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.

AIFOS´s owners to be investigated

The Instruction Court of Málaga number 10 investigate the claim lodged by one Aifos’ creditor, who managed to gather enough supporting paper work to proof that the owners, Jesús Ruiz Casado and his wife, Teresa Maldonado Taillefer had carried out supposedly several transactions between 2008 and 2009 by which they ceded their properties, acquired shares from other companies and sold active to other companies, all of them under Aifos’ tutelage. In this way, according to the claim which SUR newspaper managed to see, Aifos would have been reducing its net’s worth intentionally, foreseeing its inevitable insolvency declaration. In fact, several claims of creditors were lodged demanding its insolvency proceedings to be approved, although it was the company itself which claimed the volunteer insolvency proceedings to be approved and which was given the go-ahead by the Mercantile Court number 1 in July 2009. The Court has already been informed about these facts, which are being investigated by criminal means, by means of a writ where the demanding party is asking the Judge in charge of the creditors meeting to “dismiss immediately” the proceedings administrators. According to the claim, one of Aifos's associates sold several properties to other company with no permission granted from the creditors meeting administrators , this associated company is not even listed in the Creditors list, although it seems that the Aifos administers it. In the petition for the dismissal of the creditors meeting administrators, the demanding creditor is also demanding that the Judge asks them to "reimburse the totality of the properties that were illegally transferred to the detriment of all of the other creditors". Amongst the facts in the claim lodged, six conveyances carried out by means of assignment in payment (dación en pago) are detailed along with sales of properties and shares, company shares acquisitions by means of unpaid promissory notes and lands released from their mortgages which in turn are levied upon some other lands owned by Aifos. All of them are well documented by means of Title Deeds with protocol number assigned by two Notary offices in the capital. For this reason, the demanding party asks for Jesús Ruiz Casado and his wife to be charged with a crime of fraudulent conveyance and other crime of fraudulent conveyance once the creditors meeting was approved, also with a crime of perfidious management. This newspaper has unsuccessfully sought to obtain Aifos’s version about the reported facts. The creditors meeting involving the development company affects more than six thousand of creditors, of which in the region of one thousand are property purchasers and hundreds of suppliers, to whom Aifos offered to pay only 45% of the debt owed to them, although payments will come into effect no sooner than a decade and at the rate of six yearly settlements. So far no agreement has been reached. Matters got worse since the development company asked the Judge, last month of April, to dismiss the three creditors meeting administrators whom were judicially appointed, arguing that these three administrators were being a “serious obstacle” for the normal unfolding of the proceedings. Aifos accused the administrators of being an “impediment” to reach an fair agreement for the creditors and which guarantees the feasibility of the company. Also, Jesús Ruiz Casado and several managers of the corporation are accussed in the so-called “Malaya case” for carrying out, allegedly, payments of nearly five millions of Euros to the former Urban development officer, Juan Antonio Roca, in exchange of urban favors. The sentence regarding this case will be issued in September.

Rough seas as to AIFOS creditor’s meeting. Administrators’ challenge.

Today, the challenge of the administrators of the Creditor’s meeting has been disclosed and it was firstly raised by one creditor and then AIFOS joined it by requesting the challenge of all of the administrators of the creditor’s meeting. Despite the Judge has initially rejected the latter, a hearing has been appointed where all of the creditors have been called. Regrettably, this hearing will not take place until next 2015! AIFOS’ grounding refers to a conflict of interests with the company declared in bankruptcy situation and the administrators of the creditor’s meeting. AIFOS states that the administrators of the creditor’s meeting only think of being paid their enormous fees, of which they have already been paid three quarters of the one million Euros each (and there are three of them). Thus, the outcome is likely to be Administrators of the Creditor’s meeting two and a half million Euros, creditors zero. Besides, there are no further news on the agreement that we discussed previously. We strongly advise the reading of SUR today’s article.

New proposal from AIFOS to the creditors. Can this be a Joke? Few months ago there was a proposal from this "company". Here comes a new one, even worse!! If you are a creditor maybe AIFOS has contact you with this offer: You forget about the 55% of the debt. Then they have from 10 to 15 years to refund the rest of the money yearly. Imagine you paid 40000 euros in 2002. Maybe the amount they ow you has been increased with interest and legal fees, and now they ow you 60000 euros. What they offer to the ordinary creditors will discount 55% of this amount, and the rest, 27000 euros, would be paid from 2022 in 5 yearly payments. (aprox 5500 euros a year). They will tell you there is no other option. If they go to liquidation maybe you will not recieve anything. Could be this true? Of course, they say, the owners of the compeny will not recieve interests from the company until everything is paid. They say nothing about salaries they can recive. Maybe they will tell you that the Banks were the "bad boys" who lead them to this situation. Maybe they will tell you that the bank are recieving Verdicts to consider them responables of the Bankrupcy. This is true, but... were they not in the obligation to build in time what they promised?? Send me your coments!!