Costa del Sol property blog

91 responses so far ↓

• PA HOLT // January 21, 2009 at 18:34

  What would it cost to register as an Aifos
  creditor,and is there much chance that
  people who bought off plan but never took ownership will get any money back.

• Andrew // January 21, 2009 at 18:52

  Hi Pa Holt,

  Creditors have to register their claims against the developer with the administrator. In regards to cost, I have no clear figure.
  If you bought from the developer, there is a very good chance you can get your money back.
  I would suggest you contact you lawyer and ask them to start proceedings as fast as possible.
  Most of the work should be clerical, so fees should be minimal. If it is of any help, 2 individuals that were attempting to sell in Cortijo de Torreblanca are using Tomas Aguera Herz of Agüera & Arrebola. info@aguera-arrebola.com

  Please keep us informed of your progress and good luck

• JIll GE // January 22, 2009 at 13:36

  I went to court in Malaga in October and have been awarded the cost of my off plan apartment plus damages. I’m positive that AIFOS will be made bankrupt and I have resigned myself to never receiving any of the money because I’ll be at the back of a very long queue.

  I am represented by Lawbird in Marbella who have done a very good job for me.

• TJU // January 25, 2009 at 15:56

  Hi, I am one of the many who bought from Aifos on the Hipodromo Complex, but I have not registered to get back my money . Can you tell me what will happen to the Buildings that are already built? my apartment is 90% finished and I cannot find anyone who can tell me of the final outcome of the building, will it be demolished, will it be finished, will it stand there forever unfinished? no one seems to know the answer, my Lawyer, the estate agent, does anyone know? your help or thoughts would be appreciated,

  Regards,

  Terry.

• Andrew // January 26, 2009 at 11:24

  Hi Terry,

  First, if you have not registered to get your funds back, do it now. The longer you wait the further the back of the queue you will be.

  If the complex has not been granted the LFO, licence of first occupation, then its not finished and might never be. If it is nearly completed it is unlikely to remain half finished, one of the larger creditors might take the asset as repayment from aifos. If that is the case they will want to finish it to get the remaining 70% (assuming 30% deposits) of the purchase price from the buyers.

  Terry did you buy directly from the developer? Or was it an off-plan resale? As its an aifos build I assume it was supposed to complete a while ago. You need to decide whether you want to risk waiting another 2 years for it to complete or start applying to get some of your funds back.

  And if your lawyer can’t tell you anything, get rid of him. He will not be able to help you in reclaiming your monies. But he will charge you for trying!

  Regards
  Andrew

• Smiffie // January 26, 2009 at 12:20

  Hi.

  I am in the same boat as Terry, except that my block hasn’t been touched yet as it is being used as the entrance to the others.
  It has been about 5 years now and I am resigned to either waiting another 2-5 years, or even losing the deposit, so the outcome is no longer a headache for me.

  All I would like to know is this.

  Do you suspect that “someone” will finish the project ?.

  If so, and assuming they do build my block, will I still own the apartment in that block ?

  I have absolutely no faith on the courts or the judicial system in Spain, I would willingly walk away from the whole thing for the price of a good night out on the town .

  Thank you very much for the info you have supplied, it is appreciated.

  Regards.

  Smiffie.

• Smiffie // January 26, 2009 at 12:21

  Can I change that to a “good weekend out on the town”.

  cheers .

• Andrew // January 26, 2009 at 15:32

  Your welcome Smiffie,
  Not all agencies are the same you know

  Who might that someone be?
  It is going to come down to the creditor. It would be in the interest of a bank or a builder to take on the debt as they could make money completing it. But this makes more sense for a near completed development, than one that has not started.

  I should note, though it comes down to you situation. If you are sick and tired of waiting on completion, this is your chance to pull out. Aifos do have a lot of assets, hotel and so on that can be sold to pay of the debts. So the developments should complete at some time. So its less of a question of if, and more when…

• VK // January 27, 2009 at 11:06

  Hi, we have bought at Hacienda Marina and are being pressed to complete now they have the LFO. However we would rather take our chance as a creditor as we longer want the apartment after 6 long years wait. Our problem is that we bought on another development as a resale on a private purchase contract and then exchanged to Hacienda Marina through Aifos 4 years ago. Can we file as a creditor or does the original buyer ( who we have lost contact with) need to?

• Andrew // January 27, 2009 at 11:36

  VK,

  You are going to have to be cautious.

  What most people do not realise is that is the developer breaks their agreement, as Aifos has done in most cases by completing the project vastly over time, the buyer has the right to reclaim their deposit via the Aval Bancaria (bank guarantee). BUT if the buyer only starts proceedings when the development is reaching/reached completion the courts can side with the promoter as you are using the guarantee to simply get out of the investment due to your changed circumstances.

