Trampolin buyers are coordinating and negotiating to cancel bankruptcy

Among the some 80 buyers who met for the first time on Saturday, were several buyers who each in there way had been working for alternatives to the bankruptcy. Emilio from Madrid had launched the idea of a cooperative as he, apart from being a buyer, is also a professional in this area. Cristobal from northern Spain had several months earlier moved to Campos del Rio with his parents, who are pensioners and appeared in the TV program, and basically made a full time job of putting pressure on all parties hoping to speed up the urbanization. Patricia from Bilbao had contacted national Spanish TV and organized the meeting so the TV program could be made. Pablo, computer technician, had created the Spanish forum and mailing list which made the meeting possible. Also, Anne, translator, had assisted in creating this blog and is trying to provide as much information as possible in English.

The result of the coordinating and negotiations so far is the possibility of cancelling the bankruptcy, as a first step to getting the project back on its feet. We see this as the only way to avoid massive losses. The bankruptcy was provoked by another company (NOT THE BUYERS). It benefits this other company and the administrators (NOT THE BUYERS). It has so far been conducted without the knowledge of a large number of buyers, especially foreigners, who were not notified in time to send in their applications to be in the list of creditors. The deadline for this expired on the 2nd of December and can not be extended. Although it is seen as the bankruptcy administrators’ responsibility to contact the creditors, it is legally sufficient to do this by way of a note in some official bulletin which very few, even Spanish, read. Meanwhile the administrators who are now responsible for the property have let the doors of the office building and all the show houses remain open to theft and vandalism. For this task they are so far charging 400 000 €, which of course has been allotted from the assets we as creditors should be claiming. In simple words, this is; THE BUYERS’ money. We have seen that in similar cases in Spain up to 20 000 000 € has been paid to the bankruptcy administrators, who are assigned by the Judge (NOT THE BUYERS). What is left for the creditors to fight over is only the crumbs. This is what we are now struggling to avoid.

A list of buyers who want the bankruptcy cancelled and that the urbanization can be built will be presented to the Judge through our solicitors and for this to have any impact as many buyers as possible need to be on that list. The form to fill in is already in the Spanish forum and will hopefully be added to the English section in English very soon. Apart from filling in your details you can contact any fellow buyers you know and most especially the estate agents you might have bought through, which again can contact other clients and agents in their network. Spread the news! (And Merry Christmas!)