AlbertoBertorelli
New Member
No I'm good at moment should I have any questions I will post again or email you directly.
AlbertoBertorelli
New Member
Everything's gone now- just a holding page, promising a new site soon!!!!!!!!!!!
AlbertoBertorelli
New Member
Alternative Properties
There is an organisation that I suggest you all join. I am no way connected with this organisation, but I think they are trying to help us by consilidating information and trends in all troubled Bulgarian Developments.
Bulgaria Property Action Group
Please, this is not my opinion I am just trying to be helpful, any criticism's will be fully ignored !!!!
Theyare giving this advice in an email to their members:
A large number of people have contacted me concerned that progress on their development has stalled and it appears that their developer is bankrupt.
A number of other developers have begun to offer ‘rescue’ packages for people who’s developer is bankrupt. I have also had a great number of enquiries from people who have been offered rescue packages seeking for an independent opinion as to whether they should enter into the rescue package offered.
This advice is for both groups.
Essentially these rescue packages work like this;
A developer who is solvent may offer to let you transfer your equity into their development. Say for example you have paid about 30% of the total price of an apartment in another development they may offer you an apartment of equal market value in their development.
They can do this because it is likely that at least 15% of the total price of the unit you agreed to buy was real estate agent fees. So if your first payment was 30% then half of this (15%) would have gone straight to the REA and the other half to the developer. By offering you and apartment of equal market value the new developer is immediately discounting their apartment by 15%. They will then however, immediately become creditors of the old developer and seek to this difference from them.
If you are thinking of entering into a rescue package agreement here are some guidelines:
1. Do not enter any rescue package agreement that necessitates that you make cash payment. This likely means that the new developer is not as financially ‘healthy’ as they are suggesting and are in desperate need of cash flow.
2. Ask the new developer to prove that they are not bankrupt and are indeed very financially healthy and that there are no mortgages on the land. (Your lawyer should investigate this anyway)
3. Do not enter into any rescue agreement for apartments that are incomplete, the new unit must be already completed so you can see exactly what you are getting.
4. At present it is impossible to get a mortgage for properties in Bansko or Sunny Beach so the rescue package must have a finance package with it also.
5. Get an independent lawyer. Do not use the lawyer recommended by any REA or developer find your own independent lawyer.
There is an organisation that I suggest you all join. I am no way connected with this organisation, but I think they are trying to help us by consilidating information and trends in all troubled Bulgarian Developments.
Bulgaria Property Action Group
Please, this is not my opinion I am just trying to be helpful, any criticism's will be fully ignored !!!!
Theyare giving this advice in an email to their members:
A large number of people have contacted me concerned that progress on their development has stalled and it appears that their developer is bankrupt.
A number of other developers have begun to offer ‘rescue’ packages for people who’s developer is bankrupt. I have also had a great number of enquiries from people who have been offered rescue packages seeking for an independent opinion as to whether they should enter into the rescue package offered.
This advice is for both groups.
Essentially these rescue packages work like this;
A developer who is solvent may offer to let you transfer your equity into their development. Say for example you have paid about 30% of the total price of an apartment in another development they may offer you an apartment of equal market value in their development.
They can do this because it is likely that at least 15% of the total price of the unit you agreed to buy was real estate agent fees. So if your first payment was 30% then half of this (15%) would have gone straight to the REA and the other half to the developer. By offering you and apartment of equal market value the new developer is immediately discounting their apartment by 15%. They will then however, immediately become creditors of the old developer and seek to this difference from them.
If you are thinking of entering into a rescue package agreement here are some guidelines:
1. Do not enter any rescue package agreement that necessitates that you make cash payment. This likely means that the new developer is not as financially ‘healthy’ as they are suggesting and are in desperate need of cash flow.
2. Ask the new developer to prove that they are not bankrupt and are indeed very financially healthy and that there are no mortgages on the land. (Your lawyer should investigate this anyway)
3. Do not enter into any rescue agreement for apartments that are incomplete, the new unit must be already completed so you can see exactly what you are getting.
