What details have you have? What exactly do you mean by administration? Are you speaking about one residence in paticular or are you referring to the company declaring "redressement judiciare" thanks for any information that you can bring.
I believe he is the man in charge at Resid Hotel and it is he who instructs Mme. Malveau on who gets paid, and when.
One of the most frustrating things about this situation is the apparent randomness of the payments. Sonme owners in one development get paid and others in the same development dont??
I dont want to let the debt build up as we have already been stung for nearly 8,000 Euro of a free loan already by Resid.
Case to decide the future of Residhotel and what compensation they should pay
Mardi 30 Mars, 14H au tribunal de Commerce de CANNES, audience importante.
Le Tribunal de Commerce de Cannes doit statuer sur le projet de plan de sauvegarde de justice de la Société RHODE TOURISME et notamment son plan d'apurement de nos CREANCES.
Compte tenu de notre désaccord avec ce Plan d'Apurement du Passif tel que présenté par la société RHODE TOURISME, il est fortement conseillé à tous les adhérents et adhérentes du Groupement des Associations des BALCONS DU SOLEIL de la Foux d'Allos, des BELLES ROCHES de Notre Dame de Bellecombe, du SPLENDID d'Allevard, de DIVONNE de Divonne les Bains, du GRAND PANORAMA II de Valmenier, du VIRGINIA de Grasse et de la GRANDE AUTANE d'Orcières Merlette de s'y rendre afin de faire un effet de nombre et de montrer au Tribunal que nous ne baisserons pas les bras et que nous défendrons nos intérêts jusqu'au bout.
Le rendez-vous est fixé à 13h30 devant le Tribunal du Commerce de CANNES.
So he's the man we should be targetting. Is he at teh same address as Malveau ?
We have payment oustanding also. We were told that we would receive that by the end of September. I don't believe them. We've also paid for installation of WiFi with ResidHotel (Euro 800 for our portion) and it still isn't installed.
I too was concerened that ResidHotel had gone into administration when on the 23rd I received a letter from Xavier Huertas (Administrateur Judiciare) inviting me to a meeting in Nice on 10th March. My poor French language skills and lack of knowledge of the French system led me to interpret "Administrateur" as being the same as Administrator in the UK system.
However, I spoke with Fabien Cordiez and he felt this was more of a mediation meeting to discuss financial matters (which I believe is mentioned on another thread).
My property is in La Divonne and I am trying to find other UK people to co-ordinate with who have received the letter. At this point I'm unclear on whether the meeting on the 10th is for La Divonne, the Divonne-les-Bains area or the wider residences of ResidHotel.
Does anyone know an exact translation of this? I thought that the residences mentioned had already had their leases sold on?
I posted something earlier about SOCIETE ART resigning as Syndic from our residence, has anybody else had this happen or have a residence run by a syndic other than SOCIETE ART?
Tuesday, March 30, 14H in <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Commercial Court CANNES, important audience.
The Tribunal de Commerce de Cannes must decide on the draft conservation plan for the Justice Society RHODE TOURISM including its plan to clear our debts.
Given our disagreement with this plan Discharge of Liabilities as presented by the company RHODE TOURISM, it is strongly recommended for all members and group members of Associations BALCONS DU SOLEIL La Foux d'Allos, of BELLES ROCHES Notre Dame Bellecombe SPLENDID of Allevard of Divonne in Divonne les Bains, the GRAND PANORAMA II Valmenier of VIRGINIA Grasse and the GREAT AUTANES of Orcières Merlette to go to make an effect of number and show the Court we do not give up and we will defend our interest until the end.
The appointment is fixed at 13.30 before the Tribunal of Commerce of CANNES.
I have received an invoice from Societe Art for property at Carcassone so have not heard anything else.
This situation really irritates me. When 85 million tourists visit France per annum and these residences are doing very well (earning a really good profit after paying your rent and other expenses) do they suggest giving you a bit extra in rent? No they do not! Do they put money aside in case things aren't always this good to ensure they can pay their landlord? No they do not! They will tell you this is business, they can make as much profit as they like but your rent is fixed until the next INSEE revision. But now when things are going pear-shaped they want us (idiots with mortgages foolish enough to buy these places) to take the pain and accept a breach of the lease which is reduced rent. What happened to "business is business". You can't trurn around to your bank and say please accept a smaller mortgage payment every month. If they can't pay our rents that they are legally obliged to do then they shold be evicted as indicated in the so-called legally binding lease and at least we can use our apartments as holiday homes or rent them out ourselves. We should be given this choice as our notaires keep telling us we are the freehold owners. Let me get this straight .... they break the lease and we end up in either a seriously expensive legal case to get our rent or accept a reduced rent. We break the lease and we end up paying them compensation. What a scam!
