No I'm good at moment should I have any questions I will post again or email you directly.
I absolutely concur with this. You should not be letting the 'grass grow under your feet'I feel we should consider the situation we are in they ain't got no money the reasons how they got there are not important, be it by design, mis- management or the cover all "global recession". By their own admission they have 275 clients, say they are holding or have taken 30000 euro deposit( they have had more from me and some people have paid 70%+ upfront) from each thats 8,250,000 euros -yes over 8 million! You ain't going to get that back - because it's gone. What you do is up to you but I'm going to lose money whatever, will paying more to a solicitor really help? They will eventually fold and hide behind limited liability company law. Are they clever or just bad businessmen?
HiI absolutely concur with this. You should not be letting the 'grass grow under your feet'
If your developer is bankrupt then there is no point in paying out more money to lawyers to take legal action. If there is no money there is no money. Developers in Bulgaria are going down everywhere as creditors put the squeeze on them.
I reckon that these are your options:
1. Walk away from your deposit and wish that you had never heard of Bulgaria. If you do this then you will need to engage a lawyer to make sure your contract is properly cancelled so they wont be coming after you at a later date for the balance.
2. Look seriously at any rescue package you have been offered and if you don’t like the terms try and negotiate better terms. I see that my ‘Guidelines for assessing rescue packages’ has been posted below. I would add to this a further criteria 'make sure your contract with the bankrupt developer is properly cancelled so they wont be coming after you at a later date for the balance'.
3. Look for a rescue package from another developer.
4. Work collectively to get ownership of the development. This will necessitate that you have 100% agreement from ALL apartment owners.
Bulgaria Property Action Group
Thank you that. I believe that we are in agreement. I am not for a minute suggesting that lawyers are a waste of time. The point that I am making is that it is extremely doubtful that your solution will be through legal action.Hi
I think its wrong to suggest not employing a Lawyer and incurring further costs, of course you want to spend wisely and not waste money - BUT unless you at least have a Lawyer look at your individual situation and contract - you may not be aware of what your options are. This does not mean you have to proceed with a Court case and therefore higher fees - you can take decisions at different steps along the way. Everyone will be in a different position financially and some will have more access to more options as a result - but at least find out what your starting point is.
I appreciate your response - and its good to see we have similar views on this subject. It is difficult to assess who will or will not need to consider Court Action in these cases. Hopefully for some there will alternative options. But if in the end Legal Action appears to be the only course of action - then clients still need to take a decision as to whether or not they wish to proceed - and as mentioned earlier this will be dependant on many factors, not only the financial status of the developer, but also that of the client. As everyone is no doubt aware - there are no guarantees when taking Court or Legal Action, but for some it will be appropriate to assess and take that risk - for others the risk may be too high to consider.Thank you that. I believe that we are in agreement. I am not for a minute suggesting that lawyers are a waste of time. The point that I am making is that it is extremely doubtful that your solution will be through legal action.
Having your contracts looked at by a legal expert will certainly clarify your position and enable you to see more clearly what your options are.
While I am mentioning lawyers I would also reiterate a previous point that you should engage an independent lawyer to do this DO NOT use the lawyer recommended by the REA or the developer. I would also recommend that if you haven’t already done taken steps towards resolving your situation then you should do so... today. (no :sleep: )
Bulgaria Property Action Group
Well, Im not lying when I say Im genuinely shocked! I can absolutely guarantee no ulterior motive here! maybe Im just too polite .. which to be honest is probably true. I have a genuine interest in how information is taken and shared on the forums and thought we were actually seeing more and more genuine posts and information - and less of the cynisism or critisism when someone other than a buyer posted.....and if Im honest I thought you were one of them and I genuinely meant what I said ... I valued your comments and the fact we agreed on so many things.Manzanares
Thank you so much for your polite greetings of a happy afternoon.
As there appears to be no PM facility on this forum I will have to make this posting public.
Why is it that every time I make a posting on a web site or forum that you find it necessary to follow my posting with one of yours?
Almost every posting that I have made on any forum you have immediately followed my posting to qualify my statement with a comment from a lawyers point of view.
It is as though you are attempting to establish yourself as the ultimate authority on these forums. We all know that the law does not fulfil this purpose. As the famous saying goes; don’t rely on justice because justice is a process, not a result.
Please respond to the BPAG email via the web site.
Hi AlbertoDo you mean difference ?
Hello once again,Hi Alberto
We have accessed the new site one bahalf of a client who sent his login/password to his Lawyer here. I cant understand why the "normal" site has been closed down - but looking through the "new" site it does seem to have been designed specifically for existing buyers .... not sure if you have seen it ? but there are FAQ pages on the potential to switch units,what your options are, what their responsibilities are etc etc. I suppose they believe no one else other than a current owner/buyer would need to see the sort of information they have posted on the new site.
I think you will find G2 Media who produced their web site is also owned by Messrs Galand & GlasHello once again,
The new website as I understand it is a valuable cost cutting exercise so that Eurosilex are no longer responsible for paying their media company to produce a swish site. I would suggest that to not even add an image, apart from their logo, is quite a spartan approach but maybe this does reflect the new realistic fianancial situation. Could just be if the same approach is applied to our property relocation they might just manage to deliver something for clients, although I'm still waiting.