Puerto Calma Group Strikes Again

Table of Contents

Not only have they been selling contracts that are illegal, but they are now trying to hide through a legal procedure known as  Concurso de Acreedores.

What is this?

This is not that they are declaring bankruptcy as such. Concurso de Acreedores is a legal situation in Spain that can be provoked voluntarily by the company or involuntarily by a creditor when a company is considered to have more creditors than assets.

The first step taken by the Mercantil Court is to assign an external administrator. This administrator is obliged to send all the creditors notification of this situation.

The basis of any Concurso de Acreedores is to try and pay all the creditors in order to clean the company´s financial situation and to try refloating a complicated situation and preparing the company for future business. In most cases it is to prevent a company having to declare bankruptcy.  In the case of Puerto Marketing SL and Vista Amadores SL, how can this be the case if they have not been trading for the last 6 years? Or is it a fraudulent declaration of Insolvency?

Aspects to highlight are:

  • The voluntary nature of these declarations, that is, that they are not forced by any creditor.
  • It is not observed from the tenor of the two declarations (one for each entity), that the administration of said companies has carried out any action of a “pre-insolvency” nature, as this possibility is legally contemplated, in an attempt to avoid bankruptcy.
  • They have not had any known mercantile transactions since they sold their unsold weeks to Holiday Club in April 2011.
  • And of course, the moment in which it is instigated coincides with the presentation of many provisional executions of funds for the rulings against them.

If proven that this voluntary declaration is of a fraudulent nature it would lead to its radical nullity, retroactivity of actions to today´s situation and in addition to some other personal penal issues against the administrators that can derive from this.

However the question that everyone is asking themselves is what does this mean for me?

 

First of all let me say that this does not change anything for those who have already presented claims.

  • For those that have rulings, the only aspect it affects is that the pay out for the money is done once the judge decides if the declaration is accepted or not. If it´s accepted, then the assigned administrator will pay everyone on the creditor´s list from the money and assets. If it is not accepted then we will be back to the same situation as today and you will receive your money through the courts once they have deposited the money. This process can take between 18 to 24 months.
  • For those in progress, everything continues as normal and once the ruling comes in you will receive the money the same as those mentioned above.
  • For those who have presented claims to the Puerto Calma Group recently, it will only affect the fact that the process will be transferred to the Mercantil courts instead of the ordinary Civil courts however the process remains the same.

We feel that their main goal for doing this is not to avoid paying those clients that have presented claims but to try and avoid having new claims brought against them.

Remember this only affects those with claims against the Puerto Calma Group not against Holiday Club or any other company.

Let us know if you have any questions or doubts. You can contact us at clients@timeshareclaim.eu.

We will be happy to answer all your queries.

 

The TRC Team

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