Aifos’ Creditor Petition for Administration Procedure Turned Down
El Economista reports today (http://www NULL.eleconomista NULL.es/flash/noticias/918012/12/08/El-Juzgado-rechaza-el-concurso-de-Aifos-solicitado-por-uno-de-sus-acreedores- NULL.html) that Gestión de Obras y Reformas S.L., the creditor which initiated before Malaga’s Mercantile judge a petition for a forced administration procedure on developer Aifos has been turned down by the judge.
As we were trying to explain during the past days (forum thread (http://www NULL.marbella-lawyers NULL.com/forums/showthread NULL.php?t=96), blog post (http://www NULL.marbella-lawyers NULL.com/wordpress/aifos-faces-a-forced-administration-procedure/) and newsletter) this forced administration procedure did not mean that Aifos had filed for bankruptcy as it was mistakenly being reported at large.
The judge’s ruling on the creditor’s petition puts an end to this forced administration procedure.
What consequence does the above have? None. As stated, Aifos will continue trading as normal building and selling properties. The announcement of the forced administration procedure did not mean that Aifos had stopped trading and that it will now resume it. Aifos at no time had stopped trading all along this process.
Those who were buying properties will continue to do so and those who were litigating will also continue as well. Nothing has changed. This of course doesn’t rule out the possibility that some other creditor may in the future choose to follow the same path…
Hi. Just got a letter on Friday 9th October all in Spanish saying I assume that Aifos has gone into liquidation. Does this mean that we have lost all our money we have paid them. If anyone can help or have any helpful comments at all I would be grateful. Thanks
Dear Mrs Reed,
All I can say is that you are not the only one. Only last Friday the 9th October 6 clients phoned and e-mailed me to tell me that this letter had just arrived. The day before another group had done the same.
All letters are dated from the 1st September 2009 BUT the seal at the Spanish post office is from the 25th of September 2009. It was blatant that all all these letters would arrive after the specified deadline of the 30th of September 2009. Not to mention they are all written in Spanish (moreover in Spanish legal jargon).
Which is why all the e-mails I sent to all those that contacted us on Aifos receivership since July I warned them that they may receive the Administrator’s letter after the deadline was over as has been the case for countless people. Which is why we recommended not to rely on these letters (as it was free joining the Creditor’s List through them providing you understand and write in legal Spanish) and be pro-active hiring a lawyer to join the Administration Procedure (ensuring you joined the Creditor’s List on time).
Regrettably in your case, as well as in many others who are now contacting us, we are unable to help them. The deadline was Wednesday the 30th of September 2009. Perhaps you can still join the Creditor’s List but you are going to be right at the end of the queue. Occasionally these deadlines are extended but we’ve had no news on this regarding Aifos’ Receivership. In your case I believe it may be too late to join it, Sorry.
Yoiurs faithfully,