How the mighty have fallen

According to the Spanish press, Aifos a developer known for such projects as Terrazas de Torreblanca and Las Caballerizas, has been forced into receivership by one of its creditors!

It appears that Gestión de Obras y Reformas SL, one of the developer’s suppliers and creditors, started bankruptcy proceedings against Aifos within the last few days in a court in Malaga. Considering the timing, I would guess that the bankruptcy proceedings have started due to the recent failure of the Spanish developer Tremon.

To date, the company is reported to have 850 million Euros of debt, of which Banco Popular is its largest creditor, reportedly owed 200 million Euros, followed closely by Banco Pastor at 150 million Euros.

This could not have happened to a nicer developer. Based in Marbella, Aifos is notorious for illegal building projects, many of which still have not been resolved, and has been repeatedly accused of unethical conduct by many of its clients.
The owner of Aifos, Jesus Ruiz Casado and his MD were arrested in 2006 over the suspicions of bribing municipal authorities.

Many of its clients have also been kept in financial limbo. Buyers are still waiting on properties up to 7 years after they made stage payment and have little to show for it. These are the people that need help now, and with luck it is hoped that there will be a way for them to recover the monies they put down so long ago. If you have bought/buying an Aifos property, contact your lawyer and get them to keep track of proceedings as there will only be a limited period to make the claim.

Andrew Bellés

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5 Responses to “How the mighty have fallen”

  1. Jill Ge says:


    I hope you received my previous comment on this subject.
    Is E1170 too much to pay Lawbird to put me on the creditor list?


  2. Paul Cotton says:

    Hi Jill,

    There is a group of us putting together a group claim against Aifos.

    We have a Very good lawyer Spain & UK based.
    Please email your details.

    Regards Paul

  3. Paul Cotton says:

    Sorry the typo this is my email.

    Regards Paul

  4. Dear Paul,

    before including an emai address, please specify which lawyers you will be using and their direct contact details. Not a personal email.

    I am sure your on the up & up, but better safe than sorry.


  5. Jill Ge,

    I apologise for not seeing your previous comment earlier. Have replied in

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