4. At present it is impossible to get a mortgage for properties in Bansko or Sunny Beach so the rescue package must have a finance package with it also.
5. Get an independent lawyer. Do not use the lawyer recommended by any REA or developer find your own independent lawyer.
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BPAG
New Member
What to do if your developer is bankrupt
If your developer is bankrupt then there is no point in paying out more money to lawyers to take legal action. If there is no money there is no money. Developers in Bulgaria are going down everywhere as creditors put the squeeze on them.
I reckon that these are your options:
1. Walk away from your deposit and wish that you had never heard of Bulgaria. If you do this then you will need to engage a lawyer to make sure your contract is properly cancelled so they wont be coming after you at a later date for the balance.
2. Look seriously at any rescue package you have been offered and if you don’t like the terms try and negotiate better terms. I see that my ‘Guidelines for assessing rescue packages’ has been posted below. I would add to this a further criteria 'make sure your contract with the bankrupt developer is properly cancelled so they wont be coming after you at a later date for the balance'.
3. Look for a rescue package from another developer.
4. Work collectively to get ownership of the development. This will necessitate that you have 100% agreement from ALL apartment owners.
Bulgaria Property Action Group
I absolutely concur with this. You should not be letting the 'grass grow under your feet'
If your developer is bankrupt then there is no point in paying out more money to lawyers to take legal action. If there is no money there is no money. Developers in Bulgaria are going down everywhere as creditors put the squeeze on them.
I reckon that these are your options:
1. Walk away from your deposit and wish that you had never heard of Bulgaria. If you do this then you will need to engage a lawyer to make sure your contract is properly cancelled so they wont be coming after you at a later date for the balance.
2. Look seriously at any rescue package you have been offered and if you don’t like the terms try and negotiate better terms. I see that my ‘Guidelines for assessing rescue packages’ has been posted below. I would add to this a further criteria 'make sure your contract with the bankrupt developer is properly cancelled so they wont be coming after you at a later date for the balance'.
3. Look for a rescue package from another developer.
4. Work collectively to get ownership of the development. This will necessitate that you have 100% agreement from ALL apartment owners.
Bulgaria Property Action Group
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Manzanares
New Member
Hi
The points you raised regarding cancelling existing contract is an important one and one which I posted earlier in this thread. One important point is that not ALL these developers are unable to compensate or offer alternatives - each one will be in a slightly different financial position so please do not make any assumptions. The other important point is the time delay - people should be moving forwards now - waiting to see what happens or how any other buyer resolves a situation is not the best way to deal with this - as the delay could result in you being left high and dry with no options to consider.
I think its wrong to suggest not employing a Lawyer and incurring further costs, of course you want to spend wisely and not waste money - BUT unless you at least have a Lawyer look at your individual situation and contract - you may not be aware of what your options are. This does not mean you have to proceed with a Court case and therefore higher fees - you can take decisions at different steps along the way. Everyone will be in a different position financially and some will have more access to more options as a result - but at least find out what your starting point is.
Regards
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BPAG
New Member
Thank you that. I believe that we are in agreement. I am not for a minute suggesting that lawyers are a waste of time. The point that I am making is that it is extremely doubtful that your solution will be through legal action.
Having your contracts looked at by a legal expert will certainly clarify your position and enable you to see more clearly what your options are.
While I am mentioning lawyers I would also reiterate a previous point that you should engage an independent lawyer to do this DO NOT use the lawyer recommended by the REA or the developer. I would also recommend that if you haven’t already done taken steps towards resolving your situation then you should do so... today. (no :sleep: )
Bulgaria Property Action Group
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Manzanares
New Member
I appreciate your response - and its good to see we have similar views on this subject. It is difficult to assess who will or will not need to consider Court Action in these cases. Hopefully for some there will alternative options. But if in the end Legal Action appears to be the only course of action - then clients still need to take a decision as to whether or not they wish to proceed - and as mentioned earlier this will be dependant on many factors, not only the financial status of the developer, but also that of the client. As everyone is no doubt aware - there are no guarantees when taking Court or Legal Action, but for some it will be appropriate to assess and take that risk - for others the risk may be too high to consider.
