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/