A favorable ending of a case with a bank insolvency
MyLo law firm helped a few dozen people – residents of two residential areas located nearby Warsaw, who had encountered major difficulties in conveying the legal titles to their acquired apartments, due to a bank insolvency.
The investments, in which our Clients had bought the apartments, were already finished. However, the real properties were mortgaged by a bank, which used to provide financing for the whole development group. Because of the insolvency of the bank, there has been a significant delay in the procedure of issuing the promissory notes, which would eventually enable the reconveyance of the apartments, prices of which were already paid in 100% by the purchasers.
There was wide media coverage about this case: here and here.
During the bank insolvency proceedings, although the positive attitude of the appointed official receiver towards the purchasers of the apartments, many legal difficulties and disputes arose between various creditors interest group, that could have been ruled by the court in favor, or against the consumers. Eventually, thanks to i.a. the work of MyLo lawyers, the council of creditors was convinced to give consent to the reconveyance of the apartments. In July 2017 the residents of the residential area, represented by MyLo, signed the proper notarial deeds.
On behalf of MyLo the case was led by legal counsel Agnieszka Grzesiek-Kasperczyk