Hello there, I have a timeshare with Club la Costa and I have been informed that the company I have my contract with is now in Liquidation, how does this effect me?
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Dear Peter,
This means that the company has submitted a statement of insolvency & provisional liquidation.
This does not mean they are in bankruptcy or final liquidation. The aim of this legal proceeding is that they are looking for a way to pay their creditors in order to clear the company´s financial situation.
Club la Costa’s liquidation statement may affect you in several ways:
– If you have claimed Club la Costa to obtain the cancellation of your timeshare contract: You should contact your lawyers for advice on whether they have communicated your credit to the Bankruptcy Administrator. They will inform you of all the procedure to be followed from now on both in the Civil and Commercial fields.
– If you have not sued Club la Costa to obtain the cancellation of your timeshare contract and you do not want to do so because you are happy with it: Club la Costa seems to continue in the same way and you will be able to enjoy your holidays as before.
– If you would like to cancel the contract but your case has not been filed in court yet, It could be file it directly in the Commercial Courts. There is no reason to be concerned, given that this proceeding will be the same as if it was to go via the Civil Courts. This simply means that the clients will be considered creditors from the outset and then they will have priority in the eyes of the appointed Trustee in bankruptcy.
Therefore, please let us inform you that given that If you have not sued Club la Costa to obtain the cancellation of your timeshare contract and you wish to do so: Contact Timeshare.lawyers through the corresponding form.