End of the Week Roundup

It’s Friday and we end this week with a quick roundup of the articles published along with the latest news from the courts. It has also been a very busy week for Inside Timeshare with so many emails being received from some very concerned readers who have been contacted by an ever-increasing number of “new” companies with some very fantastic stories. All are very similar, information to scare owners into paying for non-existent services or that they have been awarded money by the courts for a case they had no idea they had lodged.

On Monday we began the week with news from the High Court of Las Palmas which endorsed the judgement made by the Court of First Instance against Anfi who appealed the original judgement. Not only did the court endorse the ruling but also increased the amount awarded to the client by over 10,000€!

On Tuesday it was the turn of Silverpoint and yet another article published in El Diario, this newspaper revealed that it was now official that Silverpoint had filed for liquidation. The article also went on to explain other aspects of this liquidation and the fact that the Provincial State Prosecutors Office has launched an investigation into the circumstance of this liquidation. This also included the point of the removal of 52 properties from the inventory in an attempt to delay or not pay amounts awarded by the courts to clients who have won their cases.

El Diario also reported on the investigation by the US court-appointed administrators investigations into Silverpoint activities in Tenerife, stating that they find the transactions regarding assets and companies of the group were “highly suspicious”. Well, this is something we have all thought over the years.

Wednesday we highlighted two new companies that came up on our radar, European Timeshare Law Legalization Ltd and Abogados y Consultores Empresariales y Concursales.

Once again these are new entities contacting timeshare owners with the sole purpose of depriving them of their money with false hopes and promises of huge amounts being awarded by the courts.

As usual, both these companies gave false information such as being appointed by the courts and in the case of Timeshare Law Legalization telling a Swedish owner that this company could get their money back via Section 75 of the Credit Consumer Act 1974. That was the biggest joke of all as this particular legislation is only available in the United Kingdom and cannot be used in Sweden, unless the person uses a credit card provided by a UK bank!

Canarian Legal Alliance has also reported on several cases regarding Anfi, these involved the receipt of bank guarantees amounting to over 100,000€. This is great news for the clients who will shortly be receiving their money into their own accounts.

These are the result of the enforcement of sentence actions by the dedicated enforcement team at CLA, so it is congratulations to them for their hard work and dedication.

In another High Court case against Anfi, Court Number 5 has revoked a Court of First Instance judgement regarding timeshare contracts signed between 1999 and 2001. This follows the Supreme Court ruling that these contracts are illegal under the law.

The case revolves around not just Anfi but other timeshare companies that those contracts were legal as they had been arguing that there was a two year transition period when the timeshare laws came into place on 5 January 1999. Some judges accepted this argument but as usual, the lawyers at CLA did not agree.

It was their opinion that the transition period did not allow them to continue to sell products which were now deemed illegal for a further two years. The High Court accepted this argument and that the timeframe was for the timeshare companies to register themselves in the property registry.

The High Court judges also ordered Anfi to pay back in double the money taken during the statutory cooling-off period, this was denied by the judge at the First Instance trial.

So it was a great week for clients in the courts and some very useful information to timeshare owners and readers of Inside Timeshare on the “scammers” trying to get hold of your hard-earned cash.

On a lighter note, one of our readers sent this picture as a reminder to anyone about to sign a contract, “DON’T FORGET TO READ THE SMALL PRINT”!

Have a great weekend and join us next week, but do remember doing your homework on any company that contacts you is all-important if you don’t want to lose even more money.


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