Congratulations to the British clients of The Nordic Consulting on the court approval of a claim negotiated with the court appointed administrator of Silverpoint Vacations SL .
In total the court has nullified the original purchase and approved an award of €56.221 relating to the purchase of shares in companies that correspond to apartments in Beverly Hills Club and Palm Beach Club, Tenerife.
Beverly Hills Club apartments are still selling strongly, however some investors were trapped when they purchased a participation (shares) in a company that in turn owns an apartment. This investment delivers very little return, if any, and is virtually impossible to sell on the open market. Excel Hotels and Resorts SL controls the company as sole director and has the license for resort itself – what many clearly can see as a conflict of interest.
To read more about the problems in Palm Beach Club that has lead to many people taking legal action please read our news article here