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Excel Hotels and Resorts

End the Week: More News on Azure

Here we are at the end of another week and what a week it has been, the breaking news that Azure Services Ltd has filed for liquidation, now we have news that two more companies within the Limora Group are being liquidated by Alvarez and Marsal. We have also been receiving emails from concerned members about the phone calls they are already receiving from some very dubious companies regarding the liquidations. Yes, it has already started, the “scamming vultures” have seized the opportunity to use “scare tactics” so you part with your money. Inside Timeshare urges you to not believe what you are being told, it is early days, no one knows what is going to happen and these unscrupulous callers will play on your concerns, after all, they are professional “scammers”.

The latest news now is that Azure Resorts Limited has also filed for liquidation on 28 April 2020, the “Joint Liquidators” are:

Mr. Barry Lynch of Alvarez & Marsal Cayman Islands Limited, PO Box 2507, 2nd Floor Flagship Building, 70 Harbour Drive, George Town, Grand Cayman, Cayman Islands, KY1-1104

Mr. Wesley Edwards of CVR Global (BVI) Limited, First Floor Folio Building, PO Box 2295, Road Town, Tortola, British Virgin Islands, VG1110

Azure Resorts Ltd is the management company for the following “clubs”:

Island Residence Club, The Heavenly Collection (including Sands Towers) and Azure Ultra.

The letter signed by the joint liquidators (which can be viewed using the PDF link below) explain to members of what is happening with regards to their memberships,

“The JLs appreciate that members will be concerned as to the future of the Clubs and wish to advise that the Company’s liquidation does not necessitate their closure, nor does it prejudice the rights of Club members.”

The letter also goes on to state that “discussions” are and have been taking place with an unconnected third party to take over the management of the clubs.

The next paragraph clearly states the aim of the Joint liquidators is to ensure that the members are protected. 

“Please be advised that the Company’s liquidation does not affect your rights as a member of the Clubs and your entitlement to use the timeshare weeks purchased. Following the appointment of a new club manager, members will continue to be able to utilise their entitlements at the Golden Sands Resort in accordance with the rules and constitutions of the Clubs. Please be further advised that, should an agreement be reached to transfer the club manager role to a third party, the JLs envisage that the transition for members should be seamless and therefore cause minimal disruption to the operation of the Clubs. It is noted that the JLs anticipate that members will be able to use their entitlements following the reopening of the Hotel and travel restrictions to Malta being lifted.”

In a similar letter to members at Golden Sands Resort by the Corinthia Group, that

“The shareholders have also reaffirmed that the Golden Sands Resort will fully honour all timeshare commitments arising from obligations entered into with existing members.”

In other words, another company will be appointed to manage the “timeshare” interests of the resort and the members. This has happened with those resorts in Tenerife managed by Excel Hotels and Resorts, that has now passed to the Ona Group.

See the full letter in the PDF below.

It has also been announced on the AzureX website that Azure XP Limited have also filed for liquidation with the same joint liquidators as for Azure Resorts.

On this announcement, they include a link to the CVR Global website:

https://cvr.global/azure/

This is the news as it stands now, as and when further information becomes available it will be published here on Inside Timeshare.

As we stated in our opening paragraph, no one knows what is happening or going to happen, it will all be pure speculation. Do not be taken in by the “scare stories” that you will be told by the cold callers all trying to get in on the act, just remember, THEY ARE JUST AFTER YOUR MONEY!

Have a good weekend and join us again next week.

Just after publishing another reader has sent this FAQ published on the Members Blog.

El Diario Report Once Again on Silverpoint

Once again Silverpoint is in the news with yet another article published by El Diario a major Spanish newspaper. This publication along with others have been highlighting the court cases and also the investigations by the Provincial Prosecutors Office in Tenerife, regarding the massive transfer of funds to other companies within the same group, many of which are registered abroad.

El Diario reports that on the 1 February the State Gazette (BOE) published the voluntary declaration of Silverpoint going into administration. The company now goes to a bankruptcy administrator.

According to the report, the “fall of Silverpoint begins in January 2017”, which as we already know is the date when the Supreme Court ruled against a Silverpoint contract for the first time. This ruling was closely followed by many others with 50 against them to date, this opened the floodgates for many cases at the lower courts. Many of these have been reported on our own pages.

At this first ruling, the Supreme Court annulled the client’s contract due to varying infringements of the law, including the client “investing” large sums of money with a promise of a “lucrative return” in the resale of those weeks. These resales never materialised and many clients have been left with huge maintenance bills for “timeshares” which they believed were “investments”.

After this first ruling by the Supreme Court, Silverpoint began their strategy of moving funds with the sole intention of avoiding payments to clients who had successfully sued and received favourable sentences against them.

At the same time, Silverpoint began emptying their accounts through the process of recognising debts to other companies within the same group such as Signallia Marketing which was responsible for reservations and Excel Hotels and Resorts responsible for the management of the resorts. It has also been reported by El Diario that between September 2018 and February 2019, 52 properties out of 76 were removed from the inventory. The Provincial Prosecutors Office is investigating whether these transfers and removal of properties are an orchestrated effort with one sole purpose in mind, to avoid their civil liabilities and preventing any embargoes.

It has also been reported by El Diario that during a procedure of the Bankruptcy Court of the United States (southern district of New York) uncovered that the Silverpoint resorts in Tenerife were the “main source of income” of the large corporate group (Limora Investments). All the companies of this group are registered in many off-shore “tax havens” with around 16 different jurisdictions.

The investigations conducted by the US court-appointed administrators have focused on Silverpoint’s activities in Tenerife, stating that transactions regarding assets and companies of this group are “completely suspicious”.

As you can see the case against Silverpoint is very complex and covers many jurisdictions, there is still a huge amount of investigation before this matter is brought to a conclusion by the administrators.

It is also very clear from this report from El Diario and others that Canarian Legal Alliance is really the only hope for Silverpoint clients, it is also very clear that time is now running short for consumers to have any chance of recouping what they have paid to Silverpoint.

Inside Timeshare has also been informed that another television news team is also preparing a follow-up item on this article.

El Diario article published 17 February

Spanish

https://www.eldiario.es/canariasahora/tenerifeahora/tribunales/Silverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

English Translation

https://translate.google.es/translate?hl=en-GB&tab=rT1&authuser=0&sl=es&tl=en&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Danish

https://translate.google.es/translate?hl=en-GB&sl=es&tl=da&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

German

https://translate.google.es/translate?hl=en-GB&sl=es&tl=de&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Norwegian

https://translate.google.es/translate?hl=en-GB&sl=es&tl=no&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Swedish

https://translate.google.es/translate?hl=en-GB&sl=es&tl=sv&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FSilverpoint_Vacations-timesharing-liquidacion-concurso-acreedores_0_996000523.html

Links to previous articles published on Inside Timeshare.

6 part series on the reasons behind the liquidations

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

First news on Silverpoint declaring liquidation

https://insidetimeshare.com/silverpoint-declares-liquidation-who-will-be-next/

Report on embargoes

https://insidetimeshare.com/breaking-news-more-embargoes-on-silverpoint/

Spanish news

https://insidetimeshare.com/timeshare-companies-highlighted-in-spanish-news/

https://insidetimeshare.com/el-diario-publishes-another-article-on-silverpoint/

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


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