  As your not the original buyer your situation is going to be more complicated. What was stated in the private contract? How was the contract transferred? Did aifos sign as well? Etc…

  VK speak to a lawyer about your situation now! If they waffle or do not give a clear answer, go to another lawyer! Move fast or your situation will only get worse! I’ve recommended a lawyer above, as has another poster. Contact both of them and a demand an answer if they want you as a client.

• Andrew // January 27, 2009 at 18:00

  VK, further to our conversation please refers to this article about developers trying to force completion

  Hope this helps
  Andrew

• Smiffie // January 27, 2009 at 19:32

  I think I speak for everyone when I say…….

  Thank you for your time and help, it is probably the first time I have ever heard or had a straight answer from anyone concerning this ****up.

  regards.

  Steve.

• Andrew // January 27, 2009 at 20:09

  Thank you Smiffie/Steve that means a lot.

  Regards
  Andrew

• Greeny // January 28, 2009 at 22:18

  We have bought on the Puerto Sol complex and from what we gather, our block is almost completed. However, it was due to be finished back in November 2006… like VK given the current economic climate and the fall of the euro, we really don’t want to take ownership of the apartment, but wonder where we stand? We bought via an internet company that disappeared two years+ ago, but paid our deposit (Nov 2004) and stage payments directly to Aifos… Any advice would be much appreciated… We have contacted our Solicitor but they haven’t got back to us yet…

• Andrew // January 28, 2009 at 23:27

  let see. If it was meant to complete in 2006 and is stated as such the private purchase contract, you should be able to pull out as aifos have broken the contract.
  enough time has passed that the developer cannot claim forces outside of their control (strikes, supply shortages, weather, etc…)
  Your danger now, is that if completion is very soon the courts might decide you are simply pulling out due the current economic climate. If that’s the case they could side with the developer. You have to show you are pulling out due to aifos’ breach of contract.
  I’m sure you lawyer was fine for a straight forward transaction, but you need a legal firm behind you. Preferably one that has litigation experience.
  Your lawyer is probably pursuing the normal course of action, but if aifos is not willing to refund the monies, you may have to sue.

• chris // January 29, 2009 at 18:31

  Andrew
  I and a friend entered into the life of Aifos 6 years ago, purchased a 2 bed apartment in the puerto sol , after they sold our original apartment. long story short thought we had a good deal, have not heard from them since november 2007 when we went out and signed a contract, got caught for legal expenses.
  my friend spoke to a rep just before xmas and was told completion between April and september, not sure what to believe, i fear the worst
  Is the puerto sol a lost thing and should i now start proceedings against them

• Andrew // January 29, 2009 at 22:55

  Chris regarding puerto Sol, who can say?
  I’m getting the impression that you would be happy to complete on it. If that’s the case you should be able to hold out, it should get finished at some point, although it is easy for the aifos rep to give a timetable, he/she is not accountable.
  If you have a bank guarantee in place you will be better protected in the case of an aifos collapse, so in theory your assets are protected.

  But please remember my advice and opinions are no substitute for professional independent legal advice.

• Julie // February 9, 2009 at 13:12

  My family paid 43,000 euros for a hippodrama apartment how do they go about getting their deposit back and compensation we have spoken to a couple of lawyers in spain and are not sure what to do still, obviously my family now do not have the money to keep paying lawyers who cannot promise to obtain money back

• Andrew // February 10, 2009 at 19:36

  Hi Julie,

  If you join the queue as a creditor, you will get back part or all of your investment.
  Compensation, for the time lost, etc… is very unlikely, I’m sorry to say.
  You must use the services of a lawyer. But there is no reason there should be any cost to you at this moment in time. One or 2 lawyers have already been mentioned in past comments. Contact them and ask for a free consultation, find out how many other clients do they have in a similar situation, etc…

• Andrew // February 21, 2009 at 13:03

  Dear all,

  please see the article Aifos blog for an update

  Andrew

• JIll GE // February 23, 2009 at 12:55

  Hello Everyone

  Thanks Andrew for your latest message and for all the info so far. I feel I should be paying you.

  Has anyone had any help from their MEP? I tried emailing mine but received no reply. The elections for the European Parliament are due very soon, would this prompt them to be more willing to help us now?

• Andrew // February 23, 2009 at 15:12

  Hi Jill GE,

  This petition against property scandal article might be of some use to you. Suzanne has been hard at work trying to get this in front of the British Gov. this month.

