Oceanville

Probably belongs to a relative of a member of the council John...

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.

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...

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!

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!

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.

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.

Picture taken on Wednesday 28th August 2013. Says it all.