Press and News

Silverpoint Fall into Bankruptcy

It has recently become common knowledge that Silverpoint SL have fallen into Bankruptcy. Technically they are in “Concurso de Acreedores”, a Spanish legal situation that can be provoked in two ways;

  • Voluntarily – by the company.
  • Involuntarily – by a creditor.

This happens when a company is considered to have more creditors than they have in assets. They were declared to be in this situation by Tenerife’s Commercial Court on the 15th January this year. This result had been expected for months now.

Is Silverpoint the same company as Resort Properties?

Resort Properties were a company that began in the 80s that branched into various others, including;

  • Palm Beach Club
  • Beverly Hills Club
  • Beverly Hills Heights
  • Hollywood Mirage

Jump forward a few years and all of these companies joined with Club Paradiso to form Silverpoint after they found themselves bankrupt. Therefore it would seem as though Silverpoint have been through this situation in the past.

Now, Silverpoint has transferred their marketing company into ‘ONA’ Group. The former CEO of Resort Properties, Mark Cushway is also Silverpoints CEO. Cushway has had a clear view and involvement with the operations of the current company. Therefore, he may soon find himself up against the law as a result.

ANFI Resorts is another group that may be getting looked into soon as it is suspected they are moving their money around in an attempt to hide it from the courts, as did Silverpoint.

What happens to consumers wanting to file a case or awaiting court hearing against Silverpoint?

Numerous consumers have been relieved of their ties to Silverpoint as well as receiving payments from compensation claims. The main factor in exiting from a timeshare with Silverpoint is to do with the grounds of the contract provided to me lacking in detail, making them unlawful in Spain.

Even though Silverpoint and other timeshare companies are in liquidation, it is still possible to receive payments from a claim. The unique change will be where the cases are submitted to as they will now be given to the Commercial Courts as supposed to the Civil Courts. This will mean clients will from now on be classed as creditors, making them a priority in the eyes of the law. For those owners still going through the claims process there won’t be a negative impact on yourself or your case as such; however it may prove to be considerably more time consuming and technically complicated.

Are there other options available instead of submitting a claim?

An alternative legal route to go down in regards to trying to get back your monies could be to look into getting a legal team to assist you in filing a Section 75 claim.

Section 75 is a legal protection outlined within the UK Consumer Credit Act 1974, which was put in place to protect credit card consumers against mis-selling, misrepresentation and contractual breaches. Regardless of what product or service you purchase, if you paid using a credit card or took out a loan to fund the purchase then under British law; as with the vendor, your credit provider's or loan company are equally responsible.

In this circumstance being that Silverpoint has gone into liquidation, your contract is now deemed to be "in breach". As long as you spent over £100 and not more than £30,000 on the full purchase, you paid at least partly by credit card or loan and can provide statements to prove it.

You have a 6 year period from 15th January 2020 to submit a claim. We could claim against your credit card company or bank for a full reimbursement of your entire purchase cost, plus statutory interest at 8%.

At Bank Reclaims, our team are experts in this field and will be happy to assist you if you would like to follow this path. Please call us on 0203 519 7675 to speak with a team member.