By renting the property yourself you then become liable to pay the VAT which you saved on the initial purchase and depending how far into the 20 year pro rata discount you are you may well have a considerable amount of money to repay to the French Government. These management companies know this and this is why they are using bully boy tactics to force owners into agreements for lower rentals and thus increasing their profits. They know aswell as the purchasers what their financial commitments and time periods are at the outset and if they cannot meet them they don't deserve to be in business.
Our residence is let out 100% of the season, thus making them a significant amount of money and hence why should I settle for anything less than the agreed amount in the lease
I am tentatively in the process of trying to find out how much a one bedroom apartment (35 sq meters, plus 5 sq meters terrace) in the La Close de la Cite development in Carcassonne would sell for in the current climate. To this end, I wonder if anyone knows of any local estate agents who speak English, so that I can enquire with them. Myself and the co-owner are now in different financial circumstances than we were (at the time of purchase in 2007). We will be contacting our bank in France but we may decide to sell, if there has been no loss on the value. It was €125,580 (this included the 19.6% VAT, which has seen been refunded to our account)<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
I accept what you have said in your post. When I spoke about breaking the lease, it was in relation to breaking it after the nine year term is up not in relation to non-payment of rent or commandement de payer. If we do this the management company can claim compensation for loss of business. However if they fail to meet the lease conditions we have no entitlement to compensation for the number of years mortgage payments we may have to pay ourselves until a new management company is installed. This whole scheme is heavily weighted towards management companies. The French government should intervene and protect the rights of property owners. We are the real risk takers (the ones who take out a 25 year mortgage) who prop up the French tourism business. A management company can set up as a SARL and go into liquidation, they are not left with 20+ years of a mortgage hanging around their neck.
We explained already that RH is suffering because of 10 resorts bad located in the middle of nowhere. These resorts are endangering the whole situation of RH and it is wellknown the RH took management of resorts where it was impossible to make any profit.
Just have a look at any website selling holiday weeks in the Pyrénnées: less than 200/300€ per week with a 25% occupancy rate for 110 unit=357 K€ turnover for 1 year. Once deducted labour costs at 50 K€, selling commissions at 20%, fixed costs...you get 200k€. Rents to pay are 5.000€ per 110 unist= loss 350k€!!! If you have 10 resorts like this the situation is not managable!
We have annual accounts of many resorts and management companies.
So I cannot see any other solution than accept a decrease of the rents for the problematic developments but with conditions: a variable part in addition and a yearly audit of the accounts of the resorts.
This is the first time we have heard of any meeting for 10th March, Le Mas Des Arenes Residence. We received a letter from Valority and an invoice from Societe Art for management fees, which we thought was to be paid by Residhotel during the term of the lease.
We have no intention of accepting reduced rent, we have received nothing yet. If we cannot pay our mortgage the property will have to be sold and it is not worth as much with the lease, so we are prepared to cancel our lease if they break thier contract which they will be doing by reducing the rent. We will not sign a new lease, we are prepared to pay the VAT back.
I own a property at Cap Bleu, and have issued a "commandement de payer" through Fabien Cordiez,I dont agree with "Mccos" comment that we should accept a reduction in rent so to save poor ResidHotel, if anything we should be getting a increase. Why should I be proping up the French Tourism business out of my pocket.
If we are not at the meeting how are we to know what lenght of time is given, I'm afraid I don't understand a lot of this, we have not gone to see a solicitor yet, but it looks like we are going to have no option but to do so.
We may not be asked to receive lower rent, but we have not received any rent at all yet, we were just told we would not receive anything until the end of March. We have been in contact with our Agent that we bought the property from and they have been in negotiations with Residhotel, without success I might add. We have also been in communication with other Residhotel clients in Ireland and they feel very angry like ourselves.
Purchased a small leaseback in Digne Les Bains 6 years ago and up to now resid hotel have paid the rent without too much hassle. However the second half rent for 2010 is now well overdue. Telephoned Marie Malveau in late February who said that they hoped to be in a position to pay in early March - but no funds/contact since.
Anybody else having ongoing problems with this Company?
I haven't taken any action yet against Residhotel - anyone else still having problems with them? This is the first time I haven't received my rent for a substantial amount of time.
OK, so I have confirmation from somebody on the ground in La Saboia: as of 18/9/12, Résidhotel went into receivership.
I do not make any claim nor do I warrant the accuracy of the information given above and any decision you make as a consequence of receiving this information will be taken at your own risk.
