Finally we have had access to extremely relevant information about “San Jose Inversiones y Proyectos Urbanísticos”, which was being covered up to now.
San Jose and the Financing Entity SOCIEDAD DE GARANTIA RECIPROCA (SGR) signed a “generic” Bank Guarantee policy, with no specifications about for which resort was released the guarantee. In fact SGR issued bank guarantees not only for buyers of the development “El Pinet”, but also for buyers of “Playa Golf”. This means that SGR and the builder decided arbitrarily which deposits were covered and which weren’t.
The existence of this “generic” policy entitles any buyer who bought in one of the “San Jose Inversiones y Proyectos Urbanísticos” to claim SGR liability, even if the individual Bank Guarantee wasn’t given to him/her, pursuant to the article 1.2 of the Act 57/1968.
San Jose’s Meeting of Creditors is almost complete, because the Agreement with the creditors was recently approved. But this is not an obstacle for the buyers to bring an action against SGR and claim for the refund of their deposits. You can find further information about the grounds of the case on this blog (post banks’ liability to refund deposits to buyers).