Bulgaria Ski discussion board

Very concerned now about my one bedroomed apartment, no progress, on standstill, had letter re. no progress, and at moment it is not getting built, as no money available, as they have only sold half of the apartments.

We have been in touch with solicitors Mariya and basically she has told us that we will have to wait, and if we pull out at this stage we will receive NO MONIES as BRITANNIA OVERSEAS PROPERTIES ARE BANKRUPTY AND ALL OUR MONIES ARE GONE DOWN THE SWANY BASICALLY.

FEEL SICK.

Gaynor Cooper
and Christian Cooper
.

www.bulgarisski.com

Hi, We are buying at Boadicea Heights, very concerned about the last posting regarding bankrupcy.

We have received a concerning letter asking us for the final payment on our appartment prior to the roof going on! They appear to be on stop at Bansko on our development, and they promise to re-start work if we forward the balance within 4 weeks. They appear to be having major 'cash flow' problems.

Not sure what to do now, we dont want to lose what we have already paid, but we also dont want to give them more of our cash and lose that as well!

What are other buyers doing, any advice for us out there?

They have a lot of YOUR money invested in these properties - the building model of Bansko is so lucrative because they don't use bank credits but the staged payments of buyers. I'd be extremely wary of handing over any further money without a clear assessment by an independent engineer of what has been done, what remains to be done and guarantees (a UK bank guarantee would suffice) for the money they want. Otherwise they will pay themselves a massive bonus and go bankrupt anyway. The developers have already made their money - the usual deal is to set up a separate company which charges the development company 'management fees' during the build to extract the profit so they have really very little incentive to finish the job.

Jane, I am buying at Woodlands Spring,from Britannia as your project at Boadicia is almost sold out have you asked the question ,where are the moneys gone from the project fund , they should have enough to complete the build, thats the reason we pay stage payments,also if they are asking for final payment at roof stage its worth asking them to set up a customer bank guarantee account, to secure everyones money at Boadicea,they do have plenty of assets in property to guarantee the bank if they default.good luck ,regards Paul.