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January 2020

Silverpoint Declares Liquidation: Who will be Next?

Welcome to the Friday edition of Inside Timeshare, today we have some breaking news which has just been made public. There has been a huge amount of speculation regarding the Silverpoint, most of these rumours have claimed that Silverpoint has already been placed into liquidation, that is not actually the case. The process is more complicated than simply “going into liquidation” as we will try to explain.

On 15 January 2020, Silverpoint presented to the Mercantile Court a declaration of insolvency & provisional liquidation (Concurso de Acreedores). This does not actually mean they have declared bankruptcy. It is a legal process in Spain which can be invoked by the company voluntary or invoked by its creditors. It is applied when the company is considered to have more creditors than it does assets.

This move is something that Inside Timeshare and others including Canarian Legal Alliance have been expecting for some time. Over the past few years, Silverpoint has been monitored very closely with the movement of funds between various accounts at the forefront.

This transfer of funds and assets was a blatant move to hide them from the authorities to avoid payment, this has already resulted in an investigation initiated by the State Attorney. (See links for the report in El Diario at the end).

The first part of this process is for the Mercantile Court to appoint an external (independent) administrator who is then obliged to inform all creditors of the current situation. The administrator will also have to produce a full and exhaustive report on Silverpoint’s financial operation over the past years.

If the administrator discovers any serious irregularities not only with the liquidation but the actual running of the company, they can, in essence, classify the liquidation and company administrator guilty. This means that the administrator, which in the case of Silverpoint is Mark Cushway, may be personally responsible with his own assets, he may even face a custodial sentence.

Mark Cushway: Could find himself liable.

At this point Inside Timeshare must point out that Mark Cushway was also CEO of Resort Properties before it became Silverpoint so he must have known all about how the company was operated. He was also a director of the RDO (Resorts Development Organisation) the so-called industry trade body. Silverpoint was also one of the largest contributors to RDO funds until they resigned their membership.

The purpose of the Concurso de Acreedores is not to close the company down, it is to attempt to pay all creditors so as to clear the financial situation of the company and if possible overturn a complicated situation preparing the company for future business. Preventing bankruptcy is a priority of this procedure. However, if the declarations being presented are found to be a fraudulent application for insolvency, then this opens up a very nasty can of worms for the company administrators.

As our title suggests, could other timeshare companies be contemplating the same procedure?

Inside Timeshare has already published the fact that the Provincial State Prosecutor in Gran Canaria is already taking a keen interest in the timeshare resort of Anfi. This again stems from the fact that Anfi is transferring assets and funds to other various companies in an attempt to delay or even avoid paying what the courts have ordered. Again this could lead to criminal prosecutions and include jail time for the administrators of the companies involved.

https://insidetimeshare.com/anfi-hits-spanish-television-news/

The question now which will be on the minds of all those with cases waiting for court hearings and those contemplating taking out litigation against Silverpoint is where does this leave them?

From what we have been told our understanding is that it will not have that much of an effect, the cases will instead of being placed with the Civil Court using timeshare laws, will be transferred to the Mercantile Courts. This means that the clients will then be classified as creditors and will then have priority in the eyes of the appointed administrator.

Inside Timeshare advises all those with cases pending to contact their lawyers for more detailed clarification as to their own personal circumstances. For those who are clients of Canarian Legal Alliance, they have also published today this news on their website. This report goes into a lot more depth than we are able to here.

If you have not already filed a claim to have your contract declared null and void with the return of your full purchase price and would like to know how this latest news affects you, then please use our contact page and we will get back to you.

Our final word of warning is now this news has broken, please beware that there will be many “bogus” claims companies and law firms who will use this to their own advantage in order to scare people into paying for “legal services” as a matter of urgency. If you receive any calls to this effect then contact Inside Timeshare and we will help you sort out the genuine from the scams.

Have a great weekend and join us again next week for more news and information on the murky world of timeshare.

El Diario Article

https://www.eldiario.es/canariasahora/tenerifeahora/tribunales/Fiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

El Diario English

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%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

El Diario Danish

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=da&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

El Diario German

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=de&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

El Diario Finnish

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=fi&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

El Diario Norwegian

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=no&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

El Diario Swedish

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=sv&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

Translations of this article

Danish

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=da&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-declares-liquidation-who-will-be-next%2F

Finnish

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=fi&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-declares-liquidation-who-will-be-next%2F

German

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=de&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-declares-liquidation-who-will-be-next%2F

Norwegian

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=no&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-declares-liquidation-who-will-be-next%2F

Swedish

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=sv&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-declares-liquidation-who-will-be-next%2F

Timeshare Owners Protection Plan Ltd: Another Mark Rowe Creation

As our regular readers are aware, Inside Timeshare has been publishing over the years many articles on the antics of Mark Rowe and his various companies. This began with his Monster Credits and Monster Rewards package, through to sellmytimeshare.tv which was the initial contact to sell the much-maligned and discredited Monster Credits scheme. He then replaced Monster with a renamed version called Jive Hippo and at every point, he has come up with new companies and money-making schemes. Today we highlight yet another of his worthless programmes to help timeshare owners.

