El Diario Report Once Again on Silverpoint

Once again Silverpoint is in the news with yet another article published by El Diario a major Spanish newspaper. This publication along with others have been highlighting the court cases and also the investigations by the Provincial Prosecutors Office in Tenerife, regarding the massive transfer of funds to other companies within the same group, many of which are registered abroad.

El Diario reports that on the 1 February the State Gazette (BOE) published the voluntary declaration of Silverpoint going into administration. The company now goes to a bankruptcy administrator.

According to the report, the “fall of Silverpoint begins in January 2017”, which as we already know is the date when the Supreme Court ruled against a Silverpoint contract for the first time. This ruling was closely followed by many others with 50 against them to date, this opened the floodgates for many cases at the lower courts. Many of these have been reported on our own pages.

At this first ruling, the Supreme Court annulled the client’s contract due to varying infringements of the law, including the client “investing” large sums of money with a promise of a “lucrative return” in the resale of those weeks. These resales never materialised and many clients have been left with huge maintenance bills for “timeshares” which they believed were “investments”.

After this first ruling by the Supreme Court, Silverpoint began their strategy of moving funds with the sole intention of avoiding payments to clients who had successfully sued and received favourable sentences against them.

At the same time, Silverpoint began emptying their accounts through the process of recognising debts to other companies within the same group such as Signallia Marketing which was responsible for reservations and Excel Hotels and Resorts responsible for the management of the resorts. It has also been reported by El Diario that between September 2018 and February 2019, 52 properties out of 76 were removed from the inventory. The Provincial Prosecutors Office is investigating whether these transfers and removal of properties are an orchestrated effort with one sole purpose in mind, to avoid their civil liabilities and preventing any embargoes.

It has also been reported by El Diario that during a procedure of the Bankruptcy Court of the United States (southern district of New York) uncovered that the Silverpoint resorts in Tenerife were the “main source of income” of the large corporate group (Limora Investments). All the companies of this group are registered in many off-shore “tax havens” with around 16 different jurisdictions.

The investigations conducted by the US court-appointed administrators have focused on Silverpoint’s activities in Tenerife, stating that transactions regarding assets and companies of this group are “completely suspicious”.

As you can see the case against Silverpoint is very complex and covers many jurisdictions, there is still a huge amount of investigation before this matter is brought to a conclusion by the administrators.

It is also very clear from this report from El Diario and others that Canarian Legal Alliance is really the only hope for Silverpoint clients, it is also very clear that time is now running short for consumers to have any chance of recouping what they have paid to Silverpoint.

Inside Timeshare has also been informed that another television news team is also preparing a follow-up item on this article.

El Diario article published 17 February

Spanish

https://www.eldiario.es/canariasahora/tenerifeahora/tribunales/Silverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

English Translation

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=en&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Danish

https://translate.google.es/translate?hl=en-GB&sl=es&tl=da&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

German

https://translate.google.es/translate?hl=en-GB&sl=es&tl=de&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Norwegian

https://translate.google.es/translate?hl=en-GB&sl=es&tl=no&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Swedish

https://translate.google.es/translate?hl=en-GB&sl=es&tl=sv&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Links to previous articles published on Inside Timeshare.

6 part series on the reasons behind the liquidations

https://insidetimeshare.com/?s=exclusive+breaking+news

First news on Silverpoint declaring liquidation

https://insidetimeshare.com/silverpoint-declares-liquidation-who-will-be-next/

Report on embargoes

https://insidetimeshare.com/breaking-news-more-embargoes-on-silverpoint/

Spanish news

https://insidetimeshare.com/timeshare-companies-highlighted-in-spanish-news/

https://insidetimeshare.com/el-diario-publishes-another-article-on-silverpoint/

Start the Week

Welcome to the start of another week with Inside Timeshare, at the last minute of Friday afternoon Inside Timeshare received the following information regarding yet another case against Anfi.

The High Court of Las Palmas, Gran Canaria endorsed the decision made by the Court of First Instance regarding another case against Anfi Sales SL and Anfi Resorts SL, but their judgement increased the amount awarded to the client in the first trial.

