A massive fightback of Bulgarian Dreams is taking place in the Internet. It’s conducted by RG Jenkin. The failure to complete Windows to Paradise development brought him the BBC Prime attention as well as the buyer’s anger. However now he convinces the same buyers, who he deceived with the completion dates, so they put more money in the “concrete pile” called Windows to Paradise.
In order to backup my words with facts, all of you should know that “Interlink BG” Ltd.’s loans owed to BG banks amount to over EUR 9,000,000. This fact is stated by Interlink BG Ltd. in its own annual financial report, submitted to the Commercial Register. The company’s General Meeting is blocked by the Court, so no convening will take place in the near future. The company is practically inactive. This means that unless major events happen, the company cannot operate and therefore cannot complete the building it has started.
Any promises that the developments will be finishes shall be seriously estimated. The fresh flow of money can ONLY fill RJ’s pockets with cash and please his offshore bankers. All buyer who put their trust in this man for second time, will have no second chance for getting out of the situation. The will only regret their decision.
15 May 2009 6:48 pm
if a developer goes bankrupt owing a substantial amount of money to a bank in Bulgaria this money being secured through a mortgage on the development but i have paid for my apartment in full and have the deeds etc,can the bank take my apartment of me.
19 May 2009 11:09 am
John, if you have the deeds your apartment is likely NOT to be mortgaged by the developer’s bank. So in short, check if you still have mortgage over the apartment.
The mortgage is an encumbrance that can be transferred along with the property. Usually the notaries don’t certify purchases if there is a mortgage, but you should double check. If you are in situation that you have deeds AND there is a mortgage, you CAN lose the property unless you repay the mortgage to the bank.