Prycolar in Administration?
Jan 7th 2011, 9:26 am
#1
Just Joined
Thread Starter
Joined: Jan 2011
Posts: 3
Prycolar in Administration?
Hi, Not sure if anyone can help or has a similar experience.
We've been trying to buy our Apartment at Sun & Sean development for years now.......I think since 2005 when we handed over a chunky deposit. Whole process has been a disaster. I thought buying in France was painful.......this one takes the biscuit.
I received a letter this AM from KPMG (all in Spanish) which seems to say that this co has, on 12th November '10, gone into Administration. We've been trying to find out what's been going on for a long time and have been using a UK-based notary to help us try and get some answers.
The whole process has been so long we had started the proces last year of evaluating the possibility of just getting our cash back because of all the delays.
Our deposit was meant to have been protected......so I'm hoping it still there.
Interested to hear from anyone else who might be in the same situation.
Needless to say I'll be contacting my Notary today!
Thanks.
We've been trying to buy our Apartment at Sun & Sean development for years now.......I think since 2005 when we handed over a chunky deposit. Whole process has been a disaster. I thought buying in France was painful.......this one takes the biscuit.
I received a letter this AM from KPMG (all in Spanish) which seems to say that this co has, on 12th November '10, gone into Administration. We've been trying to find out what's been going on for a long time and have been using a UK-based notary to help us try and get some answers.
The whole process has been so long we had started the proces last year of evaluating the possibility of just getting our cash back because of all the delays.
Our deposit was meant to have been protected......so I'm hoping it still there.
Interested to hear from anyone else who might be in the same situation.
Needless to say I'll be contacting my Notary today!
Thanks.
Jan 11th 2011, 2:08 am
#2
BE Enthusiast
Joined: Jul 2005
Posts: 377
Re: Prycolar in Administration?
Yes Prycolar applied and were granted voluntary administration on the 12th of November.
Due to Article 85 you need to act urgently to protect your position.
Best
Loco
Due to Article 85 you need to act urgently to protect your position.
Best
Loco
Hi, Not sure if anyone can help or has a similar experience.
We've been trying to buy our Apartment at Sun & Sean development for years now.......I think since 2005 when we handed over a chunky deposit. Whole process has been a disaster. I thought buying in France was painful.......this one takes the biscuit.
I received a letter this AM from KPMG (all in Spanish) which seems to say that this co has, on 12th November '10, gone into Administration. We've been trying to find out what's been going on for a long time and have been using a UK-based notary to help us try and get some answers.
The whole process has been so long we had started the proces last year of evaluating the possibility of just getting our cash back because of all the delays.
Our deposit was meant to have been protected......so I'm hoping it still there.
Interested to hear from anyone else who might be in the same situation.
Needless to say I'll be contacting my Notary today!
Thanks.
We've been trying to buy our Apartment at Sun & Sean development for years now.......I think since 2005 when we handed over a chunky deposit. Whole process has been a disaster. I thought buying in France was painful.......this one takes the biscuit.
I received a letter this AM from KPMG (all in Spanish) which seems to say that this co has, on 12th November '10, gone into Administration. We've been trying to find out what's been going on for a long time and have been using a UK-based notary to help us try and get some answers.
The whole process has been so long we had started the proces last year of evaluating the possibility of just getting our cash back because of all the delays.
Our deposit was meant to have been protected......so I'm hoping it still there.
Interested to hear from anyone else who might be in the same situation.
Needless to say I'll be contacting my Notary today!
Thanks.
Jan 14th 2011, 6:00 pm
#3
Just Joined
Joined: Aug 2010
Posts: 4
Re: Prycolar in Administration?
Received a similar/identical letter today. It is dated 9th Dec 2010, so took over a month to get here.Anyone have any idea as to how to respond to this situation? Is it simply a case of getting in touch with our solicitor?
What is Article 85?
Jan 15th 2011, 2:36 pm
#4
Just Joined
Joined: Nov 2009
Location: Bawtry England
Posts: 11
Re: Prycolar in Administration?
Hi,
I bought my apartment on Sea and Sun in May 2010 having put down a 40 thousand Euro deposit in 2005. I have been renting it out in the summer of 2010 and had a successful season despite only 19 buyers ever completing their purchase on the development and it therefore being the quietest resort in history.
The developer is now in administration or whatever term they use out in Spain and this is obviously affecting other purchases on the site.
I paid close to 150,000 Euro in total for my apartment and did so to protect my initial deposit. I did not want to run the risk of losing the 40000 or so I had laid out.