  Regards
  Andrew

• H Chester // February 23, 2009 at 20:20

  Hi Andrew
  We bought in 2002 on balconnes de Riveria , at Miraflores. However, the site never obtained a licence and will never be built as it is too close to the motorway. We have been in discussion with Aifos and trying to upgrade to another site. Yes 7 years ago. Now the problem – if Aifos go into Administration is out bank guarantee in place or will we lose our deposit. do we need to get into anothe site quickly so as to protect our guarantee??

• Andrew // February 23, 2009 at 21:27

  Hi H Chester,
  As far as understand the situation, if aifos goes into administration, you will be able to register as a creditor. But whether you will get your full deposit back, I don’t know.
  If your part of a development that is reaching completion, then the administrators may pump in funds to complete it to make money as they will want the remainding 70% or so that you need to pay.
  Either way switching would seem to be your best bet, if you can complete, as you would still be able to become a creditor.
  Are the other options the same price/size/location/legal as Baclones de Riviera?

• H Chester // February 24, 2009 at 11:12

  Hi Andrew, To be honest the deal they are offerring us to swap is better than the original apartment size is slightly smaller but better location. I guess to make sure the guarantee kicks in we need to move smartish and swap??

• Andrew // February 24, 2009 at 11:40

  I would say so, especially if it is near completion.

  Although I don’t know of any legal issues to worry about when swapping properties, that does not mean they don’t exist.
  As always I would recommend seeking legal advice regarding any potential pitfalls especially when involving Aifos.

• Paco Palomares // February 26, 2009 at 09:23

  Hi everyone,
  I’m Spaniard and I have bought on the Puerto Sol complex too, I ‘ve recently visited the complex, and phases I and II are almost completed, no way for phase III sorry. In addition today is the day the Tribunal de lo Mercantil de Malaga pronounces the resolution whether Aifos is “concursada” or not, let’s see.
  In the “standard” Aifos contract, there is no mention to any deadtime to finish the work, they just say: 2 years after the license to build, and they keep open the possibility to enlarge that time according to odds, shortages, etc. So what can we do? don’t know, may be this summer we’ll meet together, Best Regards and Keep your spirit up!

• JIll GE // February 26, 2009 at 11:45

  Hello Andrew

  Thanks for your latest message. I ‘bought’ an apartment in the same development as Chester but was never offered a swap, in fact I never heard from AIFOS but was informed by Ocean View (now in receivership) that the development had never been built. I apologise if I’ve said this before, but my local Ocean View agent assured me over 2 years that it was being built – a pathological liar obviously.

  I find this website very interesting and have learned so much.

  Thanks to everybody and good luck.

• JIll GE // February 27, 2009 at 13:26

  Hello All

  Well, some good news. I’ve just read on the Lawbird Tribune website that AIFOS and their creditors have struck a last minute deal to stop them going bankrupt.

• Andrew // February 27, 2009 at 13:31

  Your Right Jill GE,

  2 links for those interested:
  http://aifosbankruptcy.blogspot.com/2009/02/petition-for-bankruptcy-canceled.html

  and

  http://belegal.com/wordpress/aifos-avoids-second-forced-administration-procedure/

• JIll GE // February 27, 2009 at 13:41

  Andrew

  This is good news isn’t it?

  Thanks as always Andrew

  Jill

• Andrew // February 27, 2009 at 14:21

  Hi Jill,

  In general yes. Although for people who have yet to see work start on the property they bought, or for those that have landed up buying in an illegal development, it is not so clear cut how this will benefit them.

• jjd // March 1, 2009 at 19:57

  Hopfully it is good news. Will the refinancing happen do you think? Especially that PWC are involved. I am sueing them for a deposit return for a propoerty that never started. Do you think I should take the option of switching to another complex?

  TKS

• Andrew // March 2, 2009 at 10:54

  Hi jjd,

  with one of the ‘big four auditors’ involved, there should be some hope for Aifos sorting itself out… Although from my understanding this could be quite a long drawn out affair.

  I cannot tell you whether you should continuing sueing them or switch to another development. But what i will say is this.

  You seem to still want a property in spain, as you are contemplating switching developments. You need to decide whether you are best served by getting your money back and starting searching for another property, or if you get a better deal by switching developments and waiting for an open ended completion. It is also going to come down to how confident is your lawyer in getting you money back. Does s/he have a good track record?

• Andrew // March 2, 2009 at 10:58

  If anyone is going to be given the chance of switching developments make sure you lawyer confirms how many properties aifos has left to sell in the development. More motivation for them to get all licences go to completion.
  Get you lawyer to check the legality of the development, even of requesting confirmation from the Junta de Andalucia (many won’t bother).