This particular scheme stems from the “exit” & “compensation” scheme set up by Rowe using his companies ABC Legal & ABC Lawyers, this along with a plethora of other so-called “legal” firms duped timeshare owners into signing up to relinquish their timeshare memberships. Along with this, there would be a claim for “compensation” once the cancellation has been done. This is passed to yet another Mark Rowe company Lansdown Financial Ltd.

As we know from the many enquiries Inside Timeshare has received that these “cancellations” of membership have never actually been done. The client receives a letter from whichever of Rowe’s “law” firms they have dealt with to inform them that their ownership is in their “opinion terminated”

Mark Rowe, not as innocent as he looks!

The common factor for all those who have enquired is the fact they were told to just stop paying the annual maintenance fees. The hope of Rowe was that the timeshare companies would not chase for arrears. Unfortunately, this is not the case, Inside Timeshare knows for a fact that many of the timeshare companies will actively chase for arrears and send in the debt collection agencies. If the “debt” is not paid then action against the member is taken in the County Courts, this results in either the owner paying the debt before a court hearing to avoid receiving a County Court Judgement.

Now as Mark Rowe does know this fact as he has been around the industry for many years, he came up with yet another scheme to allay the fears of “his clients”. This is the Timeshare Owners Protection Plan.

It is a “certificate of indemnity” so if the timeshare company does take legal action then Rowe’s clients will get legal cover to fight the case. The only problem is that according to the “Certificate of Registration” it clearly states:

“This certificate confirms that discretionary legal benefits scheme cover (subject to terms and conditions overleaf) is supplied and operated by Timeshare Owners Protection Plan Ltd”.

Then if we go to the terms and condition section 3.1 it explains what is meant by discretionary:

“Discretionary means that our directors have the unfettered, optional, non-compulsory right and authority to decide whether or not to provide support in connection with a claim against you by a timeshare resort owner”.

Well, it could not be clearer than that, it is the directors who decide if they will fund any defence!

So who is the director?

I do think you have already guessed, Mark Rowe himself, along with Clifford Donald Wing, who is a rather new name to come up, (we just wonder if he is aware of Rowe’s somewhat colourful past).

The company Timeshare Owners Protection Plan Limited is registered with Company House with the Company Registration Number 10775452. It was incorporated as a company on 17 May 2017 and the registered address is:

71 Queen Victoria Street London England EC4V 4BE

The company itself is listed as a “Micro” entity and in the PDF file below you will see last year’s account statement, as you will see it has no funds or assets. Now, this does beg the question: Where does the funding for legal representation come from?

Inside Timeshare thinks that the answer is in the “discretionary” point of the scheme, it will not be forthcoming!

On the 10 May 2018, there was a change in persons or entities with significant control, this was passed from ABC Legal to another company called TOPPL Holdings Ltd, Company Registration Number 11347556 and the registered address:

71 Queen Victoria Street London England EC4V 4BE

The company was incorporated on the 4 May 2018, just 6 days the change of significant control, but the person who has this control and is the director of TOPPL Holdings Ltd is none other than our old friend Mark Rowe!

So once again we see the devious mind of Rowe in action, taking money from unsuspecting owners, filling them with false hopes and promises, worthless certificates showing “cancellation of timeshare contracts” and then the certificate promising protection from legal action.

Over the year this man has invented and run some of the most prolific scams in the timeshare world yet he has been able to get away with it all. Well, that is until now, we know that several of his companies are under police investigation for fraud in the UK and Tenerife, it is only time before the authorities go knocking on his door and he will eventually see the inside of a prison cell!

If you have been a victim of Mark Rowe or any of his companies please use our contact page and let us know, Inside Timeshare also urges you to file complaints with Action Fraud and also Trading Standards.

Remember do your homework before engaging with companies such as these, if you are not sure if they are genuine and will do what they promise the contact Inside Timeshare for advice. You have nothing to lose and it will save you in the end.

