15th February 2011
A rewarding negotiation
The whole Judicare team are delighted to have been able to achieve a satisfactory conclusion for another client.
The investment and the difficulties within this case relating to the bank guarantee proved again that the experience of the legal team dealing with this claim were tested to the limits and called for some skilful negotiating with the bank to have the surety retrospectively altered.
Jose Dorta the Chairman of the group commented” it was quite a challenge to convince the lending bank that the interests of our client would only be served in this action if they recognised his contribution to the original deposit, and did not place him or that investment at risk by paying the total amount back to one investor with whom he had now developed a fractious relationship”
“Through negotiating with the bank, this compromise was reached and we have managed to extract our client from the process with his original funds”
Mr. Connelly was happy to expand:
“I invested a substantial amount of money back in 2008 along with my then business partner for a property investment opportunity in Spain. We had felt quite protected if anything was to go wrong as we had obtained at the time a bank surety for our deposited monies which in the event of default by the builder would see us able to cash in the guarantee, and achieve a refund; the guarantee was in my partner’s name only.
During subsequent years the relationship with my partner had been dissolved and regrettably the development began to encounter problems which were so severe that the project was halted, leaving me in a precarious predicament with no recognised standing within the bank surety.
Having known Jose Dorta and Judicare for many years they were the obvious choice for me to turn to for advice. Jose and the team at Judicare have fought tirelessly on my behalf and even managed to petition the bank to alter the guarantee so it was fairly divided between my previous partner and I (upon proofs of relevant payments made by myself); a highly unusual occurrence I now realise.
I’m now in possession of the cheque for my portion of the deposit which I will be cashing in the coming weeks, drawing the whole saga to a very satisfactory conclusion both for me and my previous partner.
The perfect result!
I have nothing but praise for the diligences shown by Jose and his team.