• Jimbo // March 3, 2009 at 14:33

  Hi,
  We are also waiting for Puerto Sol to be completed and we have recently received photos from Aifos showing that both phase I and II are very close to completion. Hopeful of good news very soon.
  BTW thanks Andrew for your help and information.

• Andrew // March 3, 2009 at 14:51

  Hi Jimbo

  your welcome!

  P.S. If you know anyone in the area, get them to pop round and have a look, to confirm that work is actually ongoing.

• jjd // March 4, 2009 at 01:22

  Tks Andrew. Is the April 30th a Bank deadline or will the process take many months?. Thanks for your advice. I wold much prefer to get my money back. Just wondered if switching was the lesser evil.

• tyrone // March 4, 2009 at 01:30

  hi
  i purchased a off plan property in costa golf alcaidesa through a gibraltar estate agents 3 years ago.
  the plot of land is still empty,not one brick has been laid.
  i am in desperate need of a good lawyer to sue aifos and join in line to get my deposit back!!!
  tyrone

• Andrew // March 4, 2009 at 11:24

  @ jjd
  the 30th appears to be a deadline… although an extension is always possible.

  @tyrone
  Hi, there are several links in the comments above that lead to several lawyers emails/websites. I’d recommended contacting each one and seeing which one can offer you the best service. They all seem to currently managing cases against aifos.

• jjd // March 17, 2009 at 12:09

  any news on the Aifos refinancing???

• R J O // March 17, 2009 at 16:11

  Hi everyone,
  Purchased two apartments in ‘balcon de hipodromo’ complex which the progress is slow or more specifically non-existent. If this refinancing situation does go through by April, would it signify that the complex will actually be finished?As we are in the process of waiting for our money back and would surprisingly consider keeping them providing they would be completed in the near future?

• Andrew // March 18, 2009 at 20:33

  @ jjd,

  I’m sorry to say, no, nothing so far.

  @RJO

  If you are considering keeping the properties, at this moment in time it comes down to how near (or far) to completion Balcon del Hipodromo is.

  We will know more by the end of the month. I’ll post the information as soon as I get it.

• Glynn Monks // March 27, 2009 at 04:51

  Hi all

  I bought an off-plan apartment on Los Olivos from Aifos six years ago. The property is complete, some people have moved in, but I haven’t completed yet due to delays on Aifos’ side. I received an e-mail from my Lawyer this morning saying that Aifos still owe 13,000 euros on the original mortgage that they took out to build the apartment. My lawyer tells me that my choices are to be either pay the 13,000 euros to clear Aifos’ debt and complete the sale or walk away and lose my deposit. Neither are appealing. Are the any other options?

  Regards

  Glynn

• Andrew // March 27, 2009 at 10:14

  Hi Glynn,

  this is a bit outside my perview, maybe someone else here has been in a similar situation and can offer some advice.

  But as I see it, they are breaking their contract with you. So there should be no ‘walking away’ on your part.

  If you are taking the mortgage provided by developers bank, it will probably be worth talking to them as they more than likely financed the project. From the banks point of view better to get you in the property and go repaying the mortgage and trying an claim that 13,000 some other way.

  If you are buying the property for 100,000€.
  have paid 30% already, you have 70,000€ to pay on completion. So of that 70,000 should not a Aifos receive 57,000€ and the bank then 13,000€

  Ask these sorts of questions to your lawyer, and if he or she is not very helpful, walk away from him/her and find someone that can give you proper answers!

• gary // April 9, 2009 at 16:25

  Hi All, I bought on the los Cabillerizas II site , as yet no license granted to build + Aifos have not even paid the deposit to gain the license.
  I do not have a bank guarentee + am in the process of taking them to court via my lawyer M hortelano.
  I obtained a deferement to one of my promissary notes + aifos are using this to say I broke the contract, even though I have it in writing from them agreeing to the delay ??

  Has anyone else bought on this site ?

  What are my chances of a refund ?

• Coombsey // April 28, 2009 at 11:26

  Hi, only a couple of days until the bank deadline now – has anyone heard anything regarding the refinancing yet?

  Justin

• Andrew // April 28, 2009 at 12:58

  To Gary

  your chances should be good. Wether you get the full some or not I cannot say. What does your lawyer think?

  To Coombsey
  Heard nothing yet.

• gary // April 28, 2009 at 13:12

  Well the solicitor says we have a good chance but will not commit, as spanish judges are not very consistent with their rulings.
  I cannot believe that Aifos will let this go to court as they will then have to pay court costs.
  Makes me think they have something up their sleeve.