I am also an owner at cap bleu. Have received a letter from Jean-Louis Morel whom as far as I recall was the developer at cap bleu, advising that we should proceed with 'commandent de payer' to a french 'hussier'(lawyer?). I guess others have received the same letter. I'm not sure what action I will take with regard to the contact from J-L Morel.
I am issueing a "commandement de payer" through my French solicitor Fabien Cordiez at a cost of E488 and to represent me at the 10 Mar. meeting.The reason to is,If RT is placed in receivership and subsequently liquidated, the advantage of having served beforehand 10th.(i,e before any Judgement placing RH into receivership) will be that your property may revert into a standard property much sooner.I am just keeping my options open, you have to make your next move.
We owned a place in one of the residences dumped by RH the first time they had problems. RH agreed to pay what was owed to us over a 10 year period and to date we have received 2 cheques for the grand total of 50ish Euros do you know what will happen to the rest of the money that is owed?
Will we be considered preferential creditors as we have credit agreements already in place or will our money go down the pan with everybody elses?
All - We received 2 letters today, one from Rhode Tourisme (the manager of some (or most) of Residhotel's properties) and one form Xavier Huertas, the appointed administrator for the handling of the court process (?), to say the lease is cancelled and that we should pick up the keys, without any further explanation (perhaps due to my poor grasp of French).
The Trustee in Residhotel's Receivership, Mr Huertas, has started paying those creditors who filed their claim with Mr Cardon in the months following the company entering into Receivership.
Cheques are being gradually sent to my office in part settlement of claims made on behalf of those creditors's I previously acted for. No doubt that creditors who directly filed their own claim at the time should receive Mr Huertas' cheque direct.
Me again! I have actually just noticed that the statement that I have been sent states that the payment is for 01/10/11 to 31/12/2011. I am confused as that means they haven't paid me for the 3rd quarter of 2011. The previous payment was for 01/04/2011 to 30/06/2011.
I think we are in contact Emphyteusis, not seen the letter yet but if anyone else has been in this position before or are owners of Residence Athena please could you pm us. On the legal side, are Residhotel allowed to cancel leases without notice and without explanation?
In particular, has anyone had their leases cancelled and are going at it alone?
Just returned home from holiday to find letter from SAS Rhode Tourisme advising that our lease is cancelled and we can collect our keys at the end of the month! Can they do this with so little notice? Any other owners out there in a similar position?
We have a property at Residence Athena as well. Since making the post yesterday I have managed to access an old e-mail account and have tracked down a number of owners in the residence. They have made reference to the possibility of a new management syndicate being put in place. Seems to be little detail as yet, but they are setting up an e-mail group to enable us to keep in touch. Let me know if you need details.
Has there been any update on Resid since. I have a property in Carcassonne which I only bought last year and am expecting my first rent cheque in April for quarter one 2009.
Bertrand re your post on the 25th Feb, we have been informed by Residhotel that our property is in one of the 10 so called problem resorts. It has been open for 2 skiing seasons now with 100% occupancy for both seasons (confirmed by the manager running it) Why should we accept a 40% reduction in rental? Residhotel went into a commercial agreement with us knowing what their costs/ outlays were going to be, surely their losses are down to bad management or the books are being cooked.
Seamus or anyone else, do you know where that leaves the people that have served C de P and that RH have paid prior to administration?(obviously only if this should this happen) I assume this means they haven't broken the lease and therefore will it leave us ultimately in the same position as those that have not gone down the legal route?
What we can see here is that we have the impression that RH set up the deal, sold the properties and manages the units. So that they are responsible of everything regarding the leaseback. Obviously only when there are problems!
Here we have RH who is proposing new leases at 30% reduction to reflect the economic situation of the resort. They have a poor communication I agree.
We help associations to find new management companies and we do rent recovery and at the moment we have all developments from Atrium in ZRR: we contacted all serious management companies and no one want to take a ZRR now. The risk is that you will not find a new management company or even if you can find one they will propose a 50% reduction: Quietude could but they are close to bankruptcy, Odalys is serious but cash flow problems, Atrium will go bankrupt soon, Elite is not paying, maisons de Biarritz over....don't you think it is time to make evolve the scheme?
Does anybody know who was representing who at this recent meeting in Cannes? It seems judging from previous posts that some people weren't give the opportunity to consider or make a final decision about accepting a lower rent and it would be interesting to know how many owners were present at the meeting or who was voicing who's opinion. It also seems a bit strange that nobody (or nobody that I have heard of) has received a letter following the original one chasing up their proposal or indeed following this meeting? Does anyone know more?
