Another Case Won at Balcones de Riviera

October 5th, 2009

A new case against Aifos has been won by Lawbird lawyers, the 23rd of September 2009. The judgedment is a first rulling on a cancellation of constract case initiated on behalf of a British couple. The development involved is again Balcones de Riviera in  Benalmádena (Málaga). The developer had breached the Private Purchase Contract because of late delivery in handing over the property.

The court has sentenced Aifos to refund our clients in full their deposit amounting to 46,458.19€. On top they have been awarded as well interests (5,326.95€), moral damages (3,000€), and a further amount as lost profits (28,598.50€). Additionally the estate agent who sold them the off-plan property has also been sentenced to refund our clients their commission (5,391€) plus the legal interests accrued.

4 thoughts on “Another Case Won at Balcones de Riviera

  1. david

    ……well they might well have won their case, but they haven’t got anything yet, thanks to a 2 year court delay in which time Aifos went in to administration. How many more are in this situation?. Apart from a moral victory, what use is winning your case if the courts actions mean you still end up with just yor name on a creditor list? Does it just amount to a waste of time and money? It looks that way at the moment unless better news is on the horizon?

  2. Lawbird

    Dear Sir or Madam,

    What our clients have gained is a favourable court ruling on their matter in early September just weeks before the deadline to join the Creditor’s List expired.

    Their case will probably be appealed by Aifos lawyers and the case is likely to be heard in a second and final ruling before Málaga’s High Court.

    It isn’t just a case of a moral victory, having a favourable ruling on their case is much better than not having anything at all in a Receivership Procedure. The Insolvency Act itself regards more highly those creditors with rulings (final). Regardless of the Administration their case will be heard on.

    Many off plan buyers have not even made it to Aifos’ Creditor’s List as the administrators letters have arrived after the statutory deadline of 30th of September 2009 which is highly unfair as they never stood a chance of joining it.

    Besides, Aifos is not in bankruptcy. You write as if this was the case when it may not be the case at all. A Receivership Procedure in Spain is geared towards saving ailing companies with significant cash-flow problems not in liquidating them. Although Aifos owes above 1 billion euros it still has NET assets of 270 million euros as per the judge’s ruling of 23rd of July 2009 admitting the Receivership Procedure.

    Other developers which filed for Receivership two years ago are already in track of exiting it and trading as normal as we reported in a similar case to Aifos’i.e.

    Llanera Will be the First Spanish Developer to Exit Receivership – 28th September 2009

    I remember how many people wrote a few years ago in public venues that litigating against Aifos was a complete and utter waste of time, many having a vested interest in others not litigating fro various reasons.

    As it happens, the only clients of ours -and other law firms- who have recovered money from Aifos has been solely by means of litigation. Aifos at no time has refunded deposit moneis to anyone out of their own free will without litigating. Factual.

    You can correct me if you happen to know such a case.

    In any case this is not the place really to be asking procedural questions. I would politely request you contact our law firm and request that one of our lawyers clarifies any legal queries you may have on this or on other legal matters. I’m sure they will be happy to oblige.

    Yours faithfully,

  3. David

    Aifos now finished along with any hope of getting any money back from them that they stole from me. As I said in 2009, the court win was a waste of time. I doubt I will get an apology?

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