Excellent news! Another great success achieved by “Ricor Solicitors&Abogados”
Two landmark Court’s judgments rendered by the Alicante and Murcia Courts against two well-known Spanish banks: We have managed to recover all our clients’ money directly from the banks involved!
Have you purchased a property off plan that it has never been finished, without being able to get your money back from the bankrupt developer?
If the answer is affirmative, we hope you will find the information contained in this article useful. A few months ago, we posted an article, with regards to the landmark Supreme Court’s decision that forced Spanish banks to return millions of Euros to EU consumers.
The good news is that we have recently won another two important cases against two different Spanish banks, and as a result, our very good English clients, at last been able to recover all their money back, lost as a result of a failed building promotion. (for your information, the criminal builders disappeared with our client’s money and also with their hopes).
In a nutshell, both Judgments confirm that the bank was negligent because it failed to grant individual bank guarantee policies to the buyers and as a consequence, they have been forced to pay our clients now, a significant amount of money. (in capital, legal interests plus costs).
Please find below the testimonials received by our grateful clients:
“I have used the services of Snr. Oscar Ricor Morales at Ricor Solicitors in Spain over the past eight years and have received a five-star service through the complexities of Spanish Law regarding getting a reimbursement of my deposit on a Spanish property made in 2003.This involved many court visits and a complete understanding of Spanish Law of which he holds greatly. I thoroughly recommend this firm and cannot speak highly enough of them.”
Thank you for your swift Email and may I add it was our pleasure to meet you and your assistant, also I can only commend the way you both looked after us it was a great comfort that you were both there to hold our hands through the complicated procedure, as I said to you both” V and myself just don’t know how to thank you enough. “Once again, many thanks sending you our kind regards, V and D”.
Therefore, if your developer or builder went bankrupt stealing your money and leaving your dwelling unfinished, please find below more important information:
A ruling in Spain’s supreme court in December 2015 opened the way for an estimated 150,000 foreign private investors to claim directly from the banks rather than property developers, who promptly declared themselves bankrupt. In a landmark Judgment of December 21st 2015, (STS 5263/2015), the Supreme Court delivers a new blow to the Spanish banking system. Spanish banks will be forced to return millions of Euros to EU consumers buried in failed building promotions.
The Spanish Supreme Court, – taking as a reference point the important 57/1968 Act, – has set a new legal precedent, by ordering banks to refund all the deposits paid in advance by Buyers to developers, in order to buy off-plan properties in Spain that were never built.
Until now, the usual procedure available for the victim in order to claim the deposit back, was to sue the developer or Builder. However, in practice, the majority of Spanish Builders went into liquidation or filed for bankruptcy, which made an almost impossible task for the innocent buyers to recover any money back.
However, the Supreme Court’s decision judgment gives now a new hope to those thousands of off-plan property buyers who have failed to get their money back from the Builder. The “ratio decidendi” of the landmark Supreme Court’s Judgment can be summarized as follows:
Regarding Off-plan properties governed by the Act 57/1968, Banks that might accept any income deposits paid by buyers into the Developer’s account, – but without requiring for the establishment of a special separate account and the corresponding bank guarantee, – will be now liable to reimburse to the buyers, the full amount of the off-plan deposits received.
In other words, the Court’s decision affirms that Off-plan deposits should be guaranteed in any event and regardless of private conventions agreed between developer and bank. Likewise, the ruling confirms that it is abusive and contrary to the Act 57/68, to make conditional the validity of a “collective guarantee” granted to the builder, to the issuing of a specific individual bank guarantee certificate given to the Buyer. Otherwise, the bank could easily deny liability at the event of payment’s default by the negligent builder.
In essence, Off-plan property buyers are bestowed with an “inalienable right” to have their off-plan deposit underwritten, and this right that cannot be waived by banks that failed to grant individual bank guarantee policies to buyers, under the pretense of having issued a collective insurance cover.
Consequently, should you be affected by such serious problem, don’t delay, as time is of the essence, as the deadline for claims is 7 October 2020. Please contact us and we will be most delighted to help you.
If you kindly check our testimonials section of our website, you will find plenty of testimonials form real clients who put their trust in our Firm.
All our clients are very grateful to our Firm for the excellent work and protection offered, which fills us with a lot of professional satisfaction and pride.
Therefore, the first step would be to compile and forward us, all the relevant paperwork related to the failed purchase, like for instance: the private purchase agreement signed between you and the developer, copies of all the bank transfers made into the developer’s bank account, as well as any other supporting documents for the property, such as letters or emails received from the developer, etc
“Ricor Abogados&Solicitors” has a strong legal team with proven extensive experience in all areas of law. We run a totally independent and honest Law Firm, helping clients across a range of legal services in Spain, from corporate and individual civil&criminal litigation, and we are proficient in conducting successful civil claims against developers and banks. To date, we have achieved a 100% success rate in all cases dealt by our Firm.
Our high rate of success is subsequently explained by the fact that we continually provide complete and “home-made” tailored solutions both to individuals and businesses alike.
Thank you very much again for your attention and in case you might be affected by this serious problem (or by any other legal need or problem in Spain), please do not hesitate to contact our Firm and we will be delighted to help you.
We look forward to giving you a personalized service and the benefit of a high quality and cost-effective advice.
Mr. Oscar Ricor Morales.
“NON-PRACTISING ENGLISH SOLICITOR IN ENGLAND AND WALES”, under the “Solicitors Regulation Authority” (SRA) SRA number 519196 and practicing Spanish Solicitor
Please note the information provided in this article is of general interest only and is not to be construed or intended as substitute for professional individual legal advice. Likewise, due to confidential protection, the personal identification details of the clients and the court have been deleted. However, the court’s decisions are totally genuine and real, and we can provide further details privately to anyone who might be interested.