Embargo

Old Jun 27th 2011, 5:21 pm
  #1  
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Default Embargo

Anybody have the experience of putting an embargo on a property /properties Without going into too much detail I loaned somebody a substantial amount of money to buy serveral properties for their retirement over the years he has paid me back some of the money.But now he seems unwilling or unable to pay more I have evidence of the loan and letters were he says he will pay but no joy.
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Old Jun 27th 2011, 6:59 pm
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Default Re: Embargo

Originally Posted by Daveinspain View Post
Anybody have the experience of putting an embargo on a property /properties Without going into too much detail I loaned somebody a substantial amount of money to buy serveral properties for their retirement over the years he has paid me back some of the money.But now he seems unwilling or unable to pay more I have evidence of the loan and letters were he says he will pay but no joy.

This sounds VERY similar to a friend who loaned some money to someone (in Ontinyent) to 'invest' in some properties. They had documents detailing the loan and which properties were being purchased with a statement of the payback (% increase and a maximum duration of loan).

Well, said person left the country and the bank has taken charge of some of the properties. My friend has tried legal routes to get their money back but has been told that it was a personal loan so they must chase the man and not the properties.

So, basically, my friend has been shafted and will NEVER see a penny (or even a centimos)!
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Old Jun 28th 2011, 8:14 am
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Default Re: Embargo

Go see a lawyer. I know it's fairly simple in the UK.
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Old Jun 28th 2011, 9:44 am
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Default Re: Embargo

Originally Posted by Daveinspain View Post
Anybody have the experience of putting an embargo on a property /properties Without going into too much detail I loaned somebody a substantial amount of money to buy serveral properties for their retirement over the years he has paid me back some of the money.But now he seems unwilling or unable to pay more I have evidence of the loan and letters were he says he will pay but no joy.
You have to take legal actions to put an embargo. There are 2 kinds of embargo:
1) Precautionary embargo(PE): this is requested to the court at the time of taking legal actions. in order to get this approved by the court, it is necessary to comply with 3 requirements: a) fumus boni iuris, which means that in principle you must give the impression to the court that your case is strong; b) pericumum in mora: which means that the court must have the impression that there is a considerable risk for you to be unable to recover your money in case the embargo is not approved (i.e. the defendant has other litigation cases for unpaid bills, etc); c) deposit: you must offer to court to deposit funds enough to compensate the defendant for the inconveniences that the PE could cause in case you don't win the case. The risk of requesting the PE is that if the court don't approve the PE, you will have to pay the litigation expenses of the PE request, which are significant. The convenience of requesting the PE must be study on a case by case basis.
2) Embargo on the court resolution enforcement process: this is the most common type of embargo, and it is requested once you have a court resolution in your favour which hasn't been honoured by the defendant voluntarily.

You should contact a lawyer to get proper legal asistance to study your particular case and protect your interest.

Regards

Javier Moya

Last edited by Fred James; Jun 28th 2011 at 12:03 pm. Reason: Please put you link in your signature, not in your post.
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Old Jul 4th 2011, 11:37 am
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Default Re: Embargo

The only way to put an embargo on a property is through the courts. The first step is to get the loan recognised by the Spanish judge. The second step: once the loan and its terms are recognised by the judge and the debtor is comdemned to pay, it is necessary to enforce the sentence, look for moneys or assets of the debtor and ask the judge to put an embargo on them in order to take monies from their bank accounts or sell the real estate in public auction to recover the debt plus expenses.Therefore, it is essential to find a good lawyer and take the debtor to court.

Last edited by Fred James; Jul 4th 2011 at 1:42 pm. Reason: Please do not promote your own business.
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