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Start the Week: Silverpoint Liquidation Update

Welcome to Monday morning and the start of another week with Inside Timeshare, today we have a look at the latest developments in the Liquidation of Silverpoint. Many people seem to believe that this is just a simple procedure, wind down the company, secure the assets for creditors and that is it, unfortunately, when it comes to timeshare and Silverpoint in particular this is not the case as you will see. By the nature of the company setup, this is one very complex case.

One of the main law firms which are deeply involved in the liquidation procedure is Canarian Legal Alliance, they have been at the forefront of the moves by the authorities to investigate the dealings of the myriad group of companies of which Silverpoint is part, The Limora Group.

Two of the CLA lawyers behind the investigations.

In their update to clients, CLA explains they have requested through the Mercantile Court, the “accumulation” of the procedures against Silverpoint, along with one called Oasis Investments SA, the former owners of The Paramount. This would mean that both liquidation procedures are joined, so far no reply to this request has been received from the court.

If this procedure is approved, CLA would then request that the actual Paramount building be reintegrated with Silverpoint which would raise the assets of the companies. The lawyers have also joined other actions requested by the Court Appointed Administrator where they have asked for Excel to return some of the assets. These were initially acquired in an operation which the lawyers at CLA classified as fraud.

Details of CLA’s March update on this can be found at the link below.

It was also reported that the Court Appointed Administrator and Excel asked for a suspension of hearings due to a possible agreement between the parties. This agreement establishes a reintegration of eleven thousand timeshare weeks, increasing the companies value. In exchange, there will be a recognition of debt in Excels favour of seven million euros.

The lawyers representing their clients have naturally opposed this agreement in part. They have accepted the reintegration of the weeks as it is in their clients best interests due to the increased value of the company. However, they do not agree with the recognition of any debts to excel as they do not believe them to be justified.

It will now be down to a Judge to study all the arguments presented and then base his decision on the facts.

The CLA Lawyers have also requested information on the criminal procedure as this appears to have gone a little cold recently. They have also made a request to the court to carry out the gathering of evidence, such as the interrogation of key staff, their legal advisors and also the Court Appointed Administrator, who should after all this time have a very good grasp on the Limora Group/Silverpoint set up.

As we stated in our opening, this is one of the most complicated liquidations which the courts have had to deal with. The whole Limora Group set-up was designed to divert money worldwide, using methods such as “inter-company loans”, one of the reasons behind the current liquidations. All this was expertly achieved by Kwang Boon Sim, the financial guru of the late Robert “Bob” Trotta, the full story can be read at the following link.

The late Robert “Bob” Trotta & Kwang Boon Sim the Financial Guru

There is a lot more going on than we are able to publish here, as and when it becomes public knowledge it will appear on these pages. In the meantime we must issue a warning, as you can see from this article, the liquidation process is complex and is going to be long and drawn out, so beware of the “cold callers” who will claim they have a “fast track” procedure to help you. Timing is down to the courts and the completion of any investigations, no law firm, lawyer or any other person can have any influence on the process, not even god.

Would you like to know where you stand with your timeshare contract, is it illegal, how can I end the contract, do I have a valid and viable claim?

If you would like to know more and what options are open to you, please use our contact page and Inside Timeshare will get back to you. 

Silverpoint: Court Administrator Completes Review

After a rather lengthy process, the court-appointed administrator has now completed his review of the Silverpoint liquidation and the news is not good for the company or for several key personnel. Although the report is welcome it appears that the administrator has not included some key points which the lawyers behind the majority of cases against Silverpoint expected.

As we know a few years ago, the CEO of Silverpoint placed the company into voluntary liquidation, at the time it was already suspected that it was a ploy by the myriad of companies under the umbrella of The Limora Group to consolidate as much finance as possible for the family of the late Bob Trotta.

This now seems to have been officially recognised as the administrator has concluded the liquidation could have been avoided, had it not been for the mismanagement by the company directors and key personnel.

During his investigations, the administrator also uncovered a huge range of financial and management irregularities which he believes directly contributed to the collapse of the company. Because of this, he has classified the liquidation as “culpable”, which actually means it was a negligent bankruptcy.

The administrator also made it very clear that those responsible for the negligent bankruptcy are the former CEO Mark Cushway and the former CFO Diana Aitchinson. This obviously does not look good for either of them, there is obviously the possibility of criminal charges being brought against them, for that we shall have to wait and see.

Former Silverpoint CEO Mark Cushway

On the role of Kwang Boon Sim, who we reported on in our six-part series Exclusive Breaking News: The Truth Behind Silverpoint Exposed, which lifts the lid on the dealings of The Limora Group and Kwang Boon Sim.

Although Kwang Boon Sim was not an employee or director of Silverpoint it was recognised that there is sufficient evidence that he played a significant and very influential role in the company. Remember Kwang was the financial guru for the late Bob Trotta, the Limora Group (of which Silverpoint is a part), and the heirs of Bob Trotta. (see links below to the full series).

The late Bob Trotta and his financial guru Kwang Boon Sim

It was also acknowledged by the administrator the existence of some very “dubious” transactions between Silverpoint and Excel, this point was brought to his attention by the leading law firm investigating Silverpoint on behalf of their clients, Canary Legal Alliance. These lawyers have also formally requested that the liquidation of all the other companies of Limora Group should also be investigated, which they believe will increase the overall asset value of the liquidation process.

