Quote:
Originally Posted by wolfgang
I would be surprised if anyone loses money directly as a result of Sanchez's overly ambitious plans-deposits were covered by Barclays Bank SA Madrid.The main price to be paid in my view will be the opportunity cost for those who have waited 12 months to have to go back to square one (minus)
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Wolfang & JM
Again , agents minimizing trouble !
Unless the buyer has a separate bank guarantee from a bank, which is not the case for the ones seeking legal help ( they would had collected the funds from Barclays and will not address this forum ), the money is lost.
Bankruptcy comes in two steps, according to Spanish law.
First: # CONCURSO DE ACREEDORES#, with a judge in command.
Second: # DECLARACION DE QUIEBRA#, when this judge realizes that there is no money to everyone claiming debts.
When the first is accepted only a miracle may avoid the final step…and miracles belong to another world.
It is only a matter of time and legal proceedings.
JM, what should these people do?
Invest in one of yours off-plan places?
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