Cazorla Group Declared Bankrupt by Court

This article was published briefly on Monday but had to be withdrawn to verify some details, last week news was published that Hermanos Santana Cazorla, (HSC) which is part of the Cazorla Group, has been declared bankrupt. This news comes as no surprise as Inside Timeshare has published on many occasions the precarious state of their finances. But now it is official, what does this mean for Anfi?

The news was made public last Thursday and follows a court order from the Mercantile Court of Las Palmas de Gran Canaria on 22 March.

The court has deemed it a “necessary bankruptcy” after responding to a request presented by one of their creditors Isla Marina SL. The judge also agreed that the current administrative body of Hermanos Santana Cazorla “is suspended in its powers of administration and disposition of its assets, being replaced in the exercise of those by the bankruptcy administration.”

The Mercantile (Commercial) Court of Las Palmas de Gran Canaria

The judge has suspended the following companies which are all part of the Cazorla Group:

The judgement will be published shortly in the Official State Gazette with it also being recorded in the Mercantile Registry.

There is a right of appeal against the decision and may be brought before the Provincial Court, but it is unlikely that the suspensions will be lifted, also the costs of the proceedings have been imposed on Hermanos Santana Cazorla.

The judge’s twenty-page report, detailed the precarious financial situation of Hermanos Santana Cazorla. It also points out that the company has a “negative working capital” of more than 78 million euros, “making it impossible for HSC to meet all its short-term obligations”.

Good or Bad News for Anfi Owners?

The controlling company and shareholder of Anfi is in fact Grupo Santana Cazorla SL, this company has a 10% ownership of Hermanos Santana Cazorla SL which does not have any relationship with Anfi. They are in essence two different companies.

Therefore the liquidation of Hermanos Santana Cazorla SL and the other companies involved has no impact on the Anfi Group.

How this will affect Grupo Santana Cazorla in the future is not known but it does look as though IFA Lopesan is in a much stronger position to take total control of Anfi, which in some respects may be a much better option for the resort. The only question now is whether IFA Lopesan will continue with the timeshare model. They have always stated that they have no real interest in this type of business and have always concentrated on high-end hotels.

For those with the floating weeks and points systems, this may just be the beginning of them losing their membership. After all, they do not own anything other than the right to use subject to availability, they are members of a vacation club despite what they may have been told by the sales staff when they purchased. So it would be quite easy for any new majority shareholder or complete owner to just close down the vacation club if it does not meet with their own commercial model.

Things may just be a little bit different for those who still own fixed weeks and apartments, as this is a totally different system. Those weeks and apartments should be registered with the land registry, not as many are led to believe as “property”, but as a safeguard to the selling of the same week and apartments to multiple owners, (as in points and floating weeks). With this system, which is the original timeshare model, the “owner” is guaranteed their week and apartment. How IFA Lopesan views this particular model and how they would treat these owners is at present unclear.

This news and the continuous cases that Anfi are losing in all the courts along with the Provincial State Prosecutors Office investigation into the illegal movement of funds among other things, certainly does make Cazorla’s ownership and control of the board of Anfi untenable.

At present this does not affect any claims against Anfi, these are against separate companies only 50% owned and controlled by the Cazorla’s.

Canarias7 article

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If you are an Anfi member and would like to know your legal rights and options to have your contract legally declared null and void along with the return of your full purchase price, please use our contact page and Inside Timeshare will get back to you.


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