“I don’t believe it, I just don’t bloody believe it!” said Victor Meldrew. But yes it is true, the Supreme Court has just issued their fourteenth and fifteenth judgements.
Canarian Legal Alliance just keeps them coming in, they announced this news late yesterday 13 July 2016. On Tuesday the court awarded 18,500€ to a UK family and declared their contract null & void because it was longer than the 50 years stipulated by law. The following day Wednesday another UK family had their contract declared null & void and awarded 13,000€, including double the deposit back for payment within the 14 day cooling off period. They had also been sold floating weeks, again in contravention of the laws laid down.
The Supreme Court has now consistently ruled that contracts over 50 years, floating weeks and points along with the taking of deposits within the cooling off period, are contravening the laws on the selling of timeshare in Spain. It now has to be asked when other countries are going to enforce these rules which were laid out by EU Timeshare Directives?
Spain is obviously leading the field in this area, with these judgements all lower courts must now abide by them.
So, just in the past week Anfi have been penalised for considerable sums, the question now is how long can they sustain this? There are more cases waiting to be heard by the Supreme Court, all because Anfi have taken the decision to appeal rulings by those lower courts. If they had any sense, I would have thought they would pull out of those appeals and just admit defeat.
How will this news affect Apollo Global Management after their takeover of Diamond Resorts International? There are already rumours across the great lake that Wyndham is looking to buy the shares, the price has already been put at around $36 to $39 a share. I hope to get some insight into this from my American colleague Irene Parker who writes for the financial journal The Street, ( see link for her article on Hilton). Inside Timeshare will keep you posted on this as and when the news comes in.
Once again Inside Timeshare congratulates these two families and the legal team of Canarian Legal Alliance for their splendid work. They certainly have paved the way for others to follow.
If you need any information or advice on any timeshare related matter, Inside Timeshare will do its best to provide you with the best answers.