Costa del Sol Property Blog

The Aifos owner, Jesús Ruiz Casado could face a prison sentence of four years for failing to return funds paid by buyers for properties on a development in Casares that was never built. Approximately 20 buyers, many of them foreign couples, were never refunded the sums of between 50,000 and 70,000 euros they paid towards properties on the Hacienda Casares development. Aifos is expected to have received more than 1.1 million euros in total. Construction was supposed to start in November 2004 but the development never materialised.

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The administrators who took over the accounts of the firm Aifos last july have released a preliminary report. In this they name some 6,234 creditors who are owed debts that amount to more than 884 million euros.
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As it is already well known, since 23rd of July the AIFOS Bankruptcy has initiated a new chapter in this creepy story. The situation was foreseeable as the reputation of this company was well known. Aifos commercialized developments at very competitive prices and had very good marketing strategies. They did not have building licenses, sometimes they were not even owners of the land, and in the majority of the occasions they did not grant the bank guarantees ordered by law nor did they deposit the monies received in a special bank account as established by law. How could they keep this behavior for years should be a matter of a deep and serious study. The financial crisis and the sudden end of the property market boom provoked this predictable end.
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Just over a month ago I wrote an article about the infamous Spanish developer Aifos and how 2 suppliers that were owed large sums of money had asked the courts in Malaga to put the company into administration.

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According to the Spanish newspaper ‘El Pais’ the Spanish developer Aifos has been forced into administration proceedings by creditors.

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