• Coombsey // April 29, 2009 at 13:10

  Gary,
  I doubt very much Aifos have anything up their sleeve, the point is they have nothing liquid to pay you back with even if they were prepared to – which is unlikely. Aifos only option is to try to fight the case in court in order to hold on to your money for longer. I purchsed five years ago on puerto golf las colinas, no build, no licence, no bank guarantee, much the same as you. Two and a half years ago we started court proceedings against them to get our money back, we won our case in October plus cost, plus damages. They appealed in order to hold on to our money for a bit longer – I am still awaiting to hear the appeal date. Eventually we will have to force them to sell a property at auction in order to get our money back. Whether they will have gone bankrupt in the meantime, who knows!
  My point to you is don’t rely on their good nature to give you a refund, there is no good nature. Act quickly and instruct a good lawyer to fight your case and you should have a good chance of getting your money back. The crucial factor for people like you and me is whether the courts allow us to reclaim our money before they go bankrupt. If they don’t we will have to fight it out with the rest of the people they owe money to. The quicker you act the more chance you have of getting your money back as the Spanish legal system is notoriously slow.

  Hope that helps.

  Coombsey

• gary // April 29, 2009 at 13:13

  Many thanks Coombsey,
  Court date is set for June 11 2009, solicitor is Manuel Hortelano, lets hope we get the decision.

• Andrew // May 4, 2009 at 09:48

  Looks like two hotels in Marbella belonging Aifos have been forced into administration by creditors. They are the Guadalpín Banús and the Guadalpín Marbella.

• LA, California // May 15, 2009 at 06:28

  I received paperwork 3 weeks ago to record the sale on a property I reserved many years ago in Las Brisas Malaga. I live in the US and could not make the trip on time. I am not even sure Aifos got the full licenses to complete the transfer. Does anyone involved with this development? What do you think my best option is at this time, sign or go to court?
  Could you recommend a lawye for me?
  Thanks

• Greeny // June 23, 2009 at 13:35

  Hi Andrew

  I’ve been keeping an eye on the posts to date and wonder whether anyone has any further information regarding Aifos’ current situation, especially with regard to Puerto Sol? Still seriously considering not taking ownership, particularly in view of current climate but still no word from our Solicitors!! Can anyone recommend any lawyers that have been able to get to grips with Aifos yet?!

• leslie // June 24, 2009 at 22:49

  Hi

  We purchased off plan 5 years ago 2 bedroom apartment Puerto Sol. We were told bvba bank were financing to complete by June. As yet we have not heard anymore. We are going out there on holiday on 30th June and hope to find out more and see for ourslves if complete. Will give u an update when we return.

• Sue & Harry // July 3, 2009 at 19:57

  We have paid a large reservation/deposit on an apartment at the Hippodromo almost 6yrs ago and it’s still awaiting a habitation licence?? We are keen to get involved with supporting others and ourselves in getting some if not all our money back. We are in the area in Spain in August if anybody wants to meet up to discuss.

  Regards

• Jimbo // July 9, 2009 at 16:04

  Just to reply to leslie, who is probably still in Almeria, and Greeny. The Puerto Sol development is almost complete, the electricity was being set up while I was there the other week and the letter boxes are in place with room numbers etc. Nobody was in the Aifos portocabin (which had dead plants etc. so looks like nobody is using the local office any more). I have emailed Julie Patterson in Aifos’ Dublin office to request more info regarding completion. I will update once I get a reply.

• Andrew // July 9, 2009 at 16:23

  Good idea Sue & Harry! a united front will offer all of you more options when going after the developer

• Andrew // July 9, 2009 at 16:26

  Jimbo, Greenie, etc…

  Ask for all information in writing. A paper trail will aid you down the line should you have to take any legal action

• Ian&Frances Mackay // July 11, 2009 at 09:08

  We also bought 2 apts off plan on Las Caballerizas Aifos Hipodromo site in Mijas 6 yrs ago.
  Lawbirds lawyers acting for us.
  Went to the courts in Malaga( June) Aifos demanded we attend,and would be infront of the judge,then as about to enter court,their lawyers said we would not now be required.This sums up Aifos,absolute sh*ts!
  A week later informed by lawyers we had won the case for breach of contract,and awarded 91,387 euro,but no compansation,not fussed about that, as just want our monies ,refunded.
  It cost us £6000+ £1,300 for embargo fees for the 2 apts.
  What are the chances of us receiving this judgement off Aifos?
  I know they are bound to appeal.
  Many thanks if you can help.
  By the way,great site,wish I had found it earlier,as this whole episode has caused us much heartache.
  Hope that our good news is of help to fellow Aifos haters.

