05th April 2012

The Bulgarian dream continues.

In certain circumstances where it is just not commercially viable for a developer to refund a client's deposit because of liquidity issues alternative legal agreements can be reached which provide for a sensible and beneficial outcome for all parties.

In the particular case of Vadym Dvorakovsky, just such a scenario was recently reached on his behalf.

Mr.Dvorakovsky had purchased a unit in Bulgaria off-plan in 2008 and due to various changes in economic conditions the developer had fallen behind in the build process and had slipped into a considerable breach of the delivery date of the apartment.

After personal attempts by Mr.Dvorakovsky failed to yield any results with the developer for the return of the deposit of almost €48,000 he employed the services of Judicare to explore the legal options to recover his funds.

The case was recently successfully closed with an agreement reached with the developer that has now seen Mr.Dvorakovsky receive his completed unit valued at €90,000 for the deposit amount he paid in first instance for the unit.

It was a fantastic result as the developer has been able to continue with the project and Mr. Dvorakovsky has now received his title deeds and is in the process of seeking to rent out the apartment short term with a view to selling when a buyer can be found.

" I must admit that such an option had never occurred to me to be a possibility and with the help of Judicare I have been able to realise my apartment for in effect 50% of its value which will now allow me to find a tenant or buyer in the near future, and potentially see me receive more income or money from the sale than I had originally hoped for.

I wanted to thank Judicare and their Bulgarian lawyers for closing such a deal and for their continued support in assisting me in renting and selling the unit; an additional service over and above their instruction which is a real comfort.

I would highly recommend other buyers encountering issues abroad( and in particular Bulgaria) to seek their considerable expertise in this area"

Vadym Dvorakovsky - March 2012.

The facts of this case demonstrate that when their is a willingness from both parties to find a workable solution to a dispute, results can be achieved which benefit all concerned.

Should you be experiencing similar issues or are unsure of your legal options contact one of the Judicare team for a free and confidential no obligation assessment of your situation.