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Finca Parcs owners confident over court appeal decision

Source: Finca Parcs Action Group : Press Release - Wed 27th Feb 2013
Finca Parcs owners confident over court appeal decision

Following the successful Court Action of the Finca Parcs Action Group & Bank Guarantees in Spain Action Group last year, the Albacete Court of appeal is due to give their decision on the subsequent appeal by CAM Bank next week, with all parties concerned being notified of the outcome by the end of March.

The 47 Property owners at the Las Higuericas Finca Parcs development near Murcia successfully claimed €1.5 Million from project developer Cleyton GES SL and from CAM Bank (now Sabadell CAM), who failed to correctly administrate the Bank Guarantee, which the owners of the property held.

Following the collapse of the insolvency of the developer, the owners found that certain errors in the administration of Bank Guarantees meant that the development would not be completed.

Coordinator of the Finca Parcs Action Group, Keith Rule says that both he and their legal team at Costa Luz Lawyers/De Castro remain confident that the appeal court will dismiss CAM's appeal and uphold the First Instance Court sentence in full.

Despite its actions being described by the First Instance Judge as ‘banking malpractice' CAM Bank continues to maintain that it is not responsible for the situation and that all irregular actions and illegalities were committed only by the developer.

>> Click HERE to find out more about Bank Guarantees in Spain<<

Other buyers of off-plan property in Spain who were not issued with the legally required Bank Guarantees to protect their deposits are awaiting the outcome of this case with interest as an Appeal Court decision can be used as a Case Law precedent in other similar cases.

Mr Rule commented : "according to LEY 57/1968 banks have a liability in these types of cases. We have worked tirelessly since 2008 to highlight this issue in the media and to the Spanish & British Governments."