Welcome to the start of another week with Inside Timeshare, last week we published the story of Silverpoint and the news that the court-appointed administrator has completed his review of the liquidations. For Silverpoint and the past management team this was not good news, it now clearly leaves the door open for possible criminal charges to be brought. Unfortunately, we have heard from many readers on the proliferation of cold calls regarding not just Silverpoint but also Azure in Malta.
The nature of these calls is to entice owners into parting with huge sums of cash in order to make a claim against Silverpoint or Azure. As usual, the caller states that they will get the owner out of their contract with a termination and then make a claim, the only problem here is who are they going to sue?
Both these companies along with many others of The Limora Group are in the process of being liquidated, the major law firms involved in current cases are no longer taking on any new cases because of this. It is also a fact that very few cases have ever been through the Maltese Courts against Azure, the main reason for this has been the problem of jurisdiction. This is a problem we have seen with other companies, such as the jurisdictional arguments of Diamond Resorts and Club la Costa.
As we have seen in the past, any news will be used and twisted by the unscrupulous in order to get you to part with your cash, all on the promise of receiving back your full purchase price, from a company that is liquidating. So unless you already have a case in court with a genuine law firm your case will never get to court with any of these callers.
Moving on now to our old friends at Anfi, last week was not a very good one for them, losing at every turn. Not only have they lost in the Court of First Instance, they are also losing every appeal they lodge with the High Court.
In total the courts ordered Anfi to repay clients over 150,000€ in just a few days, this is without all the other payments Anfi will be liable for, such as legal interest and the repayment of clients’ legal costs. Then there are also Anfi’s own legal costs, paying their lawyers, and also the costs of lodging the appeals with the courts.
This does make you wonder what they are playing at, they lose every case in the First Instance, appeal to the High Court, and then lose those appeals, it really does not make any sense whatsoever. Could it be that the management at Anfi are just plain stupid or are they being duped by their own lawyers with dubious appeals?
That is one question we are unable to answer, what we do know is that all of this is a blatant attempt to delay paying clients what is rightfully theirs. In the end, it will not bode well for Anfi and the management team, especially with the Provincial Prosecutors Office making criminal investigations into the movement of funds between accounts, exactly the same as Silverpoint did. As they say, watch this space.
That is all for today, if you have any questions or comments on this or any other article, please use our contact page and Inside Timeshare will get back to you.