I just try to be fair with all parties and to help owners to realize that managment companies cannot be responsible for the whole leaseback scheme problems. We work for associations of owners and once anger and resentment are more or less out of the game, decisions are easier and more sensible for a sustainable benefit of the owners.
The meetings have not been very successfull indeed and the only way to exit from the problematic developments should consist in opening the safeguard procedure.
On 27 April 2010 the Cannes
Commercial Court approved
Residhotel's CVA (continuation plan).
The CVA provides that Residhotel will pay all approved claims over a 10
years
period. Approved claims are those sums in respect of which a claim was filed - a process called 'declaration de creance' and approved by the Court. The first repayment will occur in 2011 and represent
2.5%. Repayment percentages then go up every year.
Meanwhile the company must pay rents as normal. It is my understanding that not all claims have been reviewed for inclusion in the CVA yet. Owners/creditors are being sent a special notice by Mr Didier Cardon (the Creditors' Representative) when their claim is being diputed, or further details are required.
Here are the CVA's full features:
continuation sur 10 ans">Continuation plan over 10
years.
Annuity 1: 2.50%
Annuity 2: 3.50%
Annuity 3: 7%
Annuity 4: 10%
Annuity 5: 10%
Annuity 6: 12%
Annuity 7: 13%
Annuity 8: 13%
Annuity 9: 14%
Annuity 10: 15%
avril 2011">First dividend is to be
paid no later than 27 April 2011.
devront être versées au CEP qui procèdera à une répartition à conditions
que ces sommes soient supérieures à 50.000€.">80% of monies collected
through pending legal actions must be paid to a Court-appointed Officer
called 'Commissaire à l'Execution du Plan (CEP), who will
allocate the funds provided such sums are greater than €50,000.
durée du plan.">Inalienability of movable and real-estate assets during
the CVA.
Rhode
Tourisme's shares will be nontransferable during the CVA.
société devra faire établir une situation semestrielle par son expert
comptable.">The company shall publish its accounts twice a year, through
Chartered Accountants.
Betrand, can I be so bold as to ask therefore what your involvement is in the RH situation? Do you own a property or represent somebody that does?
You see very informed about the meetings (I thought only one had taken place?!) whereas I said previously, some owners of the so called problematic properties were not even invited to the meeting or given the option to voice their opinion?
English
Français
Residhotel in Administration
What details have you have? What exactly do you mean by administration? Are you speaking about one residence in paticular or are you referring to the company declaring "redressement judiciare" thanks for any information that you can bring.
Residhotel in Administration
Hi Stu,
Mr Mulko is Reidhotel's Managing Director.
Regards,
Fabien
http://www.ecdas.com/Propertyinheritance.html#
French Leaseback Issues
Residhotel in Administration
Sorry for confusion - yes its Mr. Mulko.
I believe he is the man in charge at Resid Hotel and it is he who instructs Mme. Malveau on who gets paid, and when.
One of the most frustrating things about this situation is the apparent randomness of the payments. Sonme owners in one development get paid and others in the same development dont??
I dont want to let the debt build up as we have already been stung for nearly 8,000 Euro of a free loan already by Resid.
Residhotel in Administration
I would be interested to know what on what basis you heard this re going into administration - how can it be confirmed ?
J&MQ
Residhotel in Administration
Case to decide the future of Residhotel and what compensation they should pay
Mardi 30 Mars, 14H au tribunal de Commerce de CANNES, audience importante.
Le Tribunal de Commerce de Cannes doit statuer sur le projet de plan de sauvegarde de justice de la Société RHODE TOURISME et notamment son plan d'apurement de nos CREANCES.
Compte tenu de notre désaccord avec ce Plan d'Apurement du Passif tel que présenté par la société RHODE TOURISME, il est fortement conseillé à tous les adhérents et adhérentes du Groupement des Associations des BALCONS DU SOLEIL de la Foux d'Allos, des BELLES ROCHES de Notre Dame de Bellecombe,
du SPLENDID d'Allevard, de DIVONNE de Divonne les Bains, du GRAND PANORAMA II de Valmenier, du VIRGINIA de Grasse et de la GRANDE AUTANE d'Orcières Merlette de s'y rendre afin de faire un effet de nombre et de montrer au Tribunal que nous ne baisserons pas les bras et que nous défendrons nos
intérêts jusqu'au bout.
Le rendez-vous est fixé à 13h30 devant le Tribunal du Commerce de CANNES.
Residhotel in Administration
Thanks Fabien and Caro.
So he's the man we should be targetting. Is he at teh same address as Malveau ?
