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Canarian Legal Alliance

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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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

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El Diario Norwegian

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El Diario Swedish

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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

Club Paradiso: Latest News

Inside Timeshare over the past months has been reporting on the latest developments regarding Club Paradiso and The Paramount. We reported some time ago that Alex Lawson of Alvarez and Marsal became the administrator of Club Paradiso Ltd and began proceedings to liquidate the company (club). We also reported earlier in the year that many bookings made by members had not been honoured, the reason given was that Excel Hotels and Resorts had not been paid for the bookings. Many members arrived to find The Paramount closed and had nowhere to stay unless they paid yet again.

The strange thing is that all the companies involved in this are all part of the same group of companies of which Alex Lawson is being placed as administrator to liquidate them. He is also the appointed liquidator of Limora Group the parent company of Silverpoint, Excel Resorts and a host of others.

In the latest letter to members Alex Lawson tries to explain what is going on, he begins with the excuse of a “breakdown of relationships with a number of inventory providers”, which necessitated the suspension of all new bookings from June 2019.

Alex Lawson

He then goes on to explain that the “company” had been working hard to honour “existing 2019 reservations as far as possible.” Unfortunately for the majority of members, they have had to make their own alternative arrangements.

The letter goes on to state that given the issues that face Club Paradiso they are unable to confirm any bookings for the 2020 period. His advice is to contact the destination resort to confirm if the booking is still valid and arrange “for payment” for the accommodation or to “confirm cancellation.”

The next paragraph which is in bold and underlined goes on to say:

“For the avoidance of doubt, please note that, in the case of bookings for the 2020 calendar year, whether previously confirmed or unconfirmed by Club Paradiso, Club Paradiso is not able to maintain these bookings and is not able to assist with payment or the sourcing of alternative accommodation in respect of the same. This applies to any bookings made during (or before) 2019 for the 2020 calendar year (and beyond).”

Well, that is blunt and straight to the point, members will get nothing.

Lawson then goes on to say that the property (The Paramount) “was never owned by the club,” it was only made available to members through a lease agreement, he then states that the company (Club Paradiso was not a direct party to).

Again he goes on to blame “unpaid lease payments” as the reason why The Paramount was “unable normal operations”. This resulted in The paramount having to deny access to club members.

Lawson then explains that The Paramounts former owners (whoever they are) agreed on a sale and it is now under new ownership. He also points out that Club Paradiso was not directly involved in the sale and is unable to provide any information on the sale or the future of The Paramount.

Now considering that Lawson is involved in the liquidation of many of the companies of Limora Group and the fact they are all interconnected it does seem very strange that he claims he does not know what is going on!

So to recap, Alexander Lawson as liquidator closes down Club Paradiso along with The Paramount itself claiming unpaid fees,  using this as justification to members/investors as the reason the building is closed.

The building is then sold to a real estate company in Tenerife who are now selling the apartments off as individual units (so why is the money made from this sale not given to the investors as per their contracts?). He also believes that nobody will take any legal action but will just roll over and lose everything they have paid for, somehow Inside Timeshare cannot see this happening.

It is now becoming very apparent that the whole structure of which Silverpoint is a part of is just a very large criminal enterprise. This also includes the actions of the liquidator who is taking action which does not benefit creditors or the club members themselves, His actions are guided by his employers the UBO’s (ultimate beneficial owners) the Trotta family who all reside in the USA. (See link below for the full story if the reasons behind the liquidations).

Inside Timeshare has also heard through the grapevine that the State Prosecutors Office of Tenerife has also included Alex Lawson in their criminal investigation. Further information on this when there is confirmation.

What Inside Timeshare can reveal at this point is that one law firm is already on top of this and is currently taking action on this, no prizes for guessing which law firm, Yes, Canarian Legal Alliance.

