Oceanville |
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Algarveaddick
Top Contributors Joined: 27/December/2008 Location: Portugal Status: Offline Points: 5052 |
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Probably belongs to a relative of a member of the council John...
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J2me
Senior Member Joined: 18/January/2007 Status: Offline Points: 1582 |
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Why would we not be
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mg09mail-temp
Newbie Joined: 21/February/2012 Status: Offline Points: 10 |
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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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cubsur
Moderator Group Joined: 26/January/2006 Status: Offline Points: 27003 |
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I have seen nothing recently. |
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Albufeira Resident
www.algarvebus.info public transport information for the Algarve |
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Jocelyn
Regular Joined: 26/June/2009 Location: Ireland Status: Offline Points: 269 |
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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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cubsur
Moderator Group Joined: 26/January/2006 Status: Offline Points: 27003 |
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Thanks.
We await the outcome with interest. |
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Albufeira Resident
www.algarvebus.info public transport information for the Algarve |
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tiganut
Top Contributors Joined: 29/July/2009 Status: Offline Points: 2010 |
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I have got everything crossed for you.Heres hoping some good news comes out of this.
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He Who Dies With The Most Toys Wins
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mg09mail-temp
Newbie Joined: 21/February/2012 Status: Offline Points: 10 |
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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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Jocelyn
Regular Joined: 26/June/2009 Location: Ireland Status: Offline Points: 269 |
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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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cubsur
Moderator Group Joined: 26/January/2006 Status: Offline Points: 27003 |
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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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Albufeira Resident
www.algarvebus.info public transport information for the Algarve |
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J2me
Senior Member Joined: 18/January/2007 Status: Offline Points: 1582 |
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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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wiffen
Newbie Joined: 18/April/2012 Location: Spalding Status: Offline Points: 15 |
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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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cubsur
Moderator Group Joined: 26/January/2006 Status: Offline Points: 27003 |
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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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Albufeira Resident
www.algarvebus.info public transport information for the Algarve |
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wiffen
Newbie Joined: 18/April/2012 Location: Spalding Status: Offline Points: 15 |
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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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cubsur
Moderator Group Joined: 26/January/2006 Status: Offline Points: 27003 |
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Picture taken on Wednesday 28th August 2013. Says it all.
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Albufeira Resident
www.algarvebus.info public transport information for the Algarve |
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