• gary // July 15, 2009 at 07:50

  Hi Ian/Frances
  I purchased on the L Caballerizas II off plan.
  Went to court in June but awaiting decision.
  As you have paid for embargo does that put a stop on Aifos one of Aifos accounts ?
  Not sure how that works ?

• Ian&Frances Mackay // July 17, 2009 at 10:31

  hello Gary.
  The embargo makes you a preferential creditor for existing Aifos properties,which could be sold to raise capital for existing preferential creditors.If you havent aquired an embargo, you go to the back of the queue if Aifos go t*ts up…….I think ! Hope this helps you.

• Andrew // July 17, 2009 at 14:12

  Hi Ian&Frances Mackay,

  Thank you for the input. Quite clearly the embargo offers you an extra level of protection. Especially with Aifos’s uncertain future.
  I think more than likely Aifos will try to appeal, at least if they feel they have the chance of overturning the previous decision. If your lawyers presented a strong case, Aifos will more than likely not want the extra cost of an appeal if they know they cannot win. Especially with Caballerizas which I beleive they never had permission for.
  And for what its worth, if when you bought you converted sterling to euros, you probably transfer of 60,000GBP (more or less). With the exchange rate as it is that 91,000€ is worth closer too 80,000GBP. Every little bit helps

  Andrew

• john francis // July 17, 2009 at 23:18

  Hello all – fellow Aifos hater here !!

  We have “won” our case against Aifos for their taking of our money and non building of our apartment on Hacienda Marina. They simlply ignore the court and don’t pay up. They really are the most despicable dreadful scumbags you could ever come across.

  We are now in the proess of getting the embargboed property to auction whihc we are informed will take at least another year.

• Andrew // July 20, 2009 at 11:38

  Hi John Francis,

  I started reading your post and was going to give you a big congratulations!
  But i realise it is a bit empty without you getting you money back.
  For what it is worth, here is an article about how properties are repossessed and put to auction.
  Have hope it can take alot less than a year
  Best of Luck
  Andrew

  http://blog.arribaestates.com/2009/01/24/bank-repossessions-spain/

• Andrew // July 23, 2009 at 09:27

  JUST IN
  Source: http://www.spanishpropertyinsight.com/buff/2009/07/aifos-seeks-protection-from-its-creditors/

  “The notorious Spanish developer Aifos has been forced to seek protection from its creditors, the Spanish press reports today. This is the first step of proceedings that often lead to bankruptcy and liquidation.
  With debts of around 1 billion Euros and 2,000 creditors, Aifos has gone into voluntary administration with some 5,000 requests for payment hanging over it, reports the Spanish news website eleconomista.es.
  Aifos claims it has taken this step to “guarantee the construction of 3,000 homes committed to clients and delivery in the shortest time possible.” Companies like Aifos usually say something along these lines at this stage, but it is just waffle.
  “Court administration will enable the group to restructure its debt to cope with the real estate crisis, as well as guarantee the continued activity of the company, the honouring of contracts with others, and safeguarding the jobs of its workers,” goes the Aifos statement. No doubt this pious statement made the Aifos management good about themselves. Aifos’s owners and top management have been implicated in corruption scandals and are infamous for their business practices.”

• carl // July 23, 2009 at 22:01

  My lawyer has told me they are searching a register of assetts? for aifos
  we have been to court and we have an enforcement order
  my lawyer has been some time now looking for assetts is there such a thing as land registry in spain would that not list who owns what

• gary // July 24, 2009 at 09:00

  Hi

  I have just been advised that I have won my court battle with Aifos + been awarded my refund plus interest + court costs.
  How do I now go about recovering this money ?

• Coombsey // July 24, 2009 at 09:40

  Hi Gary, unfortunately although you have had good news you still have a long battle ahead. I received the same news as you did in October 2008. Aifos appealed the judgement, they always do, as this means the case cannot go any further until the appeal has been heard and we all know how slow the Spanish courts are. The appeal paperwork should have been submitted in June but Aifos ‘forgot’ to submit it – or did they not wish to throw more money at a lost case? You would think this makes things simple, but no, we are still waiting for the court to reply to our enforcement of the judgement and my lawyer has advised this is unlikely to happen before the courts close for August. We also have to wait for Aifos to submit title deeds to the court so that we can force the sale of one of their properties at auction – i’m sure they will be very co-operative about doing that! We also have to wait for documentation from the Spanish Land Registry who are about as quick as the courts. In the meantime Aifos continue to hold onto my money and ignore the courts judgement to pay us.

  So, I think your situation is similar to mine, you need to continue to pursue your claim in court and hope that they are still trading when the courts finally allow you to force a property to auction.