If you are a member of Club Paradiso and would like to know your legal options or further information you can either use the contact page on Inside Timeshare or you can contact Canarian Legal Alliance direct through their website: https://www.canarianlegalalliance.com/

Link to the 6 part article on the liquidations.

https://insidetimeshare.com/?s=exclusive+breaking+news


Global Timeshare Legal Experts

Another company and website have come to the attention of Inside Timeshare, Global Timeshare Legal Experts, which are based in Dubai. Once again the claims made by this website do not appear credible at all just due to the fact of how long the website has been operating.

The website

was only registered on 8 May 2019 so is only just about 8 months old and is also due to expire on 8 May 2020. The owner of the website is also hidden through the use of a privacy protection company. As we often say these two factors should always sound the alarm bells.

The company itself is in Dubai with the address:

Suite 1901 Level 19 Boulevard Plaza Tower 1 Downtown Dubai UAE

The company has not shown on any company registration either in Dubai or elsewhere.

Telephone: +971 52 877 6964 (This is a Dubai mobile number)

Email: i[email protected]

According to the website they have won 600 cases and 120 Supreme Court rulings, they also claim that they have 16 specialists working for them, yet no mention of who they are. Well, all we can say to this is very impressive for a company that appears to be less than a year old and we know for a fact that Supreme Court cases are never going to happen that quick. We also know that there is only one firm law firm that has achieved any Supreme Court victories with 130 to date.

While checking over their website the Latest News section shows several cases against Anfi, Club la Costa and Silverpoint, which they are claiming to be their own clients. The problem is these are the very same news items that have appeared on the Canarian Legal Alliance website and have been confirmed to belong to cases brought on behalf of clients of Canarian Legal Alliance. Obviously just a cut and paste job.

The other point to their claim that these are their clients are the dates, for example in the link below the date given for this case is 1 February 2018, over one year before the company or website appears! Inside Timeshare leaves you to draw your own conclusions on that.

We have already identified one name associated with this company, Robert Saric, according to part of the contract (German Client) produced below he is based in Gran Canaria.

So Robert Saric with his company and website is attempting to entice timeshare owners to sign up for cases on the back of false claims in their news section which have basically been cut & pasted from another company. This is certainly a case of deception which timeshare owners do need to be aware of.

Robert Saric

Another name that has come to our attention is a gentleman called Herr Jansen, we have been informed that Jansen is working with Saric who apparently is his boss, but we also know that Jansen is taking on clients for legal action against their timeshare resorts.

From other information we have received he claims that he is overseeing the claims and working with Canarian Legal Alliance, having checked with CLA they have denied any knowledge of this person either working with them or passing on clients.

We have also been informed that Jansen has been in contact with a client of CLA and quoted 15,000€ for the legal fees when the cost of his case through CLA is only 6,500€!

We have also been informed that Jansen is also using CLA cases as his own.

According to emails received by our readers, Jansen is working with a company called Businex which according to their website and web registration details belongs to a company called Heidital Consultancy Ltd.

Businex is an internet marketing outsourcing company, so the question is why is Jansen using their address and email as they do not show any sign of being involved in timeshare litigation or claims?

Address on Jansens Email:

48 Burj Gate Sofitel Hotel Downtown Business Tower 7th Floor P.O. Box 8867 Dubai United Arab Emirates

The email also shows the same telephone number as the Businex website which is a UK number with a Northampton code: +441604300037

Email: [email protected]

The bank details which Jansen has sent for clients to pay which is the Noor Islamic Bank are:

FIRMENNAMEN: SOCIAL BUSINESS AND CONSULTING FZE

BANK: NOOR BANK

BANKADRESSE: DUBAI MALL BRANCH

IBAN: AE39 0520 0015 10770240037

SWIFT: NISLAEAD

One thing that is very certain both of these look extremely dodgy to us at Inside Timeshare, we have been in contact with CLA and they have asked that we publish the following statement.

If you have been contacted, signed up and paid any money to either of these companies or individuals to contact CLA, they will review your case against them and represent you free of charge in retrieving your money.

You can contact CLA via the contact page on their website or

Telephone: +34 928 18 50 28

Email: [email protected]

German Translation

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