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July 28, 2008

Britons affected by Spanish construction firm insolvency

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by Gill Montia

Britons affected by Spanish construction firm insolvency

Law firm DWF is urging Britons affected by the collapse of one of Spain’s leading construction firm to contact the company’s administrators as soon as possible.

Martinsa-Fadesa filed for voluntary insolvency last Thursday after being unable to refinance its debt.

Hundreds of Britons are believed to have paid deposits on properties they have bought off-plan and while the business may yet be rescued or broken up in a sale, it is not clear whether the properties will be completed or deposits refunded.

Anyone wishing to register as a creditor needs to inform the administrators and the Spanish court within 30 days of the application for insolvency.

They should also investigate whether monies that have been paid are covered by a guarantee scheme.

Under Spanish insolvency law, all creditors should be contacted by the administrators but DWF is advising those concerned to instruct a Spanish law firm, which will be able to ensure their creditor status is acknowledged by the court and the administrators.

Martinsa-Fadesa has sites in several countries, including Morocco, Portugal and Bulgaria.

In Spain it has developments underway on the Costa Blanca and Costa De La Luz.


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