Originally Posted by olivia

More Flights to Faro!!! Ryanair are starting to fly from Liverpool, Midlands & Glasgow on 28th October.

Originally Posted by John & Kath

Thats great news I prefer Easyjet but they have no competition at the moment. Our usual flights from Luton are cheaper than similar flights from Liverpool (for the rellies) but this should put them on their metal.

Originally Posted by betris

It depends where you live.say you have a cheeper flight but it cost you a arm and a leg to get to the airport.or you have a dearer flight and it cost a couple of quid to get to the airport plus the time and the hassel.so a flight at 60 pounds may be cheaper at the end of the day compaird to a 30 pound flight

Originally Posted by John & Kath

No we are 25 mins from Luton and only use Stansted, Coventry, East Midlands or Birmingham if they are £70 cheaper for the 2 of us than Squeasyjet from Luton. The improved Liverpool situation would be for rellies who can catch the 89 bus at the door and use a bus pass.

Originally Posted by John & Kath

No we are 25 mins from Luton and only use Stansted, Coventry, East Midlands or Birmingham if they are £70 cheaper for the 2 of us than Squeasyjet from Luton. The improved Liverpool situation would be for rellies who can catch the 89 bus at the door and use a bus pass.

Originally Posted by Fortaleza

THIS IS A STATEMENT FROM MP SOLICTORS IN AYAMONTE RE THE FADESA ISSUE:

NOTE FROM MORÓN PENDÁS SOLICITORS S.L. CONCERNING THE SITUATION GENERATED BY THE MEETING OF CREDITORS (THE FILING OF VOLUNTARY ADMINISTRATION FOR CREDITOR PROTECTION) OF
MARTINSA- FADESA S.A


Regarding the events triggered at the request of the trading company MARTINSA-FADESA S.A. to file for VOLUNTARY ADMINISTRATION, MORÓN PENDÁS SOLICITORS declares the following:


1.- A Meeting of Creditors, under Spanish Law (LEY 22/2003 de 9 de julio) is designed to give protection to businesses, whose assets outweigh their debts, but cannot punctually meet their financial obligations.

2.- A Meeting of Creditors does not necessarily mean bankruptcy or asset freezing where it is supposed that assets have a superior value than the debt the company owes. Quite the opposite. The prime objective is to establish common ground between creditors and debtors with a view to securing two outcomes: one, satisfying the financial obligations of the company; two, the successful continuation of the company.

3.- The running of the administration of the company is obligated to manage said company in a fair and adequate way to achieve the objectives set out in the previous paragraph.

4.- MORÓN PENDÁS SOLICITORS is aware of the anxiety that this situation has caused its clients and suggests two important things:

a. Do not pay any attention to rumours, gossip or ill-advised comments that are found on internet forums [no dig intended at this site], spam emails and other unofficial, unchecked media.

b. Contact our office as a matter of urgency if you have any doubts or questions that need answering. For this purpose, we have allocated an email address exclusively dedicated to this issue from which you will receive information, legal explanations and state of play information regarding COSTA ESURI. Please include your full name, the property you bought and please tell us whether or not you have completed.

[email protected]

5.- From MORÓN PENDÁS SOLICITORS, we would like to reassure all our clients of our continued commitment to them. We continue to offer the best defence for your rights under the law to guarantee the protection of your investments, money already paid, and we will enforce the full extent of Spanish Law in order to minimise any possible fallout from the MARTINSA FADESA situation.

Originally Posted by Dantill

Thanks for passing the statement on. As a Client of MP who has requested several times this week an update I just wondered why they havent emailed this to their Clients.

Lynn

Originally Posted by JAG SIDHU

I had a call from the shed asking me to complete on my plots asap to protect my investment. The official word was 'at the moment Fadesa are still in control of the situation, so if I complete my investment will be safe, but should the administrators decide to wind the company up, we would be near the bottom of the list of creditors, ie after the employees, banks, tax authorities etc.'

The problem I have with Fadesa is that they don't know the meaning of the word 'truth'. I don't have an issue with the reps I speak to, they just tell you what they are told to tell you.

It was reported in the Huelva Informacion yesterday that Fadesa's debts may well be in the region of €6-7 billion not just the €5.some billion they owe the banks. Add to this the fact, that their land bank values are sliding by the day, the picture certainly doesn't look rosy.

As much as it is nice of MP solicitors to put out a statement, it actually tells us very liitle regarding our legal stance. What are the rights of the plot owners who have paid 50% but have not completed because Fadesa have not delivered their contractual obligations, or those of house/apartment purchasers still waiting to complete.

It feels like we are looking at the devil or the dark blue..... If we complete we may well end up with plots without some services on a development that is only half way completed, if we don't we may end up losing all our deposits.

I think the plot owners need to co-ordinate and take independent legal advice. I am going to seek legal advice and if anyone else would like to join up and form some sort of a 'plot owners' group I am happy to co-ordinate. Please pm me if you wish.

Originally Posted by GerryW

The deposit on plots are not protected by bank guarantee per the contract - large companies like MF do not go bust...ahem. As for speed - I am ready to proceed - but my London Solicitor is also using a Spanish Solicitor who is not available for two weeks! They asked - could I put the money into my Spanish Bank account tomorrow...pretty much out of the blue of course ...well...there is a lead time to do it! Ironically the money (except the fees for the new Spanish lawyer) have been sitting in the bank for about 2 years ever since the last 'quick - complete' episode.

Originally Posted by Dantill

Reuters gives at least an update daily from a business point of view headlines today "Martinsa Fadesa Stock not to trade this year"

" Shares remain suspended until full administration process is legally completed which is unlikely to happen BEFORE the end of the year"