Petition for Bankruptcy canceled

This morning there was a hearing in the Court to study the first petition for Bankruptcy, and Cyclo abogados ´s lawyers were also there. Aparently Aifos has paid to the petitioners and the proces has been cancel.

Aifos informed there´s a probable agreement with 13 diferent Banks to renegociate the debt, and they have until April 30th. to sign it.

There will be a hearing in Febrary 26th.

As far as we know, AIFOS presented a defense against the Insolvency Petition, so there will be a Hearing in front of the Judge to discuss if the Insolvency petition is accepted.

Is this heading towards bankruptcy?

No. At this point in time Aifos is not in a "legal" bankruptcy situation. At this moment there exists no “bankruptcy” proceeding only the commencement for the solicitation. Once we find ourselves in the midst of the solicitation proceeding two things can occur: That an economic viability plan may exist for the company and could continue to exist in the future or that the liquidation of that same begins. We could find ourselves in what could be the bankruptcy of the company at the moment we would enter phase of liquidation and in doing so would manifest the impossibility for the company to continue its business activity and would begin the process of their disappearance. In this specific case, once finally declared the solicitation, the viability of the company would be more disputable because of the high level of debt that the Administration will be confronted with and that will make the viability very difficult.

What is a necessary solicitation of creditors?

It is the state that a company enters when they find themselves in the situation of insolvency. This could be voluntary or necessary. It would be voluntary when solicited by the company or necessary when one or various creditors have not been paid or are made aware of the insolvency of debtor, situation they will have to prove.
In this case, we find ourselves with a necessary solicitation, even though to the understanding of many legal professional, this company should have begun the voluntary solicitation as they have direct knowledge of their financial situation and the difficulty that they are going through at this moment in time. To find ourselves in the solicitation situation it is necessary to prove the insolvency situation and for the judge to dictate “self declaration of the solicitation”, in which a Judge will dictate once heard the personal side up to this moment, that is to say, the creditors that have filed a solicitation against Aifos, understand that there exists an insolvency situation. It would be from then onwards when different sections would open up in this proceeding, and should come forth, through a lawyer or legal assistant, all those people that have a claim against the company. If you have a debt before this company and, in the case were finally they dictate the declaration for the solicitation, you must communicate this to the administration, but if you only wish to know how the proceeding is developing it is necessary to make know this through your lawyer or legal assistant that will be assisting and representing you through this lengthy process.

Do I need a lawyer?

Without a doubt these last few months you must have done some personal investigating about this promoter and their situation. Maybe you have even contacted a lawyer (if you have not done so we highly recommend that you do).

There are many lawyers that will make statements and publice regarding this topic. But without a doubt a firm in which has had some experience in the past with this company would be more efficient, because they have past knowledge regarding the company structure, their property wealth, and at what situation they find themselves in with regards to the construction development sites……

Cyclo Abogados has a commitment with their clients and will only represent clients that have purchased properties, since the rest of the creditors could have their claims opposed when reached the process in which the administration must decide if a property will be finished or not or if a contract should be resolved or not resolved.

If I am a purchaser and they have not finished my house….what should I do?

This promoter has properties in urbanizations that have no building licence, with licences but not started to build, started building but stopped, in the evolution, finalized without a licence and finalized with an apparent licence. Every case is different, since there are buyers with enforceable contracts and with payments to be made, others that have paid everything and only need the mortgage and others that have acquired properties with deficiencies that need to be repaired.

Due to this Cyclo, and after many years of expierence with claims against this company we could study your case and offer you an efficient solution.
(www.cyclo.es)

In any case, once this point has been reached, you will need a lawyer and a legal assistant that would represent you in this case once the solicitation has been declared (in theory you could claim your credit without professional assistance, but they will not acknowledge you in the proceeding as such and you will not be informed about what is occurring)

There will be homes that will be finished. Others will not. Which is your case?

What about this time? Is it yes?

Just a few days ago it was made public that the Commercial Court of Malaga admitted the official procedure for the necessary solicitation for AIFOS, by the creditors solicitation. Before this event, not surprisingly, hundreds of families have seen their savings compromised and surely will find themselves with the urging question Now what? Surely, almost none of them having the amounts deposited guaranteed in accordance with the Law 57/1968. We hope this web page serves as a source of information in this long and torturous procedure, from the point of view of someone who has spent years defending the interest of dozens of injured parties by the actions of this promoter, claiming responsibility for their actions and the methods they use.