Even though this report is welcome and is good news for the clients of CLA, they had hoped the administrator had gone further with his investigation. For instance, the administrator has acknowledged the role played by the legal advisors of Silverpoint in this situation but has not held them accountable.

It was also hoped that the corporate veil would be lifted, this would have shown a very well-orchestrated decapitalisation of Silverpoint through other entities such as Excel, Signalia and Inversiones Oasis among others.

We should also point out that from a previous investigation by Social Security, they clearly identified and highlighted the link between all these companies, so it does seem strange that all this has not formed part of the administrator’s report. But it is not over yet.

The State Attorney will study the report in detail and then will make his comments to place before the presiding judge. Along with the criminal report launched by CLA in 2019 for “allegedly” hiding and removal of funds and assets in order to obstruct payments to clients during enforcement procedures. This is known as “frustration of payments” and is in itself a criminal offence.

Further information on this can be found on the following link.

So the tangled web of deceit surrounding Silverpoint and their associates is finally becoming clear, it is also hoped that it will result in criminal charges, and those who are guilty face the full force of justice. For many of those who have been the victims of Silverpoint, it may be some comfort that justice is finally on its way.

We end today with a warning to our readers, with a lot of the news coming out about Silverpoint, there are some very unscrupulous cold-callers who will use this information in a twisted way to tempt you into signing up for termination and claim. Please be aware that even the major law firms and independent lawyers in this field are no longer taking on new Silverpoint cases, if you receive any calls on this subject please use our contact page and let Inside Timeshare know the details.

Links to six-part Silverpoint series.








Start the Week & Roundup of Last Weeks Court News

Welcome to the start of another week with Inside Timeshare, Last week we started with another warning of a fake law firm to rear its ugly head, today we also issue yet another warning of a dubious “cold calling claims company”. We have also received many emails on our Nightmare on Timeshare Street story and “Elder Abuse” by sales agents. All the emails have the same recurring theme, elderly consumers being “pressured” into making purchases that are not suitable and full of untruths, we hope to bring you their full stories at a later date. We also begin this week with a round-up of last week’s court news.

We begin with a warning on yet another new company that has begun a cold calling campaign, according to our readers who have sent in what information they have they are calling themselves Timeshare Registry Office.

It certainly sounds like a very official title, but as we all know there is no such thing as a registry of timeshare owners.

According to the caller, who is certainly well prepared with information, some of which is genuine the rest is just fantasy, they claim that any case against Club Paradiso cannot be heard in Spain, it must go through the UK courts. Well, that does not sound right at all considering that cases have been and are being heard in the Spanish courts.

According to the caller, as the “Club Paradiso” company is registered as a British Virgin Islands Limited company the UK courts have jurisdiction. Well, that is not what our legal information has told us, the case against this particular company would need to be held in the BVI!

What we have to say is that the cases are not against Club Paradiso, they are being brought against the sales company Silverpoint and Excel, the management company.

When searching the internet for Timeshare Registry Office, absolutely nothing comes up, no indication of any company, no website or anything, so who are they?

We suspect that they are using the name in order to hide which company they are actually calling for, probably because there may be so many negative reports on the internet, this is nothing unusual. It is also not unusual for these scammers to use any title that sounds official and is likely to give credibility to their calls.

Just remember there is no timeshare register, there is no official Timeshare Registry Office and the fact they give negative information on genuine law firms is also another sign they are a scam. As and when we receive further information it will be published here.

Last week was quite a week for Anfi, with more money to come out of their coffers and returned to clients, there were two payouts and another bank guarantee. All good news for clients, especially at this time of year.

The first was a payout on Wednesday, was to an English client of Canarian Legal Alliance, they have now received into their own bank account 12,988€ awarded by the Court of First Instance Number 2 of San Bartelomé de Tirajana.

The court also declared their contract null and void.

This was yet another case where Anfi launched an appeal after the initial verdict, as we have come to expect this appeal was dismissed and the original sentence confirmed by the High Court.

On Thursday another “Bank Guarantee” was received from Anfi which secures the client’s funds 100% until the High Court confirms the original sentence as Anfi launched another appeal.

The original sentence was issued by the Court of First Instance Number 3 of SBT where the contract was declared null and void and the court ordered Anfi to repay 22,619€ plus a further 7,691€ in accruing legal interest.

As soon as the High Court rejects the appeal and confirms the sentence the Norwegian client will then receive this money into their own bank account.

On Friday, another UK client, this time from Scotland, has now received their money into their own accounts, just in time for Christmas. The contract was initially declared null and void with the repayment of 12,150€ including legal interest by the Court of First Instance of SBT.

As we have mentioned all too often, Anfi is causing these delays in repaying clients what the courts have ordered by their constant appeals against the original sentence. It is very clear from all the cases going in front of the appeal courts that the judges are seeing these as frivolous and time-wasting exercises and confirming the original sentences.

So we do have to ask again, why is Anfi continuing with this course of action which is nothing more than being self-destructive financially?

Well, your guess is as good as mine!

If you have received any calls or had contact with any company and you want to know if they are genuine or that they are telling the truth, then please use our contact page and Inside Timeshare will get back to you. Remember it is your information that will help others in not getting scammed.

Would you like to know if you have a valid and viable case for any timeshare you have purchased, then again please use our contact page and Inside Timeshare will get back to you.

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