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The Spanish Lawyer Online

The Ready2Invest Property Scam

For those caught in any of the Ready2Invest fiascos, such as Cerros de Turre, La Cadima or Santa Ana


Archive for June, 2011

Cadima Units Show Tax Office Embargo

June 10th, 2011

The attached document, which relates to the individual property description, in construction, and its legal charges, reveals the following:

  1. The maximum mortgage this unit would be liable for, potentially. This unit has maximum mortgage liability of €139,500, on which draw-downs can be effected as the unit gets built.
  2. An embargo for a maximum of €746,160.31 Euros which is, presumably, the debt incurred in with the Tax Office for the whole development.

If we consider that these properties would have a retail value of anything between 35% and 50% less than initially sold for, it is difficult to see how the bank would be looking at buying the plot back and paying Citrus a subtantial sum, as is being suggested.



Bancaja confirms no negotiations are taking place

June 8th, 2011

Following a call with Bancaja, we are advised that no negotiations are taking place in respect to the situation with the Playa Macenas plot. The bank has also advised that the account is empty, without balance of funds. 

With regards to Turre plots, certainly no negotiations ever took place with any banker at the time since the plots that made up Turre were sold to a company called Urbanización Cerro Colorado S.L., represented at the time by a Javier Berruezo Segura, on the 11th of October 2006.

Strangely enough, these plots were sold again on the 10 of March 2008 to a company which forms part of the same group, also represented by a Javier Berruezo Segura. The reason for this to happen is unknown but, presumably, all the rights over the few properties (17) that Mr. Warren, on behalf of Citrus Playa Macenas S.L., agreed to reserve to investors who had paid deposits are no longer available.

It has also transpired that back in 2005 and 2006, a criminal complaint involving the above companies was withdrawn although we dont have more information on them (details of which can be found in Court number 2 in Vera, with number DP 358/2005).

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Citrus Negotiations with Bancaja

June 6th, 2011

I have been advised that our initial approach to this matter was rather like that of a bull in a china shop, because we were upsetting the negotiations taking place between Citrus and the bank, and incidentally, Mr. Crossick and Mr. Warren themselves.

I may be missing something they know and will not tell me but, having been around for 12 years and with 120 Court cases on the go, I can be almost certain that no bank will buy land these days, because, as things stand now, they would rather repossess (cheaper), particularly where Citrus Playa Macenas S.L.´s bank accounts and real estate seem to have been issued with a legal charge by the AEAT (Spanish Inland Revenue), for non-payment of taxes.

Certainly not the best way to start negotiations if these accounts happen to be with the same bank you have sitting accross the table!

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