arguing-the-developer-is-bankrupt/comment-page-1/#comment-2586 Donal Crowley Sat, 12 Sep 2009 09:25:14 +0000 http://belegal.com/blog-by-antonio-flores/?p=243#comment-2586 Hi, I am taking legal action against ACC (a subsidiary of Zurich) in relation to their failure to honour my claim on my guarantee in relation to a property purchase at Medina Elvira. I am interested to hear if many people have made claims on the original insurance policy, and if they are now pursueing the matter through the legal system. Is there any opportunity for claimants to act together to put pressure on ACC? Regards, Donal Crowley 80 Ballinclea Heights Killiney Co Dublin Ireland Hi, I am taking legal action against ACC (a subsidiary of Zurich) in relation to their failure to honour my claim on my guarantee in relation to a property purchase at Medina Elvira. I am interested to hear if many people have made claims on the original insurance policy, and if they are now pursueing the matter through the legal system. Is there any opportunity for claimants to act together to put pressure on ACC?

Regards,

Donal Crowley
80 Ballinclea Heights
Killiney
Co Dublin
Ireland

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