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Oceanville

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Algarveaddick View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Algarveaddick Quote  Post ReplyReply Direct Link To This Post Posted: 11/January/2013 at 00:18
Probably belongs to a relative of a member of the council John...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote J2me Quote  Post ReplyReply Direct Link To This Post Posted: 11/January/2013 at 23:06
Why would we not be Shocked
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mg09mail-temp Quote  Post ReplyReply Direct Link To This Post Posted: 15/January/2013 at 07:18
Hi all, did any of you hear any news this year about the insolvency process of Sesimbra? Apparently this process is lead by a judge / court, but since my Portuguese skills are very basic, I can't search for information online :-(
If you have information please share?
Thank you in advance.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 15/January/2013 at 09:25
Originally posted by mg09mail-temp mg09mail-temp wrote:

Hi all, did any of you hear any news this year about the insolvency process of Sesimbra? Apparently this process is lead by a judge / court, but since my Portuguese skills are very basic, I can't search for information online :-(
If you have information please share?
Thank you in advance.


I have seen nothing recently.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 15/January/2013 at 09:49
The bankruptcy case was heard in the commercial court in Lisbon, on Friday 11th January. The report is all in portuguese, sesimbra's assets, creditors and whatever else goes into this type of report. The judge has to sign off on the report, so more waiting and my solicitor says she cannot say how long this will take...

If I hear more, of course I will post!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 16/January/2013 at 08:57
Thanks.

We await the outcome with interest.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote tiganut Quote  Post ReplyReply Direct Link To This Post Posted: 16/January/2013 at 09:03
Originally posted by Jocelyn Jocelyn wrote:

The bankruptcy case was heard in the commercial court in Lisbon, on Friday 11th January. The report is all in portuguese, sesimbra's assets, creditors and whatever else goes into this type of report. The judge has to sign off on the report, so more waiting and my solicitor says she cannot say how long this will take...

If I hear more, of course I will post!
I have got everything crossed for you.Heres hoping some good news comes out of this.
He Who Dies With The Most Toys Wins
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Post Options Post Options   Thanks (1) Thanks(1)   Quote mg09mail-temp Quote  Post ReplyReply Direct Link To This Post Posted: 16/January/2013 at 12:44
Thank you Jocelyn, very much appreciate your update and look forward to hearing about new developments. I will also post news from my solicitor, provided I get any ...
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Jocelyn Quote  Post ReplyReply Direct Link To This Post Posted: 17/January/2013 at 12:00
just to add on a positive note (however small), my solicitor said that oceanville definitely has the habitation / tourism licences. all the issues with the albufeira council have been sorted.  it's all in the bankruptcy report!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 17/January/2013 at 12:23
Whoever takes it on has a mammoth task to put right the damage caused by all these years of neglect. Good luck to all those affected.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote J2me Quote  Post ReplyReply Direct Link To This Post Posted: 17/January/2013 at 20:07
Originally posted by J2me J2me wrote:

Rumour suggest that the habitation licence has been granted. One would have assumed that was the last serious hurdle because it would never have been granted if there was any doubt about matters such as title or outstanding planning infringements, etc.

Assuming that the developer has mortgages registered against the individual properties (as is normally the case while they still own them), one would imagine that the banks will be eager to assist the developer in off-loading those same properties to promissory buyers.

Since there has been zero movement that we know about, I am assuming that there is still a problem. Perhaps an outstanding judgement against a stakeholder ..............


Delighted to see the latest update. Assuming that some accountant (or similar) has - or will be appointed soon, I would expect that the bank(s) will want to start selling the apartments and villas later this year. A management company will be appointed to start a programme of renovation and the wheels will slowly start to turn again.  Hopefully many of the people who are promissory buyers will still have the financial ability to fund their purchase. Bank agreements to provide mortgages will have to be renewed - the unfortunate part is that the financial circumstances for some promissory buyers will have changed for the worse. 90-100% mortgages are a part of history. Valuations for property will have fallen too. All in all, there will be serious challenges.

But I really am happy for those who have had to wait so long.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote wiffen Quote  Post ReplyReply Direct Link To This Post Posted: 20/March/2013 at 16:17
we are in albufeira for easter so will make our twice yearly inspection of Oceanville and think about what could have been...
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Post Options Post Options   Thanks (1) Thanks(1)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 21/May/2013 at 09:17
I haven't taken any pictures for a while, so here's a couple from Saturday. The weeds are really taking over now and the recent damp weather is starting to affect the exteriors. I dread to think what the interiors might be like.






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Post Options Post Options   Thanks (0) Thanks(0)   Quote wiffen Quote  Post ReplyReply Direct Link To This Post Posted: 21/May/2013 at 12:52
This really is a sorry state of affairs, as I said we walked drove round at Easter and it looked pretty awful then.  Back in August so will take another look then,  seems a lifetime ago now when we first viewed and put deposit down on an appt here,  hindsight is a wonderful thing.
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Post Options Post Options   Thanks (1) Thanks(1)   Quote cubsur Quote  Post ReplyReply Direct Link To This Post Posted: 30/August/2013 at 17:21
Picture taken on Wednesday 28th August 2013. Says it all.


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