Aifos insolvency administrator´s report

According to the Spanish Insolvency Act, the insolvency administrators´ report will show the company´s accountancy, a view over its accounts and a list of assets and rights, with a clear mention regarding its kind and burdens.

Bearing in mind the number of "supposed to be-finished promotions" or "under-work promotions" relating to Aifos, it is surprising the report does not include any point about the high amounts of money paid by thousands of buyers in those promotions.

Aifos insolvency administrators´give a list of Aifos´rights, with the figure of 1.196.017 euros in cash and current accounts, but they do not stated how much of that money is money paid by buyers and deposited in special accounts, as Law requires. No explanation in the report about any bank guarantees over that money paid by purchasers, according to Law, and what happen with the money paid in advance as VAT.

No easy to understand why those matter of clear economic even criminal consequences have not been written in the report, while nearly all the buyers´ credit has been considered by the administrators as "conditional credits" from contracts which are suitable to be fullfilled by Aifos. That is not logic whether we remember that the administrators know many Aifos´ promotions are stopped, building license are being investigated by administrative and criminal courts, which has nothing to do with the possibility of Aifos fullfilling the purchasing contracts.

It is essential that administrators correct these lack of info and details, checking ALL purchasing contracts, its legality and all promotions legality, confirm the money paid is in that special currents accounts and the bank guarantees over it are in place and the VAT has been delivered to Tax Authorities. We know that is a massive task but not carry it out will be deal with Aifos´ insolvency ignoring the buyers and keeping a false view of Aifos accountancy.