ALBATERA GOLF (SAN JOSE INVERSIONES): BBVA TO REFUND DEPOSITS TO BUYERS WITH NO BANK GUARANTEE
Several many years, plenty of buyers found themselves stuck in Albatera Golf, when they realized that properties weren't built and San Jose Inversiones y Proyectos Urbanísticos was called for Bankruptcy.
Some people still believed that San Jose will honor the creditors' agreement and pay 80% on deposits to creditors. But reality shows that payment won't never happen, because San Jose was called for liquidation few months ago.
These customers followed our advice and decided to sue BBVA for the refund of the deposit, although they have no individual bank guarantee. We were claiming that BBVA Bank account where deposits were paid into was special, so as long as BBVA committed to release individual bank guarantees for deposits paid to "Albatera Golf", deposits were guaranteed although individual bank guarantee wasn't given.
BBVA admitted that bank account was special, but refused liability because the individual bank guarantee was not in place. But Orihuela Court says that BBVA's liability arise pursuant to 57/68 Act, because lack of individual bank guarantee is not enforceable against purchasers.
We believe this new judgement brings hope to all those thousands of buyers who lost deposits.