  We were delighted when we reached the stage that you are at but looking back it seems somewhat of a hollow victory since the courts are too busy to be able to enforce anything. Sorry I can’t be more positive for you Gary but as i’m sure any other fellow Aifos victim will tell you, there is a long battle ahead of you still.

  Best of luck with your case.

  Justin

• karen // July 29, 2009 at 12:07

  hi im in the same position as many of you . we started paying deposits in 2003 for cortijo de torreblanca. should of been completed in 2005 ( what a joke) still not done ! we took aifos to court last year and won case. they appealed and we won that and still theyve not paid us a penny. we’ve started going down the embargo route but now they have gone bankrupt !! its cost us over 8000 euro so far in lawyers fees etc ! does that sound about right ? 8000? have i thrown away good money after bad ? will i ever get my deposit back ?
  i think aifos lot should be locked up for what they have done to everyone concerned . theyve been found guilty in court but get away by not paying . surely thats criminal .
  lets just hope we all have a happy ending !
  KAREN

• Coombsey // July 30, 2009 at 11:05

  Hi Karen, sounds like there are quite a few of us who will be fighting over whats left after the Spanish government have collected their taxes and National Insurance that’s overdue and the banks have staked their claims at the top of the creditors list. My lawyer hasn’t actually said we won’t get anything back but has painted a very bleak picture so I think our deposits may be gone. They aren’t however ‘bankrupt’ yet as you say because the court has not officially announced it – although all reports confirm that they will do.

  With regards to your mention that what they have done is criminal, I totally agree, and it seems others do as well – have you seen this news article? http://www.typicallyspanish.com/news/publish/article_22532.shtml

  It seems the directors are being pursued by people like us who have got together and presented a criminal case against Aifos to try to get their deposits returned. I have asked my lawyer to comment on this as to whether it is worth trying to get together another group to take similar action, although it may be too late.

  It’s also criminal that the Spanish legal system can be allowed to take so long to provide justice, or injustice as the case may now be. It’s also criminal that a hotel valued at 39 million Euros can be sold to Sir Alan Sugar for a reported 3 million Euros. With property being sold for those prices we have no chance of getting any money back.

  We now have to decide whether or not to pay approx another £1000 Euros for our lawyer to fight our case on the creditors list and possibly get nothing at the end. I’m not sure that after the amount of legal fees I have already paid I should have to pay more and I would be interested to hear if any other lawyers are asking for further funds to pursue cases if Aifos go into bankruptcy.

  Justin

• karen // July 30, 2009 at 20:12

  hi justin thanks for the reply thread. i’ll be speaking with my lawyer tomorrow and let u know our prospects etc. i dont fancy throwing away another 1000 euro away tho. lost so much already
  karen

• Jill Ge // September 10, 2009 at 11:50

  Hello all suffering AIFOS buyers

  Andrew, can you give me your advice on this:

  I successfully won my court case against AIFOS in November 2008, AIFOS did not appeal, I sent Lawbird e900 to enable them to put my name on AIFOS property to be sold to realise my money. Now Lawbird was e1100 to put my name on the list of creditors as AIFOS is in vol administration. I have asked Lawbird to explain why I am not already on the list of creditors, but they say this is ‘a new procedure’.
  I have received no correspondence from anybody about a list and apparently the list closed on 20th September 09.
  Sorry for the rant, I’m getting really, really angry about all this.
  Thanks for any help you can give

  Jill

• Costa del Sol property // September 11, 2009 at 16:26

  Hi Jill Ge
  It does seem like alot of money. I was talking to someone today and via another agency he was informed that a lawyer was requesting 400 euros. But this seemed strange to me that it was through an agency and not direct with the lawyer.

  I can only recommend you contact several of the lawyers that have been mentioned and see what they would quote. Or maybe someone who has posted here can give the figures on what they have paid.

• afectado aifos // September 12, 2009 at 21:55

  el coste aproximado para comunicar los creditos es de unos 300 euros, sin embargo se puede hacer sin abogado. uno mismo puede redactar el escrito.

• Costa del Sol property // September 14, 2009 at 10:11

  Gracias ‘afectado aifos’

  Translation:
  The cost to go on the list as an aifos creditor is 300€. This can be done without the aid of a lawyer.
  —-

• Jill Ge // September 14, 2009 at 10:17

  Hi Andrew

  Thanks for the info. I’m in 2 minds whether to try and register myself as a creditor or go through Lawbird as they have represented me all along this sad, sorry path.

  It’s so difficult – being in two countries and all!

