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The Collapse of a Spanish Developer
Wednesday 26th August 2009


The collapse of a Spanish developer which had offices in Britain is likely to affect hundreds of British buyers.

Aifos Arquitectura y Promociones Inmobiliarias SA has gone into administration leaving 4,000 unfinished homes. Many were bought off-plan by British buyers, who may have put their own homes on the market with agents to fund their purchases.

Aifos had offices in Manchester and in Trafalgar Square, London.

Aifos, which was known for its aggressive marketing, was synonymous with Marbella’s construction industry. Several of its directors were implicated by an anti-corruption campaign.

Antonio Guillen, a Spanish lawyer with legal firm DWF in Manchester, who is advising
British purchasers on the insolvency of several Spanish developers, says it is estimated that Aifos has debts of over 1,000m Euros and more than 2,000 creditors.

The company filed for voluntary administration which has now been accepted, and administrators are being appointed to supervise its affairs.

Guillen said: “Anyone who has purchased a property off-plan from Aifos or owns a property that has not been fully finished needs to inform the administrators and the court before September 30, to ensure they are included in the final list of creditors. They will need to supply any documents that can help to prove the payments made, such as purchase contracts, payment orders and bank statements.

“They should also check whether they have been supplied with a bank guarantee. A guarantee is compulsory under Spanish law, although not all developers comply, and will ensure that if the property is not finished, a guarantor, usually a bank, will refund the money they have paid plus interest. It could mean the difference between them losing all their money and getting a refund.”
 

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