As previously advised various companies from the Club La Costa Group have now entered into administration (Paradise Trading, Continental Resort Services and CLC UK PLC Sucursal en España).
For all our clients affected by this event we have now completed the submission of all their credit requests to the Administrator. We have also officially announced our participation in the proceedings of the Mercantile Court in order to be informed of all the occurrences during this procedure.
The court appointed administrator has already confirmed the credits for those clients who already had a firm sentence. For the rest of the clients he must wait for the Judges resolution before he can consider them as creditors.
As part of the proceeding we were also asked to present our allegations regarding the qualification of the liquidation procedure. We presented our findings and asked for the procedure to be considered as negligent bankruptcy (concurso culpable) as we strongly believe that the administrator of the companies could have avoided it. This being the case we have requested that personal responsibilities should be derived.
We are now waiting for the court appointed administrator to present his allegations to the Judge who will then pass Judgement on his findings.
Whilst these are the latest updates in the mercantile court please note that everyone without a firm sentence is still being represented in the civil courts and will receive individual updates as the cases progress.
All our clients affected by these proceedings have been sent a more detailed email. In the event that you haven’t received this email please contact your representative at CLA.