AIFOS´s creditors to pass first step to their proposal

6.10.14 Last Friday we presented the list with more than 500 credits to support creditor´s proposal in AIFOS´s Bankruptcy process. Abanca, the bank who was born from Caixa Galicia and Caixa Nova, who holds a credit over 6 million euros, joined to this iniciative. They also mantain a relevant credit according to the definitive report from Court Administration. Almost 30 million euros support now the petition to advance the proposal to next step. You still can join. Ask to your lawyer or call us.

Sur in english august 29th 2014 By Francisco Jiménez About Aifos. After a long and complicated process that has dragged on for five years, the future of Aifos will be decided within the next few weeks and, with it, that of nearly 5,000 people who were affected when this property group, which at one time was the largest developer in Malaga province and had more than 80 residential developments all over the Mediterranean, went into voluntary receivership on 22nd July, 2009. Those affected included not only purchasers of properties that they never received, but also workers, suppliers, banks and even the tax and social security authorities. Aifos went from being a major business with offices in London, Munich and Dublin to becoming the biggest insolvency case in Andalucía with debts of 901 million euros. The creditors have until 4th September to file with the court a proposed agreement that would allow the company to be saved. The Aifos proposal At the moment the only proposal drawn up is by Aifos, although the Receivers, who are openly at war with Aifos owner Jesús Ruiz Casado, have doubts about its viability because it involves the use of money which is subject to legal proceedings and may not be available. Aifos suggests giving its creditors a choice between receiving part of the money they are owed, or waiting until all the assets are sold and the money acquired is divided up. However, in the latter case, financial institutions (who are owed two thirds of the debt), Hacienda and Social Security would have priority, and other creditors would only receive whatever is left after the authorities had been paid off. Aifos suggests paying people who bought properties, suppliers and other creditors only half of what they are owed (the total of this type of debt is 209 million euros) and they would not receive any of the money for nine years. It proposes paying its 50 million euro tax and social security debt over several years, until 2022, and wants the banks (who are owed 600 million euros) to enter into new bilateral agreements which would enable the company to finish its uncompleted developments and continue to pay back its loans. However, there is a drawback - Aifos does not have the money to pay the ordinary creditors their 50 per cent, although it seems confident that it will manage to obtain it. Time is running out Some of those who have paid Aifos for properties they have never received are considering accepting an 80 per cent refund, whereby 20 per cent of it would be in cash and the rest as an equity loan to the company to prevent it having to go into bankruptcy and to give themselves more chance of recovering their money. However, this proposal would need a certain percentage of support and time is running short. Lawyer Carlos Cómitre, of Ley 57 Abogados, has pointed out that support from the banks is crucial. “They must decide whether to face losing all or part of their money or to join smaller creditors in managing a new Aifos with new shareholders and management,” he said. Please contact us if you need more help.

Last days to include your name into de list of creditors to pass the creditor´s proposal

Aug. 27th 2014 The deadline to include your name into the list of creditors who will present into the Court the creditors´s proposal is closer. If you want an alternative to the AIFOS official proposal, please contact with your current lawyer and ask him to contact us. We will let him/her know about what we propose. If you don´t have a previous legal representative, please send us your contact details to ley57abogados@gmail.com and we will answer you a.s.a.p. Do you want to be part of the 20% of the creditors who will sign and present the proposal before September 4th?? We know it has been hard and long the way, but this is the chance to increase the posibilities to get your money back. Will you give up?

Aifos´s Bankruptcy. We are next to the end

August 8th. 2014 We are close to know about Aifos´s destiny. The Court appointed the Creditor´s meeting on October 31st. In that meeting all creditor will decide about: Option 1.- To pass the Aifos´s proposal about the way to pay the credits (Convenio). Option 2.- To select Creditor´s proposal about Aifos´s future, to be presented before September 4th. Option 3.- To go to liquidation. Option 3 will definitly close the company. All the assest will be sold and just a few of the creditors will receive the money. (Mass credits, Pivileged credits... maybe no money for ordinary credits). Option 1 has been propossed by the company. But... Do you trust on them? Would you be ready to receive only 50% of your money and wait 9 years until getting just 20%, and 10 years to get the rest? Will the company exists in ten years if current managers continue to rule Aifos? We are working from several months to propose a new and different way. (Option 2) where the creditors would have the chance to convert part of his credit into a New Aifos shares, and to recover the rest in cash in a few years. Most relevant credits belongs to banks, so they should lead this way, as they represent more than 20% of the credits. Here are some links to news about the work we have been done. http://www.elmundo.es/andalucia/2014/06/30/53b1a92e268e3e1f1c8b459f.html http://www.europapress.es/andalucia/malaga-00356/noticia-acreedores-aifos-reunen-ver-propuesta-convenio-empresa-otras-alternativas-20140628113444.html http://www.diariosur.es/20140504/local/malaga/acreedores-aifos-convocan-reunion-201405041319.html http://www.ley57.com/pt4/es/categories/item/203-aifos-los-acreedores-no-conf%C3%ADan-en-el-plan-presentado-y-proponen-alternativas.html http://www.cadenaser.com/espana/articulo/aifos-quiere-pagar-acreedores-mitad-debe-dentro-anos/csrcsrpor/20140602csrcsrnac_47/Tes Yo can also see relevant information about the Creditors´s meeting in www.administradorconcursoaifos.com ¿What will be your choice? We are ready to represent you into the creditor´s meeting if you don´t have a lawyer to do that. Do you want to join to option 2?

AIFOS presents in the Court their proposal for an agreement with creditors

June 3rd. 2014 AIFOS´s administrators presented in the Court their proposal to get an agreement with creditors. They want to pay just 50% of the debt, but creditors should wait until 2023 to get part of this money. They did a bussines plan to continue with the activity, but they did not publish any updated balance to show this is possible. Some of the creditors want to get another agreement, where they are ready to change part of the debt for company´s shares, instead of this agreement where they would lose 50% of the money. This alternative is possible if 20% of the creditors agree to present it to the Court and discuss it in the Creditor´s meeting to be celebrated maybe in September.

Creditors's meeting to find an exit

May 1st. 2014

Diario Sur published a report about the intention from several buyers to find an exit for this bankruptcy process.

http://www.diariosur.es/v/20140430/malaga/compradores-pisos-aifos-organizan-20140430.html 

You can see this information also in

Www.ley57.com

The intention is to present an agreement (convenio) where the creditor become to be Aifos's shareholders with part of each debt, ans recover the rest in 7 years, as the only way to evite the liquidation.

By this way the one who bought an apartment to Aifos and broke the contract in the Court can have a chance to recover the money.

Ley57 Abogados invites to all lawyers Involved in this case to assist and discuss this matter, next monday 17:00 h in Alhaurin el Grande

Ruiz Casado (Aifos's owner) will face again the justice due asset stripping

12.4.2014

Malaga's High Court have just order to reopen the criminal case against Ruiz Casado, as he moved 17 million euros from Aifos to Ziur before the Bankruptcy.

More info in http://www.ley57.com/pt4/es/categories/item/193-audiencia-provincial-reabre-el-caso-contra-dueño-de-aifos.html

Ruiz Casado is not the Aifos´s Administrator anymore.

March. 5th 2014 The Judge ordered to remove Ruiz Casado from his job in the Company. Now the Only administrators will be the ones designed by the Court. In the order the Judge also says that this is something that should be done years ago, as Ruiz Casado was involved in the Operación Malaya. Now The Court´s Administrators will decide if the company can get an agreement with the Creditor or they decide to go into liquidation.