Bank guarantees- Will any spanish lawyer ever accept responsibility

Hi, some time ago my partner and I purchased 2properties off-plan (jardin tropical), went through all proper channels, so called reputable lawyer, signed bank guarantees etc, then came the the bombshell, developers gone bankrupt, obviously not best pleased but we have the bank guarantees, it then transpires that they too have gone bankrupt. All the lawyer says is sorry, don't guarantees mean exactly that. I now find out that the company who the guarantees were from were on the list of companies un-authorised to operate in spain. We appear to have lost 100000 euros? surely someone must accept responsibility. john cleasby

Quote:

---

Originally Posted by john cleasby

Hi, some time ago my partner and I purchased 2properties off-plan (jardin tropical), went through all proper channels, so called reputable lawyer, signed bank guarantees etc, then came the the bombshell, developers gone bankrupt, obviously not best pleased but we have the bank guarantees, it then transpires that they too have gone bankrupt. All the lawyer says is sorry, don't guarantees mean exactly that. I now find out that the company who the guarantees were from were on the list of companies un-authorised to operate in spain. We appear to have lost 100000 euros? surely someone must accept responsibility. john cleasby

---

Dear John,

I am aware of a number of companies that were issuing these bogus guarantees and in principle, they people behind them are identified. There are actions now being instigated, even criminal (for fraud), to try to recover the funds but it will not be an easy case. The main one, Compagnie des Guaranties, is a bogun London-based company that is not registered as an insurance company there even though they offer the services of insurance. It is run a by a Mr. Mottola, you can read more by going to http://belegal.com/blog-by-antonio-f...t-we-need-you/

Dear sirs,
Surely if a Spanish lawyer requests it's clients to accept a bank guarantee that is illegal and fraudulent they must be held accountable. our lawyer told us that Companies des garanties went bankrupt after we signed but we have now established they were already bankrupt before we signed??? We signed in March 2004, we were told they went bankrupt in 2005, in fact they were dissolved and placed into liquidation 10/11/03.in luxemburg.

john cleasby