Originally Posted by GerryW (Post 6572677)

It seems to be a cross between Administration (UK) and chapter 11 (USA) - both of which protect the company from creditors while they trade the company out of the financial mess. Tradng while insolvent is a criminal offence - trading under protection is not (UK).

Spain is different - but the company still exists, and it can trade its way out by honouring its committments. Talk of creditors - pence in the £ as in a bankruptcy are incorrect - at least at this stage. I expect someone to come knocking soon for the final payment on the plot in order to complete. However, it looks like when we complete we will have to sit on it for a while (understatement). Lose your initial deposit money - or pay £55K balance for a front line plot on a golf course...hmmm...easy decision in my book. Cash is king at the moment - and they want cash!

Originally Posted by jackytoo (Post 6574192)

I think Fadesas assets will be found to be somewhat overvalued!

Originally Posted by John & Kath (Post 6574212)

They have already dropped in value since christmas by €3 billion!

Originally Posted by jacqandy (Post 6574281)

i have been told today that fadesa have 80 projects going on in spain and are going to drop 30 of them and work with the others.There are going to be three administrators due to the size of the company but that could take time to get them in place.I was also told that until that happens it is business as usual even though there isnt any.

Originally Posted by tednsharon (Post 6508606)

I was referring to the small commercial centre up the hill - but any photos of anything are always good to see!

Sharon

Originally Posted by GerryW (Post 6574331)

2. Plots - only need final cash balance to complete - therefore high priority.
Hmmmm..

Originally Posted by John & Kath (Post 6574567)

But is any body going to complete without an electricity supply and for months now they have been saying not me mate Endesa are responsible. I think they shot themselves in the foot by abrogating their responsibilty to hand over the plots as advertised with all utilities at the back of footpath ready to go.

Originally Posted by GerryW (Post 6574601)

Good question. Paula contacted us and said electricity was now connected to our plot. If I were the administrator I mght well be doing a deal to get the electricity connected to all plots that are awaiting completion - the cash inflow from a deal is significant. Can people afford not to complete?

Originally Posted by GerryW (Post 6574601)

Good question. Paula contacted us and said electricity was now connected to our plot. If I were the administrator I mght well be doing a deal to get the electricity connected to all plots that are awaiting completion - the cash inflow from a deal is significant. Can people afford not to complete?

Originally Posted by John & Kath (Post 6574638)

Thats the best news I have heard all week it means that it is that bit cloer to me. I think the world has changed since Fadesa first said that plots were avaiable to complete. If they truly had been some would have completed some could have been forced under the terms of the contract and a rump would have hung out on affordability gounds. Now many more will be in the latter position and will cling to anything to keep their deposit intact and their options open.

Originally Posted by jdr (Post 6573986)

Why offensive ?
Obviously you have not tried to fix anything to a wall or ceiling in Spain, or are you a bricklayer that builds 20 cmtr walls 2.5 mtrs high and hopes no one will lean on it too hard and make a quick exit to the next room.

Originally Posted by jdr (Post 6573986)

Why offensive ?
Obviously you have not tried to fix anything to a wall or ceiling in Spain, or are you a bricklayer that builds 20 cmtr walls 2.5 mtrs high and hopes no one will lean on it too hard and make a quick exit to the next room.