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.

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.