It was resolved on the 12th of September 2019 that, Silverpoint Vacations SL was insolvent and unable to pay its debts ‘if and when’ due. This has left a considerable number of Timeshare Consumer worried and in need of real advice regarding the current situation therefore, to that end, we can advise [as at today] that: –
This company was the seller of an abundance of timeshare products and is the same company who managed many Timeshare resorts in Spain and other pan European Countries.
The disruption in booking the timeshare has been evidenced by the number of complaints – most of whom seek advice and regarding the failure of Silverpoint to deliver the holidays the consumers have paid for.
By way of section 75 and75a of The Consumer Credit Act 1974 some consumers were assisted by way of finance may have a claim against the banks who supported the sales activities, however, this will largely require careful consideration and by experts.
The products Silverpoint sold were ‘Points’ or ‘Floating week systems’, ‘Fixed weeks, ‘Fractional Ownership’, ‘Investment packages’ including but limited to the ‘Company Participation Schemes’.
The activities when selling these products includes contraventions in Spanish Laws including a failure to abide by the statutory 14-days cooling-off period and the extended period were Silverpoint prohibited from taking any money from a consumer before 90-days had passed (which is a serious infringement of Spanish Law).
All the claims which TESS have made and are still making include within pleading, other contraventions of Consumer and Mercantile Laws.
Silverpoint is beginning to liquidate their Company and concerns exist as to why the members of the clubs have not informed?
We do know that “liquidation” could be an attempt to avoid further litigation in the courts against them accordingly the State Prosecutors Office is also investigating the reasons behind the liquidation.
The liquidation notice in English is below: –
14672 – Silverpoint Vacations SL (R.M. Santa Cruz de Tenerife).
Terminations / Resignations. Unique Adm: Gomez Quezada Aneury Jose. Appointments LIQ.CONC .:
Vera-Martin Peñasco Miguel Angel. Bankruptcy situation.
Bankruptcy proceedings 650/2019. Sign: Yes,
Resolution date 12/9/2019.
Auto declaration of the contest. Voluntary. Court: num. 0 Court of the Mercantile Number 1 of Santa Cruz de Tenerife. Judge: ELENA Fraile Lafuente.
The contest, which is voluntary, is declared to the debtor D./Dña. Silverpoint Vacations, S.L.U. with CIF number, n. B38101416 and domiciled in Calle Los Angeles s / n, Los Cristianos (Arona).
The general rules of Chapter I of Title VIII shall apply in the processing of the procedure. Bankruptcy situation.
Bankruptcy proceedings 650/2019. SIGN: Yes, Resolution date 12/9/2019. Resolutions agreeing to the intervention or suspension of the administration and disposition of the bankruptcy.
Court: num. 0 Court of the Mercantile Number 1 of Santa Cruz de Tenerife. Judge: Elena Fraile Lafuente. Bankruptcy situation.
Bankruptcy proceedings 650/2019. SIGN: Yes, Resolution date 12/9/2019. Auto opening of the liquidation phase. Court: num. 0 court of the Mercantile number 1 of Santa Cruz de Tenerife. judge: Elena Fraile Lafuente. Resolutions: The opening of the settlement phase is agreed.
The dissolution of the bankrupt company is declared, the administrators who will be replaced by the bankruptcy administration ceasing their duties.
Dissolution. Other Causes Registry data. T 3589, F 22, S 8, H TF 7617, I / A 52 (7.01.20).
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Posted on: 22nd January 2020