Soldecanarias.net / Island Express / Arona
TheSilverpointbankruptcyadministrator has justpublishedhisquarterlyreport. Belowisourlawyer´ssummary of thekeydevelopments of thebankruptcyproceedings to date.
SilverpointVacations, SL (¨Silverpoint¨) iscurrentlysubject to liquidationoperations, in accordancewiththe Provisional Liquidation Plan proposedbytheBankruptcyAdministrator. Itshould be rememberedthattheopening of theliquidationphasedeterminedthecessation of the Company Administrators, whowerereplacedforallpurposesbytheBankruptcyAdministration. Theliquidation plan istheinstrumentthatorders, organises and structurestherealisation of thepatrimony and thepayment to thecreditors, dependingonthequalification of theircredits and theavailableassets.
In view of theproposedtransactions, wehavehighlighteddiscrepancies in relation to varioustransactionsthat, as weunderstandit, mayaffecttheinterests of thecreditors. Themostsignificantis a challenge to thetransmission of vacationpackagesworth more than € 30,000,000.00thattheBankruptcyAdministrationclaims to be affectedby propter rem obligationsamounting to about € 29 million (that, as of today, are pendingjustification).
Otherwise, the plan includestheproposalfor sale bypublicauction of variousproperties and movableassets of Silverpoint. Theoperationscarriedout in thisregardmust be reportedbytheBankruptcyAdministration, on a quarterlybasis. In themeantime, we are stillwaitingfortheresolution of variousbankruptcyincidents and, amongthem, claimsthatconcernassetsthat are notpart of theassets of Silverpoint.
Wewillprovide a timelyaccount of thesettlementreports and willcontinue to monitor alltheactionsthatmay be carriedout to thedetriment of thebankruptcompany´sassets and thefinancialrights of thecreditors.
WhatthismeansisthatTheNordicConsulting has alreadysuccessfullyopposed in courtthecheap sale of Silverpointsassets. Ourlawyers are alsocomplaining to thecourtaboutthewaytheadministratorisproposingsellassets at thecurrent time too. Thegoalis to makesurethatassets are soldforthebestprice so thatthereis more moneyforthecreditors.
Silverpointisjustone of manySpanishtimesharecompanies to enterbankruptcyadministration. ThislistnowincludesClub La Costa and Anfi Resorts. Thebankruptcies are coming, in part, because of theincreasingnumber of legal claimsbeingmadeagainstthecompaniesforsellingillegaltimeshareproducts.
Whetheryouown a timeshare in a resort thatissolventorenteringbankruptcyproceedings, makesureyoucontactTheNordicConsulting to seewhetheryou can stillclaimfor a refund of yourpurchase.
