SILVERPOINT PRESENTS A DECLARATION OF INSOLVENCY:
This move is something that T&M Mediation Group S.L have been expecting for some time. Over the past few years, Silverpoint has been monitored very closely with the movement of funds between various accounts at the forefront.
This transfer of funds and assets was a blatant move to hide them from the authorities to avoid payment, this has already resulted in an investigation initiated by the State Attorney.
The first part of this process is for the Mercantile Court to appoint an external (independent) administrator who is then obliged to inform all creditors of the current situation. The administrator will also have to produce a full and exhaustive report on Silverpoint’s financial operation over the past years.
If the administrator discovers any serious irregularities not only with the liquidation but the actual running of the company, they can, in essence, classify the liquidation and company administrator guilty. This means that the administrator, which in the case of Silverpoint is Mark Cushway, may be personally responsible with his own assets, he may even face a custodial sentence.
At this point T&M Mediation Group S.L must point out that Mark Cushway was also CEO of Resort Properties before it became Silverpoint so he must have known all about how the company was operated. He was also a director of the RDO (Resorts Development Organisation) the so-called industry trade body. Silverpoint was also one of the largest contributors to RDO funds until they resigned their membership.
The purpose of the Concurso de Acreedores is not to close the company down, it is to attempt to pay all creditors so as to clear the financial situation of the company and if possible overturn a complicated situation preparing the company for future business. Preventing bankruptcy is a priority of this procedure. However, if the declarations being presented are found to be a fraudulent application for insolvency, then this opens up a very nasty can of worms for the company administrators.
As our title suggests, could other timeshare companies be contemplating the same procedure?
Our final word of warning is now this news has broken, please beware that there will be many “bogus” claims companies and law firms who will use this to their own advantage in order to scare people into paying for “legal services” as a matter of urgency. If you receive any calls to this effect then contact T&M Mediation Group S.L on our home page and we will help you sort out the genuine from the scams.
Club Paradiso closes...11th July 2019
Many of our clients will now be aware that Club Paradiso is selling or closing most of its resorts.
The Paramount Resort in Los Cristianos, Tenerife is now shut. Owners arriving at the resort are offered alternative accommodation at the nearby Hollywood Mirage, but soon discover there is an additional cost. This is despite having paid their annual fees!
San Filipo in Tuscany has been sold, as has Dora Bay in Dubai. Anglers Reef in the Florida Keys is also in the process of being sold and they are down to one remaining townhouse. Golden Sands in Malta will remain for the time being, as it is owned and operated by Azure, a separate company. Kentisbury Grange in Devon will, we believe, only be available for private bookings and not for Club members. We have been informed by a few Club members that by the end of July the whole of the Paradiso system will be shut apart from Malta.
Where does this leave Club Paradiso members?
With a whole series of closures and liquidations including Keys Concierge, Signallia, Excel Overseas Holdings and now Club Paradiso – Now is the ideal time for members to file a claim for the return of monies spent on membership.
Many Club Paradiso owners have reached their current levels of membership via a complicated series of failed sales and resales of other products bought from Resort Properties and Silverpoint over the years. Typically, club members have spent thousands and thousands of pounds to be where they are now. The good news though is that now, for the first time, it is possible to recoup that money.
T&M Mediation group S.L is the leading, locally based no win, no fee mediators against Silverpoint, Club Paradiso, and other timeshare companies. Contact us via our 'Home' page for a free appraisal of your potential claim and free advice as to what you should be doing in the meantime.
We will keep all the families we represent up to date with future news about Club Paradiso as it unfolds.
The daughter of a Timeshare owner desperate for help. I wanted to let everyone know about my experience with my 76 year old mother last evening. She is a deeded owner in ......................... She bought the time share in 2001 for 25K and pays 1,300 a year in maintenance. She was told by Di...... Resorts this was a owner complaint session, and they knew things had gone wrong and wanted to fix it. She has never been able to use the time share (39K latter), even though she was told she could "float" her week when she bough it. She asked me to come along to listen. By the time I left I was dumbfounded, enraged, and ready to call the state's attorney, BBB, and the local news. This is what happened: We explained she had never been able to use it. The Salesman seemed shocked. He said he would "check into it" while we ate. After dinner, he came back with an upset face (my mother told him he didn't look happy). He said "it's the worse scenario" and proceeded to explain how the "developer" had put the deeded shares in a trust, how a new law required that people who don't pay thier timeshare fees get 150% penalty on the balance charged every year, and did the math showing in 6 years she could owe 100,000+ (She has been paying her maintenance fees). He then explained when she died, the deeded timeshare would attach to her estate and would FORCE IT INTO PROBATE along with her personal residence! He told her since she hadn't showed up to a dinner in June D.......had pulled their offer off the table to help her get out of this dilemma and anything he did that night would be at the grace of the company deciding whether to help her. He had her write a statement saying she was sick in June and didn't know she would be offered a way out so she hadn't purposefully declined any offer in June. He asked about Trust, and Irrevocabble Trust... He said there might be a way to isolate her personal house so this wouldn't happen. But his solution was to convert the deeded timeshare into.... You got it.... the points system. At this point I started asking questions. Was he an attorney? (He was offering legal advice). What would happen if she just sold her personal house to her children . . . that is the only assett in her estate other than the timeshare. He actually told me SHE COULDNT SELL HER HOUSE WHILE SHE STILL HAD THE TIMESHARE>>>> IT WOULD ATTACH ITSELF. I corrected him and let him know he obviously did not know the laws. He then wanted to help her fix it, if he could talk the company into it, of course. The first proposal was 10,000 down that day, and 500 for 10 years, then 8k down at 400, ect, ect. It got down to, "hey, I'm going to pay 1300 maintenance fees a year, show me a way to do it for no additional money, and I'll look at it" He came back with 124 a month for 10 years and 3400 down that day. Oh but the maintenance fee for next year was 2,800 which she could not use her new points for. At this point (10 pm - it started a 6:30) I told her not to do anything (of course this was a one time offer to 'fix' the problem and she had to act that night) and call me when she left. She called at 11 saying they had just given her back her credit card and drivers license! THIS COMPANY IS PURE EVIL! DO NOT DO BUSINESS WITH THEM. IF YOU THINK YOU"VE BEEN SCAMMED, CONTACT PROFESSIONAL HELP! I am spending the day today reaching out to my contacts in the Government, OK Securities Commission, and my Attorney friends to see what was true, how her estate may be vulnerable, and reporting this company to everyone I can. They are SHAMELESS!
Last edit by denisew297 on Oct 13, 2014 08:50 AM.