Press release -
Compensation claim stampede following Anfi resorts bankruptcy shock
Confusion as flood of Anfi owners eager to escape club fear compensation claims could be be affected by bankruptcy
Anfi Resorts and Anfi Sales SL were both declared bankrupt last week and have been placed in administration. Owners fearing for the long term stability of the club have been looking for ways to protect their interests in case the club is forced to close completely.
Resale for timeshare ownerships is generally not possible, as the concept has become dated and expensive compared to regular holiday booking methods. Anfi itself is available to book for non members on sites like Expedia
Many members who were sold illegally have filed compensation claims against the timeshare behemoth; a strategy that not only allows them to escape the financial burden of membership, but also awards successful claimants with compensation payments often worth tens of thousands of pounds.
However Anfi members with existing claims, and those considering making claims now are concerned that the bankruptcies could mean they will get no money.
What is the real story?
Does the bankruptcy affect existing claims?
Andrew Cooper, CEO of European Consumer Claims (ECC) - acknowledged to be the most experienced and successful claims company dealing with Anfi, says "no."
"Anyone with an already registered claim is safe. It is/will be logged as a debt with the administrator. Anfi has lots of real estate and the administrator will be looking to establish links between the different Anfi companies. Anfi has already been accused of moving money around to avoid their obligations. The administrator will be examining their finances closely.
"Anyone thinking about filing a future claim is also not too late, despite the bankruptcies. However they should file their claims sooner rather than later so that the debt is included in the administration.
Cooper warns claimants to brace for possible Anfi attempts to convince people that it is now pointless to claim. Similar to Club La Costa's efforts to persuade their creditors of the same thing.
"It didn't work for Club La Costa, and it won't work for Anfi," explains Cooper. "These giant, wealthy timeshare companies are stretching credibility when they plead poverty in regard to their legal obligation to compensate victims.
"Creditors will be targeting the different Anfi companies, and massive annual income from maintenance fees as well as the aforementioned properties in Gran Canaria.
"One imagines that the banks and credit providers who worked with these timeshare operations will be keeping a close eye on their own liabilities too."
How will memberships be affected?
The "General Management of the Anfi Group" have issued a bland, reassuring message telling owners that the bankruptcies won't affect the running of the club, and that they should carry on holidaying as normal.
"Anfi have placed this message both on their website and their Facebook page," says Andrew Cooper. "It's clear that they are keen to to retain member confidence. And in doing so, retain the tens of millions of pounds they rely on in annual fees from those members."
"I'm sure it's Anfi's intention to protect the day to day running of the club from these financial disasters. I'm sure they also didn't intend for Anfi Resorts and Anfi Sales SL to fall into the state that they have either.
"If I were an Anfi member, I would be giving serious consideration as to whether I had confidence in the organisation's ability to safeguard the future of my ownership after their stewardship of the two bankrupt companies failed so badly.
"On the other hand, if these bankruptcies were ever discovered to be a deliberate ploy; eg an attempt to avoid paying legally mandated compensation to their illegally sold customers, then that would be even worse than simple incompetence.
"Either way, Anfi members have a lot to think about before paying their annual fees this year."
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- Message from Andrew Cooper, CEO of European Consumer Claims (ECC)
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