However, as has happened in the past, the Bank will eventually take over the selling of the apartments and the apartments will go for a song. Probably 100 to 110 thousand Euro each. When this happens I will be automatically 40,000 Euro down.
I don't know which scenario is best.
Is it a. Have an apartment up and running on Sea and Sun and having to keep going until all the apartments are sold at 110,000 euros and then sit tight and watch as prices get up to what I have already paid. How long will that be ? 10 to 15 years maybe?
OR b. As a prospective purchaser who has paid the deposit but never completed -Walk away now and lose your 30 -40 thousand Euro deposit and put it down to experience.
OR C. Keep working on getting your Sea and Sun apartment at a reduced price and utilise your deposit against this purchase.
Surely there will be room for manoeuvre for those people who have paid deposits but not completed to complete in the future when the prices are lower. I would love to know if this happened on other places on Costa Esuri.
I have been a little down over my purchase but see that rentals for the Spring Summer AND Autumn can be good. I also take comfort in the fact that the Sea and Sun development, at the moment at least , is looking fantastic.
My apartment is pristine and the pool, communal areas and car parking are immaculate. All it needs is the people to complete their purchases when they are able to and we will have a winning combination on Sea and Sun. I absolutely love it and love the fact that people on this forum see things in such an optimistic fashion.
We have the fantastic Jags, we have the great Golf club and golf, we have the shop cum tapas bar ( never used it, but will ) and we have a host of possibilities on the horizon that two to three years ago seemed impossible to even contemplate.
Financially I am not onto a winner and I have paid the price for being one of the greedy people who thought I could get in and get out with a quick profit in a short term manner.
It was not to be but what has happened is better in a way. I am making the best of a bad job and enjoying seeing and hearing of the slight changes and improvements that in the end will mean Costa Esuri is fairly near to what it was intended to be. It will take some time but in the time it does take, me and my family are going to enjoy the place for all the reasons we took to Ayamonte for in the first place.
Have a look at the photos on the attached website and those of you who are wondering what to do next in terms of completing please take some comfort in the fact that the complex is fantastic and can only be better with more people on there
(SNIP)
I bought my apartment on Sea and Sun in May 2010 having put down a 40 thousand Euro deposit in 2005. I have been renting it out in the summer of 2010 and had a successful season despite only 19 buyers ever completing their purchase on the development and it therefore being the quietest resort in history.
The developer is now in administration or whatever term they use out in Spain and this is obviously affecting other purchases on the site.
I paid close to 150,000 Euro in total for my apartment and did so to protect my initial deposit. I did not want to run the risk of losing the 40000 or so I had laid out.
However, as has happened in the past, the Bank will eventually take over the selling of the apartments and the apartments will go for a song. Probably 100 to 110 thousand Euro each. When this happens I will be automatically 40,000 Euro down.
I don't know which scenario is best.
Is it a. Have an apartment up and running on Sea and Sun and having to keep going until all the apartments are sold at 110,000 euros and then sit tight and watch as prices get up to what I have already paid. How long will that be ? 10 to 15 years maybe?
OR b. As a prospective purchaser who has paid the deposit but never completed -Walk away now and lose your 30 -40 thousand Euro deposit and put it down to experience.
OR C. Keep working on getting your Sea and Sun apartment at a reduced price and utilise your deposit against this purchase.
Surely there will be room for manoeuvre for those people who have paid deposits but not completed to complete in the future when the prices are lower. I would love to know if this happened on other places on Costa Esuri.
I have been a little down over my purchase but see that rentals for the Spring Summer AND Autumn can be good. I also take comfort in the fact that the Sea and Sun development, at the moment at least , is looking fantastic.
My apartment is pristine and the pool, communal areas and car parking are immaculate. All it needs is the people to complete their purchases when they are able to and we will have a winning combination on Sea and Sun. I absolutely love it and love the fact that people on this forum see things in such an optimistic fashion.
We have the fantastic Jags, we have the great Golf club and golf, we have the shop cum tapas bar ( never used it, but will ) and we have a host of possibilities on the horizon that two to three years ago seemed impossible to even contemplate.
Financially I am not onto a winner and I have paid the price for being one of the greedy people who thought I could get in and get out with a quick profit in a short term manner.
It was not to be but what has happened is better in a way. I am making the best of a bad job and enjoying seeing and hearing of the slight changes and improvements that in the end will mean Costa Esuri is fairly near to what it was intended to be. It will take some time but in the time it does take, me and my family are going to enjoy the place for all the reasons we took to Ayamonte for in the first place.