Anfi: Resale Vs Onsite Purchase Update

Back in December 2016, Inside Timeshare published the following article regarding Anfi Resales, which have been private sales either through resale companies, eBay or advertised in newspapers. As Inside Timeshare has been receiving more enquiries asking the question: Would they be better buying those rather than direct from Anfi? We decided to republish our original article with a slight update.

As we know, timeshare does not have a great resale value, which many owners who have paid upwards of £15,000 for a basic week have found out. With this also comes very hefty charges for maintenance, which tends to rise each and every year.

For those who have purchased privately for very low amounts, they have found they do not qualify for any of the benefits which Anfi add on for those who purchase on-site at Anfi. These services such as the Anfi Vacation Club are included in the price when purchasing direct from Anfi, they are not free as many have been led to believe. It is also the case the annual fees are higher for these purchases than for the resale weeks, as these services will be included in the annual fees.

Anfi Resale Page.JPG

What are these so-called benefits?

As a purchaser through Anfi Sales the following are part of the package:

Anfi Vacation Club Membership (this allows for internal exchanges)

Club and week exchanges (again internal exchanges)

RCI Worldwide Exchanges (You can join RCI privately and exchange through them)

Springfest 2 for 1 offers (very few and far between)

Bonus Weeks (available through RCI anyway)

Being able to bank or save weeks (Bank through RCI anyway)

Members week offers (never available)

Rental programme (only when available, very rare)

Anfi buy-back (only when available, very rare)

Discounts for on-site services (Restaurants, bars etc, prices are higher than off the resort anyway)

As you can see from the above, you are not actually getting anything for the higher price that you pay when purchasing direct.

Below are some examples of resale weeks advertised either privately or by resale companies.

These four were posted on eBay, what needs to be remembered is that these prices are what the seller believes they can get, most of the time they will sell for a great deal less.

anfi hyper 1.JPG
anfi 2 bed ebay.JPG

Checking eBay today there are no listings for any Anfi resales, what we did find was 100 Anfi Beach Club timeshares listed for sale on Worldwide Timeshare Hypermarket based in the UK.

https://www.timeshare-hypermarket.com/anfi-beach-club.aspx?page=1&sortorder=DESC&property=488

The following were taken from a Norwegian resale website, a penthouse for week 3, sleeping 6. The price at the current exchange rate is 14,000€ this would sell on-site for upwards of 45,000€

Again this is the price that the owner and the resale company have agreed they believe they can get.

anfi penthouse norwegian.JPG

These two are advertised on a German resale website, Anfi Beach Club would sell for upwards of  15,000€, Club Monte Anfi for more. Again the prices shown are what the resale company and owner believe they can get, they will more than likely sell for a lot less.

german anfi 2.JPG

So to answer the question is yes you are better off with a resale week, you can join RCI directly and receive the benefits of exchanges through them, purchase the bonus weeks that RCI offer, usually at a better price than Anfi would offer.

As for the so-called discounts, try going off resort to places like Patalavaca and Arguineguin where there is a wider selection of restaurants and bars at much more reasonable prices.

Then when you eventually decide it is no longer for you, you will not be making such a loss as the person you purchased from.

Remember the cost of the timeshare from any resort will always be more than it is actually worth. They do after all have large overheads like the sales staff and marketing costs, these are the bulk of the price that you pay. So if you can pick up weeks for as little as 1500 € which means Anfi over prices the weeks by 90 % ….which is also the reason why the maintenance fees are so high.

If you have been trying to sell your timeshare for whatever reason and have not been able to do so, it may be worth exploring the legal option and having the contract declared null and void plus the return of the full purchase price.

If you would like further information on this subject and to find out if your purchase is an illegal contract, then please use our contact page and Inside Timeshare will get back to you.

German Translation

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=en&tl=de&u=https%3A%2F%2Finsidetimeshare.com%2Fanfi-resale-vs-onsite-purchase-update%2F

Norwegian Transaltion

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=en&tl=no&u=https%3A%2F%2Finsidetimeshare.com%2Fanfi-resale-vs-onsite-purchase-update%2F

Swedish Translation

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=en&tl=sv&u=https%3A%2F%2Finsidetimeshare.com%2Fanfi-resale-vs-onsite-purchase-update%2F

Finnish Translation

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=en&tl=fi&u=https%3A%2F%2Finsidetimeshare.com%2Fanfi-resale-vs-onsite-purchase-update%2F

Danish Translation

https://translate.google.es/translate?hl=en&tab=iT1&authuser=0&sl=en&tl=da&u=https%3A%2F%2Finsidetimeshare.com%2Fanfi-resale-vs-onsite-purchase-update%2F