The main points of the case were the usual ones of the contract being more than the 50 years allowed by law which we know as perpetuity, the contract also contained floating weeks which lack any substance or entitlement. The third infringement was the illegal taking of payments within the statutory cooling-off period.

The High Court ordered that Anfi pay the client a further 10,310.20€ as a penalty for this illegal taking of payments, so along with the purchase price of 18,701.48€ the UK client will now receive a total of 29,011.68€.

The case was brought on behalf of the client by Canarian Legal Alliance and the lawyer representing them was Judith Diaz Pascual.

CLA Lawyer Judith Diaz Pascual

So there is another happy and timeshare free client and yet another victory for the leading law firm in the field of timeshare litigation.

If you have been contacted by any company with similar information or if you would like to know your legal options on any timeshare product you have purchased, please use our contact page and Inside Timeshare will get back to you.

Ending the Week

Welcome to the end of another week with Inside Timeshare, although it has been a rather quiet week we finish with the latest court sentence against Anfi, which has left one ex-owner very happy indeed. We also bring you the latest in the ongoing fraud perpetrated by Solutions SL and the fake law firm CUC Abogados in Tenerife. This will show you the lengths these fraudsters will go to just to get you to part with your hard-earned cash.

We begin with the latest from the Court of First Instance No1, San Barolomé de Tirajana, Gran Canaria, once again it is against Anfi Sales SL and Anfi Resorts SL.

This is a very interesting sentence as the court has severely penalised Anfi for the taking of illegal deposits during the statutory cooling off period of 14 Days. The client has received an extra 49,535.15€ by the court as compensation on top of the return of the original purchase price of 29,483.77€ which was paid in 2006.

Along with the illegal taking of deposits, the contract contained another infringement of the timeshare law placed to protect consumers, these included the duration which exceeded the 50 years duration laid down by law.

This is one happy Norwegian client of Canarian Legal Alliance who will now enjoy the 79,018.92€ as well as being free from the rising annual maintenance fees.

Inside Timeshare would like to congratulate this client and also to say a very big well done to the dedicated legal team at CLA.

This should leave everyone in no doubt that consumers do have a way out and that there are genuine law firms who do their utmost to ensure justice.

We now move on to the latest in our reports on Solutions SL and CUC Abogados, as our regular readers will know this is just the latest in the frauds perpetrated against consumers of timeshare, holiday clubs and associated products from the “gang” we have dubbed the Litigious Abogados Family.

Since July 2016 we have identified around 100 names used for the law firm, procurators and other firms, these tend to change around every 4 to 6 months with new names and websites. The one thing that is consistent is the websites are almost identical only changing minor details such as the names of the “lawyers” which are always very strange indeed and the photographs of genuine people downloaded from the internet and genuine law firms.

The pictures of the genuine lawyers have been taken from law firms around the world including the USA, Australia, Argentina, Uruguay Venezuela and off course Spain. Two of the best have been the Ambassador of Azerbaijan to Argentina handing over his credentials to the Argentinian President and the late 39 President of Venezuela. (See links below)

https://insidetimeshare.com/sg-abogados-another-fake-law-firm-from-tenerife/

https://insidetimeshare.com/more-photographs-identified/

One of our readers who has was originally “scammed” by Solutions SL who as we know are now working with (possibly the same people) CUC Abogados was asked to pay a “tax” to release his money. He asked for official confirmation of the award and what the payments are for. They sent him a copy of the tax form and also of the cheque.

The cheque supposedly issued by La Caixa Bank looks genuine enough, it is not until a check on the IBAN is made that it turns out to be a fake.

Copy of the “CHEQUE” received by our reader
Result of IBAN check

Inside Timeshare has stated before this is a very sophisticated fraud and a lot of time and effort has gone into developing it to look as genuine as possible. We wonder just how many unsuspecting people have been taken in and swindled out of thousands of euros by these unscrupulous criminals.

Once again we must warn all our readers that no matter how convincing or nice the caller sounds, no matter how genuine any documents sent look, the method of payments by bank transfer to accounts of named individuals, you must do your due diligence and do your homework.

If you need any help or advice on any company that contacts you with the great news that you have been awarded thousands please use our contact page and Inside Timeshare will get back to you.

Have a great weekend and join us again next week.