Club La Costa to go into liquidation
We are aware that one of the many unregulated companies out there have sent out a mass email, advising that Club La Costa (CLC) have gone into liquidation. Although it is the truth, it is not the whole truth, but is more like an Idiot’s Guide.
WHAT IS THE SITUATION?
CLC have been operating for many years under various guises, using both Spanish and UK companies. For example, in any purchases, the Vendor company was a company registered in Spain such as Continental Resorts Services SLU, Paradise Trading SL and Club La Costa (UK) Plc Sucursal En España, all of which have been in liquidation for approximately two years.
Further, invoices for annual Management fees have been issued by a company called CLC Resort Management Limited, a company registered in the Isle of Man.
The company that has now moved to Creditors Voluntary Liquidation (it was previously in Administration) is called Club La Costa (UK) Plc, based in London.
WHERE’S THE MONEY GONE?
Clearly CLC have been taking annual fees from members for many years. While obviously some of that money will have been used to maintain and update the facilities, the sums are so great that members should be entitled to question where the rest of the money has gone.
We think that timeshare owners should be entitled to ask CLC for a breakdown, showing what they have done, and continue to do with this money. We would be very interested to see their response.
ISSUING PROCEEDINGS IN SPAIN
The reason Unregulated companies are sending these emails out is so that they might encourage vulnerable members of the public, to issue legal proceedings in Spain. We looked into this several years ago and decided that doing so would just result in people “throwing good money after bad”, as even though they could secure a Spanish Judgment against CLC, they would be unlikely to receive any actual compensation.
Our advice was absolutely “spot on” as it now turns out that there are now outstanding Judgments against CLC, in Spain, for more than €30,000,000, going back eight years. So that the people who handed over thousands of pounds, to go down that route, have ended up with very expensive toilet paper…
GOING AFTER THE BANKS
We decided, several years ago, that the best way for people to secure actual compensation was to claim against the UK banks that funded the various timeshare products, pursuant to the Consumer Credit Act, 1974. Unlike CLC’s various companies, banks such as Barclays Partner Finance are unlikely to go into Liquidation.
Although this process has taken a lot longer than we originally anticipated (the banks have obstructed and delayed at every juncture), we are certain that it remains the best – and possibly the only – way of securing compensation, for long-suffering victims of the timeshare industry.
WHAT SHOULD I DO?
You should immediately seek help from one of the few fully regulated firm of solicitors, such as Sarah Waddington Solicitors, who are experts in Timeshare and its complicated laws. If you want any further information, please call us on 0044 1920 481 499, and ask to speak to our specialist Timesahre Advisor.
I THINK I HAVE A TIMESHARE CLAIM WHAT SHALL I DO?
We would encourage anyone who owns a Timeshare to contact us as soon as possible. Processing a claim takes time and to avoid any delays and further expense, call our Timeshare specialist on 01924 601095 to find out how we can help. You can also email us on firstname.lastname@example.org or request a call back here CALL BACK
Finally, remember any genuine timeshare solicitor will be extremely careful to manage a client’s expectations. They will be honest and realistic with what could possibly be achieved in regard to your individual case. If someone claiming to be a lawyer or solicitor has been in contact contacted, be sure to do your research and check if they are regulated by the SRA and if the individual is registered as a solicitor.