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

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El Diario Danish

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Translations of this article

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3 Comments

  • Don Sellick

    January 19, 2020

    We started our initial investment (sic) in aug 2006 with resort properties £20085 then paradiso £25000sept 2007 then upgraded £25000 August 2008 all the time we were promised resale and a return but obviously nothing ,they didn’t even contact us about changing to silverpoint and now not even told us they’re liquidating we would appreciate some guidance and advice

    Reply
  • Fran

    January 23, 2020

    Mark Cushway, the CEO and mentor, as he calls himself, is clearly an expert on deception.

    He is also administrator of the company INSPIRED PERFORMANCE SOLUTION, SL, which since December ’19 has disappeared from its duties, changing its tax domicile, covering itself behind a new and evidently false address at an accountant office in Los Cristianos.

    With the same habit, the ISP company left behind invoices to pay, creditors, stolen and unpaid goods, in short, by contacting the company, the secretary, the accountant, it seems obvious the preterntional organization for the purposes of insolvency.

    An aristocratic “gentleman”, in short.

    Reply

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