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Last week saw the successful resolution by Judicare of a problematic overseas investment and the return of the client’s deposit plus interest of over €40,000.
The specialists in investment recovery resolved a dispute between a UK buyer, Mr. Powell, and a development in Cape Verde. Following Powell’s investment in 2008 in a two-bedroom apartment, the construction of the Cape Verde development fell behind schedule, defaulting on the purchase agreement.
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"The completion of the construction was written in the contract to be 2010 with a 180 days grace period," explains Powell. “It became obvious that the completion date and grace period was going to elapse. Despite this I was still being asked to meet my payment stages and felt that this was unfair.
"I could not understand how they could change their part of the agreement, but I still was being put under a lot of pressure to meet my payments even though completion of my apartment wasn’t going to be 2013."
After paying out £34,000, Powell contacted the Law Society, before contacting Judicare, who agreed to help resolve the dispute, negotiating a settlement of Powell’s full investment plus interest.
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The Cape Verde recovery has been followed by two other resolutions in favour of investors, with €60,000 returned to buyers affected by problematic Spanish developments.
