SABADELL SOLBANK must return almost half a million euros to buyers in Cala Romántica, Manacor, in a failed off plan development.

This has been ordered, on December 19th, 2017, by the Court of First Instance Number Eight of Marbella, Malaga, Spain.
The responsibility derives from the issuance by SABADELL SOLBANK of the General Guarantee for the refund of advanced payments according to Law 57/68. New example of the effectiveness of Law 57/68 over the bankruptcy situation of the developer.
It is case number 43 of those won by CostaLuz-DeCastro teams long 2017 using the Keith Rule strategy.
The claimants requested the return of their advanced payments on account (amounting to almost half a million euros) plus legal interests from date of payment. The reason for the claim was the lack of construction of the promotion that should have been completed in 2008.
The contracts were cancelled in 2011 within the bankruptcy procedure of the developer. The refund of the handed amounts became unfeasible due to the insolvency situation of the latter.
The existence of the general guarantee of Law 57/68, in spite of buyers not being in possession of their individual executive titles, made possible the claim against the SABADELL SOLBANK, guarantor entity. The case represents a new example of the primacy of Law 57/68 over the Insolvency Act in regard to the guarantees of buyers in off plan project, according to the special and tuitive nature of the law of 1968.
Thanks to the existence of this law, the claimants have been able to satisfy their legitimate claims independently and autonomously to the list of creditors of the Insolvency Law. There are hundreds of examples like this throughout the national territory, as a result of the bursting of the financial and real estate bubble.
The Sentence includes two pronouncements of the Supreme Court (SSTS 23/09/2015 and 22/04/2016) although there are many more times in which the High Court has ruled on this type of responsibility.
It is also already consolidated jurisprudence that the term for the exercise of these actions is 15 years, compared to the year defended by SABADELL SOLBANK.
Regarding interests, the Judgment also follows the jurisprudence of the Supreme Court, which, in terms of establishing the "dies a quo" for the calculation of these on the date of delivery of the deposits in the accounts of the developer, which supposes more than 10 years of legal interests over the 444,000 already claimed as principal.
The Bank can appeal, although there are also numerous Sentences that are imposing the Costs on the appellant banks as there is already well established jurisprudence in the matter.

CostaLuz Lawyers is a small, dedicated team of professionals under the direction of Maria de Castro. As a business, we have made a commitment to doing everything we can to make Spain the best possible country for you – whether you are an investor, resident or visitor.
We treat all our clients in the same way that we would wish to be treated in their situation.
Meeting our clients’ expectations can be a challenge at times, but we pride ourselves in doing the very best for each individual client to help them obtain the optimum outcome.

Costaluz Lawyers
regino martinez 30, 11201 Algeciras Spain

This release was published on openPR.