Press release -
Can I still claim compensation from Silverpoint while they are in administration?
Where do Silverpoint victims stand now, and is it too late for them to claim compensation?
The short answer is no it is not too late, as not only are Silverpoint's considerable assets still being divided among creditors, but their giant parent company, Limora Investments, are being put through administration too.
History
Palm Beach Club, then Beverly Hills Club, Beverly Hills Heights, Hollywood Mirage and Club Paradiso. These were some of the most notorious resorts in Canary Islands timeshare history, the epicentre of the business in the 'Wild West' heyday of the 1990s.
They were all marketed and sold by a company called Resort Properties, and there were over a hundred thousand victims from all over Europe.
Around 2011, Resort Properties was taken over by Silverpoint as the original timeshare crew from RP incorporated The First Group to sell real estate in Dubai.
Silverpoint (also known as Signallia Marketing Distribution SL) began selling Fractional Ownership 'investment packs' which were portfolios of weeks and units sold with the guarantee of a sizable profit after two years following the resale of the pack. The sales (and subsequent profits) never materialised, leaving the victims with unmanageable maintenance fees and often high interest Barclays Partner Finance loans.
Instead the customers were convinced by Silverpoint salespeople that in order to realise their profit they needed to upgrade to even more expensive investments. Needless to say, no profit was ever seen by Silverpoint customers, regardless of how much money they spent.
Claims
From 2016 onwards, claims companies began taking Silverpoint to court on behalf of mis-sold clients. Silverpoint went into liquidation in February 2020, but because of their considerable assets, new clients continued unabated to sue them and win.
By October 2022 over 1500 cases had successfully been made and Silverpoint owed around €136 million in compensation.
Silverpoint tried every trick they could to avoid paying: In March 2018, presumably seeing the financial turmoil ahead of them, Silverpoint and related resort management company Excel (formerly known as Silverpoint Hotels & Resorts SA) settled a “simulated” lawsuit between them in March 2018, when Silverpoint paid an alleged debt by transferring the majority of their remaining cash and assets to Excel.
Criminal investigations are ongoing, and nobody expects Silverpoint to get away with such a transparent attempt to avoid their creditors.
Creditor targets
Silverpoint are owned by parent company Limora Investments Limited which itself is going through bankruptcy in the Southern District of New York Bankruptcy Court. Limora controls 123 separate companies and is a sizable target for people owed money by Silverpoint
Excel are currently owned by Spanish holiday and timeshare giants OnaGrup who are based in Barcelona. Onagrup own hotels and properties all over Spain and its islands.
With such wealthy companies involved, claims have continued apace since the liquidations and bankruptcies with experts advising anyone who feels they may have been mis-sold by Silverpoint to get in touch with a reputable claims firm.
Jorge Mariñas, an expert European Lawyer working closely with a large contingent of Silverpoint creditors advises: "If you have lost money to Silverpoint, there is some urgency in terms of getting registered on the Creditors' List (Full Report Of Assets And Debts) with the Administrators, Vera Martin.
"We have all been working on this for several years now, and the list may be finalised at any time."
"There is absolutely no reason not to claim," adds Andrew Cooper, CEO of European Consumer Claims. "If you are entitled to compensation, you should claim it. Silverpoint should not get away with one penny that they have dishonestly come by at your expense."
I was a Silverpoint/Resort Properties customer. What should I do?
If you feel you were sold something that did not manifest as promised in the sales presentation, then get in touch with our team at the Timeshare Advice centre. We will let you know what options you have for seeking redress and financial compensation.
Related links
- Barclays credit arm sued by 106 holidaymakers over timeshare deals
- The First Group
- CRIMINAL INVESTIGATION OF SILVERPOINT AND EXCEL HOTELS AND RESORTS IS ANNOUNCED
- Spanish timeshare industry in the 1980s and 1990s
- The continuing saga of Silverpoint
- Positive news for Silverpoint victims
- TAC contact page
- Timeshare Advice Centre
- Silverpoint: The Story Moves On
- Limora Investments company chart
- Silverpoint – Investigations carry on
- Crimeshare doesn't pay
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TAC provides timeshare claims services, relinquishments expert advice and help
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