Have a look at the photos on the attached website and those of you who are wondering what to do next in terms of completing please take some comfort in the fact that the complex is fantastic and can only be better with more people on there
(SNIP)
Last edited by Mitzyboy; Feb 1st 2011 at 3:32 pm. Reason: Removed posters web site link
Jan 15th 2011, 3:27 pm
#5
Just Joined
Joined: Nov 2009
Location: Bawtry England
Posts: 11
Re: Prycolar in Administration?
These photos are of the Sea and Sun complex. Just managed to work out how to load them on.
Jan 15th 2011, 3:33 pm
#6
Just Joined
Joined: Nov 2009
Location: Bawtry England
Posts: 11
Re: Prycolar in Administration?
Some more photos of the Sea and Sun development.
Jan 16th 2011, 1:46 am
#7
BE Enthusiast
Joined: Jul 2005
Posts: 377
Re: Prycolar in Administration?
Yes. Act NOW to protect your position by informing KPMG .
It is complex but Article 85 covers how creditors should be communicated with.
I attach both the Law and the BOE published 9th December 2010.
See point 3 of the BOE notice ! KPMG are not idiots.
Best
Loco
It is complex but Article 85 covers how creditors should be communicated with.
I attach both the Law and the BOE published 9th December 2010.
See point 3 of the BOE notice ! KPMG are not idiots.
Best
Loco
Jan 16th 2011, 8:21 am
#8
BE Positive
Joined: Sep 2005
Posts: 3,980
Re: Prycolar in Administration?
Hi,
I bought my apartment on Sea and Sun in May 2010 having put down a 40 thousand Euro deposit in 2005. I have been renting it out in the summer of 2010 and had a successful season despite only 19 buyers ever completing their purchase on the development and it therefore being the quietest resort in history.
The developer is now in administration or whatever term they use out in Spain and this is obviously affecting other purchases on the site.
I paid close to 150,000 Euro in total for my apartment and did so to protect my initial deposit. I did not want to run the risk of losing the 40000 or so I had laid out.
However, as has happened in the past, the Bank will eventually take over the selling of the apartments and the apartments will go for a song. Probably 100 to 110 thousand Euro each. When this happens I will be automatically 40,000 Euro down.
I don't know which scenario is best.
Is it a. Have an apartment up and running on Sea and Sun and having to keep going until all the apartments are sold at 110,000 euros and then sit tight and watch as prices get up to what I have already paid. How long will that be ? 10 to 15 years maybe?
OR b. As a prospective purchaser who has paid the deposit but never completed -Walk away now and lose your 30 -40 thousand Euro deposit and put it down to experience.
OR C. Keep working on getting your Sea and Sun apartment at a reduced price and utilise your deposit against this purchase.
Surely there will be room for manoeuvre for those people who have paid deposits but not completed to complete in the future when the prices are lower. I would love to know if this happened on other places on Costa Esuri.
I have been a little down over my purchase but see that rentals for the Spring Summer AND Autumn can be good. I also take comfort in the fact that the Sea and Sun development, at the moment at least , is looking fantastic.
My apartment is pristine and the pool, communal areas and car parking are immaculate. All it needs is the people to complete their purchases when they are able to and we will have a winning combination on Sea and Sun. I absolutely love it and love the fact that people on this forum see things in such an optimistic fashion.
We have the fantastic Jags, we have the great Golf club and golf, we have the shop cum tapas bar ( never used it, but will ) and we have a host of possibilities on the horizon that two to three years ago seemed impossible to even contemplate.
Financially I am not onto a winner and I have paid the price for being one of the greedy people who thought I could get in and get out with a quick profit in a short term manner.
It was not to be but what has happened is better in a way. I am making the best of a bad job and enjoying seeing and hearing of the slight changes and improvements that in the end will mean Costa Esuri is fairly near to what it was intended to be. It will take some time but in the time it does take, me and my family are going to enjoy the place for all the reasons we took to Ayamonte for in the first place.
Have a look at the photos on the attached website and those of you who are wondering what to do next in terms of completing please take some comfort in the fact that the complex is fantastic and can only be better with more people on there.
http://www.classic-apartments.co.uk
I bought my apartment on Sea and Sun in May 2010 having put down a 40 thousand Euro deposit in 2005. I have been renting it out in the summer of 2010 and had a successful season despite only 19 buyers ever completing their purchase on the development and it therefore being the quietest resort in history.
The developer is now in administration or whatever term they use out in Spain and this is obviously affecting other purchases on the site.
I paid close to 150,000 Euro in total for my apartment and did so to protect my initial deposit. I did not want to run the risk of losing the 40000 or so I had laid out.
