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Signallia Marketing Distribution

El Diario Publishes Another Article on Silverpoint

Last week Inside Timeshare published the article “Timeshare Companies Highlighted in Spanish News”, which featured links to two Spanish Newspapers, El Diario and El Dia. Today we publish another from El Diario (7 October 19), which highlights the Prosecutor’s Office investigating the massive sale of properties by Silverpoint. It all centres around the decapitalization to avoid paying the mounting awards the courts have imposed. See link to last weeks article.

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

In this week’s El Diario they report on information from Canarian Legal Alliance that Silverpoint has stripped 52 of its 76 properties, but retains ownership of them through other means. This is through the “Company Participation Scheme”, where the properties are registered as SL companies, with “participations or shares” being sold to unsuspecting clients. These clients believe they are buying into “real estate” when in reality they are purchasing a “reinvented timeshare product”.

With this product which has cost many people thousands of euros, they are promised a return via rental agreements which since 2017 have not been paid as promised in the agreements. The administrators of these “companies” are listed on Spanish Company Records as Silverpoint Vacations and Excel Hotels and Resorts. Which confirms that they still have full control of the properties.

CLA confirmed to El Diario that they define this as a “rough manoeuvre” by creating an “ad hoc society” so that in appearance at least the property changes hands. (See link on the company participations).

The El Diario article also goes on to explain that the companies involved are diverting capital to other companies in the group, again to avoid the judicial enforcement of sentences.

Two other companies are also now mentioned, Signallia Marketing Distribution, formerly Silverpoint Vacation Solutions and Excel Hotels and Resorts. Signallia being responsible for reservations and Excel for managing the resorts and the billing of maintenance fees. Again it would appear that they are also responsible for diverting funds to other companies and also abroad. According to their financial report, there has been a significant decrease in the balances of their current accounts. The whereabouts of these funds are unknown.

The El Diario article finishes by explaining that one of the Silverpoint representatives must respond to the Judge in Arona on the accusation of the Crime of Obstruction of Justice and Frustration of Execution of Sentences. With another court ordering an embargo on three properties in order to settle a debt of just over 62,000€ for one of CLA’s clients.

This will be an ongoing story and Inside Timeshare will be monitoring the situation as it unfolds. So watch this space for more articles and reports on this intriguing story.

El Diario article 7/10/19

https://www.eldiario.es/canariasahora/tenerifeahora/tribunales/Fiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

El Diario English version

https://translate.google.com/translate?sl=es&tl=en&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

Swedish

https://translate.google.es/translate?hl=en-GB&tab=rT&authuser=0&sl=es&tl=sv&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

Norwegian

https://translate.google.es/translate?hl=en-GB&tab=rT&authuser=0&sl=es&tl=no&u=https%3A%2F%2Fwww.eldiario.es%2Fcanariasahora%2Ftenerifeahora%2Ftribunales%2FFiscalia-venta-propiedades-timesharing-sur-Tenerife-turismo_0_950155565.html

German

https://translate.google.es/translate?hl=en-GB&tab=rT&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

Below are links to previous articles published by Inside Timeshare Including translations.

English

https://insidetimeshare.com/silverpoint-company-participations-is-timeshare/

German

https://translate.google.com/translate?sl=en&tl=de&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-company-participations-is-timeshare%2F

Norwegian

https://translate.google.com/translate?sl=en&tl=no&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-company-participations-is-timeshare%2F

Swedish

https://translate.google.com/translate?sl=en&tl=sv&u=https%3A%2F%2Finsidetimeshare.com%2Fsilverpoint-company-participations-is-timeshare%2F

English

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

German

https://translate.google.com/translate?sl=en&tl=de&u=https%3A%2F%2Finsidetimeshare.com%2F%3Fs%3Dexclusive%2Bbreaking%2Bnews

Norwegian

https://translate.google.com/translate?sl=en&tl=no&u=https%3A%2F%2Finsidetimeshare.com%2F%3Fs%3Dexclusive%2Bbreaking%2Bnews

Swedish

https://translate.google.com/translate?sl=en&tl=sv&u=https%3A%2F%2Finsidetimeshare.com%2F%3Fs%3Dexclusive%2Bbreaking%2Bnews

Translation of this article

German Version

https://translate.google.com/translate?sl=en&tl=de&u=https%3A%2F%2Finsidetimeshare.com%2Fel-diario-publishes-another-article-on-silverpoint%2F

Norwegian Version

https://translate.google.com/translate?sl=en&tl=no&u=https%3A%2F%2Finsidetimeshare.com%2Fel-diario-publishes-another-article-on-silverpoint%2F

Swedish Version

https://translate.google.com/translate?sl=en&tl=sv&u=https%3A%2F%2Finsidetimeshare.com%2Fel-diario-publishes-another-article-on-silverpoint%2F

If you have purchased any product from Silverpoint and would like to know what your legal position is and what options are open to you then use our contact page and we will point you in the right direction.