Have a good afternoon and thanks again
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BPAG
New Member
Manzanares
Thank you so much for your polite greetings of a happy afternoon.
As there appears to be no PM facility on this forum I will have to make this posting public.
Why is it that every time I make a posting on a web site or forum that you find it necessary to follow my posting with one of yours?
Almost every posting that I have made on any forum you have immediately followed my posting to qualify my statement with a comment from a lawyers point of view.
It is as though you are attempting to establish yourself as the ultimate authority on these forums. We all know that the law does not fulfil this purpose. As the famous saying goes; don’t rely on justice because justice is a process, not a result.
Please respond to the BPAG email via the web site.
Thank you so much for your polite greetings of a happy afternoon.
As there appears to be no PM facility on this forum I will have to make this posting public.
Why is it that every time I make a posting on a web site or forum that you find it necessary to follow my posting with one of yours?
Almost every posting that I have made on any forum you have immediately followed my posting to qualify my statement with a comment from a lawyers point of view.
It is as though you are attempting to establish yourself as the ultimate authority on these forums. We all know that the law does not fulfil this purpose. As the famous saying goes; don’t rely on justice because justice is a process, not a result.
Please respond to the BPAG email via the web site.
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Manzanares
New Member
Well, Im not lying when I say Im genuinely shocked! I can absolutely guarantee no ulterior motive here! maybe Im just too polite .. which to be honest is probably true. I have a genuine interest in how information is taken and shared on the forums and thought we were actually seeing more and more genuine posts and information - and less of the cynisism or critisism when someone other than a buyer posted.....and if Im honest I thought you were one of them and I genuinely meant what I said ... I valued your comments and the fact we agreed on so many things.
I can 100% confirm that it was not my intention to "follow" you - I automatically get an email when you post purely because Ive participated previously in a thread - so I obviously read it - and then replied out of courtesy.
But, I dont want to cause any bad feeling so will refrain from "following" any of your posts by commenting immeidately afterwards.
I post on many forums from a professional point of view, but I also subscribe and post (and moderate on one!) from a personal perspective too.
Gosh there are so many niceties to stick to on here Im getting myself into trouble most weeks! lol
Apologies for any offence . certainly non meant.
I didnt feel the need to reply by email to your business address - Ive nothing to hide so responding in public to your public post wasnt an issue.
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AlbertoBertorelli
New Member
Web Site
You will see Eurosilex have made their web site secure you need username and pasword no option to register for access yet another strange thing?
You will see Eurosilex have made their web site secure you need username and pasword no option to register for access yet another strange thing?
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BPAG
New Member
Just another indication that they are in trouble, but you knew that already so what divverence does it make?
AlbertoBertorelli
New Member
Do you mean difference ?
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Manzanares
New Member
Hi Alberto
We have accessed the new site one bahalf of a client who sent his login/password to his Lawyer here. I cant understand why the "normal" site has been closed down - but looking through the "new" site it does seem to have been designed specifically for existing buyers .... not sure if you have seen it ? but there are FAQ pages on the potential to switch units,what your options are, what their responsibilities are etc etc. I suppose they believe no one else other than a current owner/buyer would need to see the sort of information they have posted on the new site.
Regards
T
Tidalflow
New Member
Bargain Basement Website
The new website as I understand it is a valuable cost cutting exercise so that Eurosilex are no longer responsible for paying their media company to produce a swish site. I would suggest that to not even add an image, apart from their logo, is quite a spartan approach but maybe this does reflect the new realistic fianancial situation. Could just be if the same approach is applied to our property relocation they might just manage to deliver something for clients, although I'm still waiting.
Tidalflow.
