The Silverpoint bankruptcy administrator has just published his quarterly report. Below is our lawyer´s summary of the key developments of the bankruptcy proceedings to date.
- Silverpoint Vacations, S.L. (¨Silverpoint¨) is currently subject to liquidation operations, in accordance with the Provisional Liquidation Plan proposed by the Bankruptcy Administrator. It should be remembered that the opening of the liquidation phase determined the cessation of the Company Administrators, who were replaced for all purposes by the Bankruptcy Administration. The liquidation plan is the instrument that orders, organises and structures the realisation of the patrimony and the payment to the creditors, depending on the qualification of their credits and the available assets.
- In view of the proposed transactions, we have highlighted discrepancies in relation to various transactions that, as we understand it, may affect the interests of the creditors. The most significant is a challenge to the transmission of vacation packages worth more than € 30,000,000.00 that the Bankruptcy Administration claims to be affected by propter rem obligations amounting to about € 29 million (that, as of today, are pending justification).
- Otherwise, the plan includes the proposal for sale by public auction of various properties and movable assets of Silverpoint. The operations carried out in this regard must be reported by the Bankruptcy Administration, on a quarterly basis. In the meantime, we are still waiting for the resolution of various bankruptcy incidents and, among them, claims that concern assets that are not part of the assets of Silverpoint.
- We will provide a timely account of the settlement reports and will continue to monitor all the actions that may be carried out to the detriment of the bankrupt company´s assets and the financial rights of the creditors.
What this means is that The Nordic Consulting has already successfully opposed in court the cheap sale of Silverpoints assets. Our lawyers are also complaining to the court about the way the administrator is proposing sell assets at the current time too. The goal is to make sure that assets are sold for the best price so that there is more money for the creditors.
Silverpoint is just one of many Spanish timeshare companies to enter bankruptcy administration. This list now includes Club La Costa and Anfi Resorts. The bankruptcies are coming, in part, because of the increasing number of legal claims being made against the companies for selling illegal timeshare products.
Whether you own a timeshare in a resort that is solvent or entering bankruptcy proceedings, make sure you contact The Nordic Consulting to see whether you can still claim for a refund of your purchase.