Demanda contra bancos de Aifos y otras promotoras

One way to recover money paid to developers.

12/07/2015 This is a part of the article written today in La Opinion de Malaga today by Jose Antonio Sau. Full article in Spanish by clicking here. "The director's office Law 57, Carlos Cómitre, said that before the December 31st. 2015, his office will file more than 70 claims of responsibility for the organs of First Instance." This stems from the Law 57 / 1968 regulating the guarantees of the amounts paid on account by the purchaser of a house. The rules the banks to open accounts in which prepaid amounts are received, should demand guarantees "he says, and clarifies that, in the case of Aifos, were not demanded. " This year was a Supreme by which he condemns the banks. On the basis of that judgment, customers have the last chance to try to recover their money, but the law will change on December 31st., " explains the lawyer. Although the new legal text will retain responsibility, always is preferable since it claimed, and that this liability claim based on Law 57/68 ". In his office, Law 57 Lawyers manage a list of banks that could answer those guarantees. "Aifos entered bankruptcy in 2009 and liquidated in November 2014, so he must sell assets worth about 780 million euros to to address the claims of those affected. Most buyers do not have individual guarantees, and thereby the banks

failed to fulfill the banking Normaa which is also required and hence the responsibility.

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.