Hello once again,
The new website as I understand it is a valuable cost cutting exercise so that Eurosilex are no longer responsible for paying their media company to produce a swish site. I would suggest that to not even add an image, apart from their logo, is quite a spartan approach but maybe this does reflect the new realistic fianancial situation. Could just be if the same approach is applied to our property relocation they might just manage to deliver something for clients, although I'm still waiting.
Tidalflow.
AlbertoBertorelli
New Member
I think you will find G2 Media who produced their web site is also owned by Messrs Galand & Glas
AlbertoBertorelli
New Member
Relocation
Has anyone accepted a relocation offer from Eurosilex?
Has anyone accepted a relocation offer from Eurosilex?
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Boyo
New Member
Hi everybody
Reading some of the early messages on this thread took me back to our own problems with this developer. I'm sure your all aware that they always recommend you use "their preferred lawyer".
The guy I had was clearly a company puppet. the completion "he accepted" in the middle of the Winter of 2006 turned out to be a little over the top as we could not use it until the summer of 2007 and then we discovered there was no water, so we stayed there having to carry buckets of water from downstairs, the developer claimed that of the 166? days delay up to Dec 2006 only 32 days delay should be paid as all the rest was because of Force Mujure. The Lawyer of course refused to take action against the developer on my behalf, they even had the cheek to deduct tax as income from the compensation.
I wish you all luck.
Boyo
Reading some of the early messages on this thread took me back to our own problems with this developer. I'm sure your all aware that they always recommend you use "their preferred lawyer".
The guy I had was clearly a company puppet. the completion "he accepted" in the middle of the Winter of 2006 turned out to be a little over the top as we could not use it until the summer of 2007 and then we discovered there was no water, so we stayed there having to carry buckets of water from downstairs, the developer claimed that of the 166? days delay up to Dec 2006 only 32 days delay should be paid as all the rest was because of Force Mujure. The Lawyer of course refused to take action against the developer on my behalf, they even had the cheek to deduct tax as income from the compensation.
I wish you all luck.
Boyo
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M Ahmad
New Member
Hi All,
We are gathering at Wynn Hotel(Lower Abbey Street) Dublin on Sunday 23rd of Aug. at 16.00 Hrs. to discuss future course of action including sueing Eurosilex. The bigger the meeting, the better the result with more practical ideas & solutions, allwelcome & encouraged to attend. This might be our last oppertunity to solve this problem amicably.
One of our colleague from Northern Ireland will be meeting with Alexander Glas in Bulgaria on 28th of Aug.with all the recommendations from the meeting of 23rd, so be there for your opinion and recovery of your precious investment. Shahzad
We are gathering at Wynn Hotel(Lower Abbey Street) Dublin on Sunday 23rd of Aug. at 16.00 Hrs. to discuss future course of action including sueing Eurosilex. The bigger the meeting, the better the result with more practical ideas & solutions, allwelcome & encouraged to attend. This might be our last oppertunity to solve this problem amicably.
One of our colleague from Northern Ireland will be meeting with Alexander Glas in Bulgaria on 28th of Aug.with all the recommendations from the meeting of 23rd, so be there for your opinion and recovery of your precious investment. Shahzad
AlbertoBertorelli
New Member
Dublin Meeting
For those unable to attend as many of us live abroad Poland, France, England, Italy etc.
Would it be possible for us to know outcome of your meeting either by private message or e mail to personal address, we all have or will lose large amounts of money thanks to these people and all want to be involved?
For those unable to attend as many of us live abroad Poland, France, England, Italy etc.
Would it be possible for us to know outcome of your meeting either by private message or e mail to personal address, we all have or will lose large amounts of money thanks to these people and all want to be involved?
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Boyo
New Member
Good Luck
Good luck at your meeting with Alexander Glas, there are a lot of people from Golden Valley who would be very interested in joining your group, unfortunately they are on My Bulgaria forum,but maybe they are on both.
Boyo
Good luck at your meeting with Alexander Glas, there are a lot of people from Golden Valley who would be very interested in joining your group, unfortunately they are on My Bulgaria forum,but maybe they are on both.
Boyo