However, as has happened in the past, the Bank will eventually take over the selling of the apartments and the apartments will go for a song. Probably 100 to 110 thousand Euro each. When this happens I will be automatically 40,000 Euro down.
I don't know which scenario is best.
Is it a. Have an apartment up and running on Sea and Sun and having to keep going until all the apartments are sold at 110,000 euros and then sit tight and watch as prices get up to what I have already paid. How long will that be ? 10 to 15 years maybe?
OR b. As a prospective purchaser who has paid the deposit but never completed -Walk away now and lose your 30 -40 thousand Euro deposit and put it down to experience.
OR C. Keep working on getting your Sea and Sun apartment at a reduced price and utilise your deposit against this purchase.
Surely there will be room for manoeuvre for those people who have paid deposits but not completed to complete in the future when the prices are lower. I would love to know if this happened on other places on Costa Esuri.
I have been a little down over my purchase but see that rentals for the Spring Summer AND Autumn can be good. I also take comfort in the fact that the Sea and Sun development, at the moment at least , is looking fantastic.
My apartment is pristine and the pool, communal areas and car parking are immaculate. All it needs is the people to complete their purchases when they are able to and we will have a winning combination on Sea and Sun. I absolutely love it and love the fact that people on this forum see things in such an optimistic fashion.
We have the fantastic Jags, we have the great Golf club and golf, we have the shop cum tapas bar ( never used it, but will ) and we have a host of possibilities on the horizon that two to three years ago seemed impossible to even contemplate.
Financially I am not onto a winner and I have paid the price for being one of the greedy people who thought I could get in and get out with a quick profit in a short term manner.
It was not to be but what has happened is better in a way. I am making the best of a bad job and enjoying seeing and hearing of the slight changes and improvements that in the end will mean Costa Esuri is fairly near to what it was intended to be. It will take some time but in the time it does take, me and my family are going to enjoy the place for all the reasons we took to Ayamonte for in the first place.
Have a look at the photos on the attached website and those of you who are wondering what to do next in terms of completing please take some comfort in the fact that the complex is fantastic and can only be better with more people on there.
http://www.classic-apartments.co.uk
errr Im a bit confused... you say that youve had a succesful renting experience... meaning that you have completed.
Then option B says you have not completed.
Have I missed something?
I'm glad you love the complex and are getting good revenues....
The investment financially is not good for the short or medium term. However at the discounted prices you can get now this may be an appealing prospect for the new buyer. The investment in having fun in a great part of the world is fantastic!
However it must be depressing having only a few appartments sold, and hard therefore to keep the maintenance and quality up over time. Hopefully the banks will take over the ownership and pay their maintenance fees....
Good luck
Jon
Jan 16th 2011, 9:24 am
#9
BE Forum Addict
Joined: Nov 2004
Location: Ayamonte
Posts: 1,022
Re: Prycolar in Administration?
Jon, sit down and re-read. Royalpalm1 bought (completed) their apartment in May last year (line one). The different scenario's are for people who A. have managed the same, B. have paid a deposit and then given up and C. have paid a deposit and will stick with until they get said property. Regards Bryony 
Last edited by MikeCol; Jan 16th 2011 at 9:50 am.
Jan 16th 2011, 10:46 am
#10
Just Joined
Joined: Nov 2009
Location: Bawtry England
Posts: 11
Re: Prycolar in Administration?
Hi,
Thanks Briony for your clarification. I thought it was okay when I wrote it so I am glad you understood my meaning.
I have bought and I am renting it out successfully. I was just pointing out the other options for other people including the gentleman who has paid a deposit but never completed.
Thanks Jon for your comments. Sorry if I bamboozled you with my wording.
Thanks Briony for your clarification. I thought it was okay when I wrote it so I am glad you understood my meaning.
I have bought and I am renting it out successfully. I was just pointing out the other options for other people including the gentleman who has paid a deposit but never completed.
Thanks Jon for your comments. Sorry if I bamboozled you with my wording.
Jan 16th 2011, 1:57 pm
#11
BE Positive
Joined: Sep 2005
Posts: 3,980
Re: Prycolar in Administration?
Hi,
Thanks Briony for your clarification. I thought it was okay when I wrote it so I am glad you understood my meaning.
I have bought and I am renting it out successfully. I was just pointing out the other options for other people including the gentleman who has paid a deposit but never completed.
Thanks Jon for your comments. Sorry if I bamboozled you with my wording.
Thanks Briony for your clarification. I thought it was okay when I wrote it so I am glad you understood my meaning.
