Has anyone heard anything regarding the liquidation of Snk as I never get ANY response from cri ?
I think it unlikely that any definitive information will be forthcoming until the Foreclosure Laws and any amendments aimed at protection of vulnerable groups, are firmly in place and accepted by Troika. That means at least until the Supreme Court decides whether the proposed amendments are within the constitution or not. This will be known later this month hopefully.
In fact, it may not be clearer until the new Insolvency Laws are in place which are supposed to be in place by the end of December. These laws are also alleged to have some inbuilt protection for certain groups.
To be fair to CRI, as acting rep for our particular project, they have always been responsive to any enquiries I have made, the latest being 1 month ago.
They informed me that CRI were expecting to be issued the deeds from LR for all SNK properties by the end of this year. However, the deeds will initially be transferred by CRI to the BOC.
The bank will then contact each purchaser individually, outlining the bank's requirements before any transfer of the deeds to the purchaser. In simple terms they will request payment of any outstanding developer loans before transfer of deeds.
They added that the deeds will also carry memos re outstanding Tax and for outstanding contractor bills. These memos will be removed from the deeds only when these outstanding debts are cleared.
In essence, as things stand at the moment, there is no difference from the information we all received at the first CRI meeting way back in 2010 or whenever, (can't remember now).
We can only hope that the "powers that be" recognise the injustice in all of this, given that these debts were hidden from purchasers, and that they will provide some protection within the upcoming laws, as having dealt with the relevant bank officials personally on these matters, I see little hope of them progressing in a fair and proper manner.
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