  Thanks again

  Jill

• Jill Ge // September 14, 2009 at 10:24

  Hi Andrew

  This is a PS to my previous.

  Lawbird are charging e300 for registering as a creditor and e700 for ‘lawyers fees’. I would appreciate any advice from anybody on how I go about joining the creditors list without getting lawyers involved. Time is really tight now and I have to make a decision.

  Thanks to all

  Jill

• Costa del Sol property // September 14, 2009 at 11:11

  Hi Jill Ge,

  as a rule, I would question the 700€ as in most cases it would not be a lawyer going to register you as a creditor but one of the staff members. As lawyers time is expensive, so I would understand the charge, but not for one of the underlings.

  I would have also assumed that the lawyer would charge a flat fee for all the legal work and simply inform you of any additional charges, in this case the 300€ that need to be paid.

  At the end of the day there are many lawyers out there who can offer you the same service.

  Talk to them, see if your lawyers can come to some sort of compromise.

  Regards
  Andrew

• Providenza // September 18, 2009 at 20:47

  Hi Andrew, just found out, what the hell do we do now, my partner invested over 40,000euros in an apartment at the Hipodromo (Alazan apartments) Trying to find out who Ash y Poplar are. They seem to be the recepients of his money. Having spoken to Lawbird solicitors it seems highly unlikely to retrieve any money. It could take approximately 2 – 5 years and the chances are very slim. There must be something that could be done collectively

• Jill Ge // September 21, 2009 at 10:15

  Hello Andrew

  Thanks for your message

  Lawbird will not reduce their costs to join the creditors list, but they did say I could pay in 2 payments. They were very defensive as to why the cost is so high, but I have paid them as I already have an embargo against AIFOS and hopefully I just might get some of my money back.

  Good luck to everybody who finds themselves in this unholy mess. Let’s hope that justice prevails.

  Jill

• PA HOLT // September 23, 2009 at 15:11

  I have recieved papers from Aifos today,as a creditor I can submit my claim into the Mercantile Court No.1 in Malaga by 30-9-009.
  It must all be done in Spanish,I think with a
  interpreter I can do it myself, I resent lining
  another solicitor´s pocket,especially as there
  is a good chance that I will recieve nada.

• PA HOLT // September 23, 2009 at 15:36

  I should have said that the judge has appointed
  an abagado from Landwell,Pricewaterhouse
  Coopers,in Malaga,they have issued a phone
  no. 952 345 400.I phoned and spoke to a very
  nice English speaking young woman who said
  told me how to go about submitting my claim.

• Jill Ge // September 24, 2009 at 11:32

  Thanks for the info – always welcome.

  I have resolved not to pay any more money to lawyers for this AIFOS mess.

  I have now had to sell my home in order to pay off the mortgage I took out to pay for the non existent apartment.

  I have received nothing in writing about this AIFOS administration. Should I have?

  Good luck

  Jill

• Costa del Sol property // September 28, 2009 at 14:09

  ELS (lawyers firm) has been kind enough to supply me with an article regarding taking Aifos to court.
  Taking aifos to Court

• Costa del Sol property // September 28, 2009 at 14:44

  I know several of you are at the end of your tether, in regards to everything you have been through. These lawyers have been kind enough to offer this information, and I was quite impressed by their no-nonsense approach. I believe they will also be happy to answer any questions you might have about the article.

  Regards
  Andrew

• john Roberts // October 29, 2009 at 11:00

  I have paid £1000.00 to my estate agent who have said, that is the initial payment to regiister as a crediter and the cost of taking on a lawyer .The lawer they suggest is working for a no win no fee basis,but reccomends I persue my money back from the person I purchased the property off as i purchased the property as a resale.(Aifos is the developer)
  He is now mentioning staged payments and is still talking about a no win no fee basis does this sound a bit dodgey.nte

• Costa del Sol property // November 6, 2009 at 10:33

  Hi John,

  I unfortunately only have limited knowledge about all of this. But as I understand it, you have to sue the person you bought from and they can sue the person he or she bought from.

  The stage payments might refer to the legal costs (court fees, etc…) that need to be paid?
  In either case you can request a full breakdown of the costs.

• Maria Elena // December 28, 2009 at 10:46

  Hello, URGENT – can anyone help?

  I am trying to find the insurance company that Aifos use for our development in Angel de Miraflores, if anyone can help please email me as soon as possible. thank you.

• gary // January 27, 2010 at 17:21

  does anyone have any updates on the Aifos situation ?
  I won my case but do not know if I will receive anything back from them ?

• gary // January 27, 2010 at 17:22

  does anyone have any updates on the Aifos situation ?
  I won my case but do not know if I will receive anything back from them ?