Cogilco´s bankruptcy, one of the biggest this year.

As you may know, Cogilgo´s insolvency proceeding was opened last July, with a warning in the Spanish Bulletin (dated in 5th July). Unfortunately, many British Buyers bought Cogilco´s houses, most of them, vía Palmera Properties, in promotions like "Las Mimosas" (Benalmádena), finished some months ago (including first occupancy license), with a great delay according to hand over date stated in the contracts.

A lot of creditors (buyers, providers and banks) are party now in Cogilco creditors meeting, which is been known by the only Company Court in Málaga, as I noted in my last message. It is the only way to try to get some money from this disgusting situation which affects many investors and families in and out of Spain.

Their debts and credits are being studied by its insolvency administrators and no details have been informed yet to the creditors in the meeting; however, some figures have been showed in Spanish newspaper, figures not right at all: Cogilco´s assets may be over 130 millions of euros, while their debts rise to more than 120 millions of euros.

The proceeding will clarify the real situation of this promoter, another promoter who leaves their buyers abandoned.