The Spanish Prosecutor’s office [SPO] is now homing in on the ex RDO member ‘Silverpoint’ Timeshare Resorts. What is of great concern to SPO is when applying a magnifying glass, it was revealed that a massive sale of Timeshare properties has taken place to avoid payment to creditors of Silverpoint. In particular, those consumers who have successfully sued the now-defunct Timeshare resort.
This is not the first time the SPO has investigated Silverpoint however, this investigation now centres around alleged ‘decapitalization’ of assets in order to avoid paying the hundreds of sentences Silverpoint have accumulated.
According to those affected, Silverpoint has in five months stripped 52 of its 76 properties out of its portfolio That said, Silverpoint Directors have retained control and ownership over them and throughout the transfer process. With agreements in place. the instrumental shelf companies appear to be shielding, the new owners and from the rouse being performed.
Now Silverpoint has hit the iceberg, they can get on with the business of sinking the ship whilst ensuring the lifeboats are filled with capitulating rouges who assist them. The consumer plight is being ramped up and to ensure the ‘captains of scams’ go down with their ship.
Have you made a claim yet?
The Silverpoint Vacations, judicial problems are mounting, and more and more claims are successful more and more embargos are being placed on properties and to assist in the recovery process. Due to the monumental claims, Silverpoint’s can no longer tread water or dam the tide of claims being made.
With hundreds of open executions process, many have cancelled their timeshare obligations and for the contravention of the law and/or irregularities and when the timeshares were sold. The company Silverpoint (late Resort Properties) was founded in the eighties by British businessman Bob Trotter who was no stranger to besmirching and allegations of bad practices.
The Prosecutor’s Office in Santa Cruz, Tenerife is also investigating the massive sale of Silverpoint Properties and the shelf companies who assisted. Whilst dealing with this element they are also investigating the diversion of funds which have been moved abroad for mystical reasons.
The investigations did commence on account of Silverpoint Vacations avoidance of its judicial responsibilities to pay creditors. According to the data, the company’s assets were reduced by about 70% in just five months, by selling 52 of the 76 properties owned by them in the period between September 2018 and February 2019. This has been classed as a “gross manoeuvre” and consisted of – the creation of an ‘ad hoc’ societies so that the property effectively changes hands, at least in appearance.
The operation described is: – Silverpoint Vacations sells the property to shelf companies who subsequently manage and preserve the operation of the facilities through-out the assignment agreement.
To the giant of timesharing and massive sponsor of the RDO operation, Silverpoint was based in the south of Tenerife. The group is also accused of diverting capital to other companies and now claim they were oblivious to the judicial sentences and their corresponding execution processes.
In this case ‘Signallia’ Marketing they were responsible for: –
reservations, at Excel Hotels and Resorts
for managing the rights sold by Silverpoint Vacations and
maintenance fee charges to its customers.
The complaint also warns, the company’s financial report shows reallocations of investment have been moved to sketchy locations and the continuous income streams are showing “significant decrease”.
Silverpoint Vacations maintains a “prolific activity”, with hundreds of live contracts, and that it also continues to sell tourism products but has modified the sales formulas. “Far from ceasing its activity, it is reinventing itself
As with the ‘Anfi’ group on the island of Gran Canaria, Silverpoint Vacations has consistently refused to voluntarily pay clients in civil lawsuits in which it has been convicted and has also resisted responding to the requirements of the courts to report the assets subject to embargoes.
Silverpoint owes many timeshare consumers – millions of euros in damages. The complainants made speak of the “rebellious” attitude of the company and adds to the “dilatory” strategy in procedures and executions, by continuing to appeal resolutions on an issue that the Supreme Court has already resolved in dozens of occasions since its first sentence.
Because of this way of proceeding, one of the representatives of Silverpoint Vacations must now respond soon to the accusation of a crime of obstruction of justice and frustration in the execution.
If you need assistance with any Silverpoint Timeshare compensations – Contact us today.
Posted on: 22nd October 2019