James selby bennett

Humphries Kirk succeeds in recovering British deposits lost in 2008 Spanish property crash

| Published on October 26, 2018

Leading Dorset and Somerset law firm, Humphries Kirk, is pleased to report its success in enabling British clients to recover deposits lost on new build apartments in Spain following the 2008 – 2009 property crash.

Before the crash took place, hundreds of British people were signed up to buy new build apartments in high class residential areas and holiday complexes in Spain at an affordable price.

Humphries Kirk has an international practice with correspondent lawyers throughout the European Union, as well as many other countries around the world, and was approached by Spanish lawyers to offer the service of seeking relevant compensation from the local banks.

The firm was able to approach a number of British clients and offer to try to recover their deposits on a ‘no win, no fee’ basis, after an initial fee to check the strength of the case and pay the Spanish official fees.

It was revealed that under Spanish consumer protection law, the developers were required to take out an equivalent to a protection bond with the local community bank in the areas where the development was permitted. This clarified that the responsibility to repay deposits lost by investors sat with the local banks.

Humphries Kirk is pleased to announce that the success rate of those who took up the offer is 100 per cent. British investors who thought they had lost their deposits and had given up trying to recover them have been compensated, and in some cases with interest on top.

James Selby Bennett, commercial partner at Humphries Kirk, said: “I used to work in Madrid and have some working familiarity with Spanish commercial and legal practices. I am very pleased that we have been able to achieve justice for our clients. They did not know that they had recourse to the local Spanish banks under the enlightened Spanish consumer protection scheme. We have been able to unlock this compensation for them, through our close links with our Spanish correspondents.”

Humphries Kirk is able to offer legal support globally through its Humphries Kirk International Network (HKI) service, a unique group of legal and business advisors who have worked together over many years for the benefit of its respective clients in the area of international business.

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