I have bought and I am renting it out successfully. I was just pointing out the other options for other people including the gentleman who has paid a deposit but never completed.
Thanks Jon for your comments. Sorry if I bamboozled you with my wording.
The only thing I can add is that if someone has signed a contract and paid a deposit, theres no way that they can complete and a cheaper price, even if the exact next door appartment is selling for much less. There might be some negotiation possible - but I think that would be very lucky. Based only on the next point....
Also there may be a possibility to get the deposit back. The company has defaulted on the contract and so the person can get a refund as a creditor. The administration process means that the lowest on the food-chain is this person... last to get paid. If they come out of administration then in about 8 years they might get the money back. But there is a need to oficially register the claim as a creditor. That bit I dont now about.
Im no expert - these are just my opinions only.
Good luck
Jon
Jan 17th 2011, 10:31 am
#12
Just Joined
Thread Starter
Joined: Jan 2011
Posts: 3
Re: Prycolar in Administration?
Royal Palm,
Thanks for the posting the pictures....
I have no idea how this is likely to go.....but my solicitor will lodge our creditors claim with KMPG ASAP and I guess we'll have to see.
My feeling is that we will either face losing our deposit or will be forced to complete at the prices contracted back in 2005......we will need to perform some kind of valuation in order to understand whether that makes sense.
I will try and keep all advised as we progress.
Thanks
Thanks for the posting the pictures....
I have no idea how this is likely to go.....but my solicitor will lodge our creditors claim with KMPG ASAP and I guess we'll have to see.
My feeling is that we will either face losing our deposit or will be forced to complete at the prices contracted back in 2005......we will need to perform some kind of valuation in order to understand whether that makes sense.
I will try and keep all advised as we progress.
Thanks
Jan 17th 2011, 10:34 am
#13
Just Joined
Thread Starter
Joined: Jan 2011
Posts: 3
Re: Prycolar in Administration?
I would advise that you have your legal advisor act on this as soon as is possible to ensure you lose your right to your deposit.
Thanks.
Feb 1st 2011, 11:29 am
#14
Just Joined
Joined: Jan 2006
Posts: 28
Re: Prycolar in Administration?
Hi, Not sure if anyone can help or has a similar experience.
We've been trying to buy our Apartment at Sun & Sean development for years now.......I think since 2005 when we handed over a chunky deposit. Whole process has been a disaster. I thought buying in France was painful.......this one takes the biscuit.
I received a letter this AM from KPMG (all in Spanish) which seems to say that this co has, on 12th November '10, gone into Administration. We've been trying to find out what's been going on for a long time and have been using a UK-based notary to help us try and get some answers.
The whole process has been so long we had started the proces last year of evaluating the possibility of just getting our cash back because of all the delays.
Our deposit was meant to have been protected......so I'm hoping it still there.
Interested to hear from anyone else who might be in the same situation.
Needless to say I'll be contacting my Notary today!
Thanks.
We've been trying to buy our Apartment at Sun & Sean development for years now.......I think since 2005 when we handed over a chunky deposit. Whole process has been a disaster. I thought buying in France was painful.......this one takes the biscuit.
I received a letter this AM from KPMG (all in Spanish) which seems to say that this co has, on 12th November '10, gone into Administration. We've been trying to find out what's been going on for a long time and have been using a UK-based notary to help us try and get some answers.
The whole process has been so long we had started the proces last year of evaluating the possibility of just getting our cash back because of all the delays.
Our deposit was meant to have been protected......so I'm hoping it still there.
Interested to hear from anyone else who might be in the same situation.
Needless to say I'll be contacting my Notary today!
Thanks.
A Spanish court has upheld the right of investors in a failed property development to have their deposits returned to them, after a local bank attempted to shirk their responsibilities under the country's guarantee laws.
The Caja Cantabria bank tried to claim that the guarantee period had 'expired' on an investor's funds, after they paid a deposit off the plan on a property that was never built. Under Spanish law, developers can use an 'aval bancario', or bank guarantee, to protect buyers whilst the development and construction of the property is in progress.
Whilst they obtain funds from their particular bank of choice to fund the property development, the bank holds all deposits in a separate safe account until construction is complete. If it doesn't complete in a set amount of time, the deposit plus six per cent interest is returned to investors.
Despite Caja Cantabria's attempts to implement a 'small print' to the terms of their guarantee, the court still upheld this national guarantee law, and stated the guarantee period could not expire whilst the investor still had no property to show for their funds. Although Spanish law is not based on precedents like that of the UK, this decision should still reassure off the plan buyers that their money is safe as long as they have a concrete bank guarantee issued to them.
