we are about to complete but aifos builders have gone bust.What should we do? Anyone in same position?
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we are about to complete but aifos builders have gone bust.What should we do? Anyone in same position?
Dear Sir,Quote:
Originally Posted by mjfrost@sky.com
Aifos has not "gone bust" nor has it filed for bankruptcy, at least yet.
Please read our blog post on the matter.
One of its numerous creditors has proposed a forced or "neccessary" administration procedure on them.
The mercantile judge will have to decide:
1.- On whether he accepts or not the administration procedure on AIFOS proposed by the creditor. The judge may accept it or deny it in which case AIFOS will continue to trade "as normal". We have witnessed over the last year how many judges turned down such administration requests for real estate agencies or high profile developers.
2.- Should the judge finally accept the forced administration proposal by the creditor then it will have to decide on whether this company has to file for bankruptcy or else manage to continue trading reaching agreements with its creditors.
Only because a creditor requests a forced or "neccessary" administration procedure on a company doesn't necessarily mean it will eventually file for bankruptcy. This may or may not happen. It is up to the mercantile judge to decide on this.
In Spain administration procedures can be initiated in two ways:
1.- The company itself requests it. Thsi is known as "voluntary" administration procedure which may or may not lead eventually to filing for bankruptcy.
2.- One of the company's creditors may request it from a mercantile judge. This is known as "forced" or "necessary" administration procedure.
AIFOS's case is the latter.
As per our prior post, Málaga's mercantile judge had to decide on whether he accepted or not the creditor's proposed forced administration procedure on AIFOS.
He has turned it down.
http://www.marbella-lawyers.com/word...e-turned-down/
Dear Sir / Madam
Help needed on Aifos building work NOT completed.
I invested into properties over 6 years ago and have heard/got nothing after many calls/letters/e-mails.....
Regards
Mark
Dear Sir,
Please contact us on your matter and we will advice on your legal options.
I judge the matter too delicate to comment in public forums.
Yours faithfully,