We have payment oustanding also. We were told that we would receive that by the end of September. I don't believe them. We've also paid for installation of WiFi with ResidHotel (Euro 800 for our portion) and it still isn't installed.
Stu.
Residhotel in Administration
I too was concerened that ResidHotel had gone into administration when on the 23rd I received a letter from Xavier Huertas (Administrateur Judiciare) inviting me to a meeting in Nice on 10th March. My poor French language skills and lack of knowledge of the French system led me to interpret "Administrateur" as being the same as Administrator in the UK system.
However, I spoke with Fabien Cordiez and he felt this was more of a mediation meeting to discuss financial matters (which I believe is mentioned on another thread).
My property is in La Divonne and I am trying to find other UK people to co-ordinate with who have received the letter. At this point I'm unclear on whether the meeting on the 10th is for La Divonne, the Divonne-les-Bains area or the wider residences of ResidHotel.
- Dave
Residhotel in Administration
Does anyone know an exact translation of this? I thought that the residences mentioned had already had their leases sold on?
I posted something earlier about SOCIETE ART resigning as Syndic from our residence, has anybody else had this happen or have a residence run by a syndic other than SOCIETE ART?
Residhotel in Administration
THe translation is roughly the following:
Tuesday, March 30, 14H in <?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />Commercial Court CANNES, important audience.
The Tribunal de Commerce de Cannes must decide on the draft conservation plan for the Justice Society RHODE TOURISM including its plan to clear our debts.
Given our disagreement with this plan Discharge of Liabilities as presented by the company RHODE TOURISM, it is strongly recommended for all members and group members of Associations BALCONS DU SOLEIL La Foux d'Allos, of BELLES ROCHES Notre Dame Bellecombe
SPLENDID of Allevard of Divonne in Divonne les Bains, the GRAND PANORAMA II Valmenier of VIRGINIA Grasse and the GREAT AUTANES of Orcières Merlette to go to make an effect of number and show the Court we do not give up and we will defend our
interest until the end.
The appointment is fixed at 13.30 before the Tribunal of Commerce of CANNES.
I have received an invoice from Societe Art for property at Carcassone so have not heard anything else.
Catherine
Residhotel in Administration
This situation really irritates me. When 85 million tourists visit France per annum and these residences are doing very well (earning a really good profit after paying your rent and other expenses) do they suggest giving you a bit extra in rent? No they do not! Do they put money aside in case things aren't always this good to ensure they can pay their landlord? No they do not! They will tell you this is business, they can make as much profit as they like but your rent is fixed until the next INSEE revision. But now when things are going pear-shaped they want us (idiots with mortgages foolish enough to buy these places) to take the pain and accept a breach of the lease which is reduced rent. What happened to "business is business". You can't trurn around to your bank and say please accept a smaller mortgage payment every month. If they can't pay our rents that they are legally obliged to do then they shold be evicted as indicated in the so-called legally binding lease and at least we can use our apartments as holiday homes or rent them out ourselves. We should be given this choice as our notaires keep telling us we are the freehold owners. Let me get this straight .... they break the lease and we end up in either a seriously expensive legal case to get our rent or accept a reduced rent. We break the lease and we end up paying them compensation. What a scam!
Residhotel in Administration
By renting the property yourself you then become liable to pay the VAT which you saved on the initial purchase and depending how far into the 20 year pro rata discount you are you may well have a considerable amount of money to repay to the French Government. These management companies know this and this is why they are using bully boy tactics to force owners into agreements for lower rentals and thus increasing their profits. They know aswell as the purchasers what their financial commitments and time periods are at the outset and if they cannot meet them they don't deserve to be in business.
Our residence is let out 100% of the season, thus making them a significant amount of money and hence why should I settle for anything less than the agreed amount in the lease
Residhotel in Administration
I am tentatively in the process of trying to find out how much a one bedroom apartment (35 sq meters, plus 5 sq meters terrace) in the La Close de la Cite development in Carcassonne would sell for in the current climate. To this end, I wonder if anyone knows of any local estate agents who speak English, so that I can enquire with them. Myself and the co-owner are now in different financial circumstances than we were (at the time of purchase in 2007). We will be contacting our bank in France but we may decide to sell, if there has been no loss on the value. It was €125,580 (this included the 19.6% VAT, which has seen been refunded to our account)<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
Residhotel in Administration
Seamus
I accept what you have said in your post. When I spoke about breaking the lease, it was in relation to breaking it after the nine year term is up not in relation to non-payment of rent or commandement de payer. If we do this the management company can claim compensation for loss of business. However if they fail to meet the lease conditions we have no entitlement to compensation for the number of years mortgage payments we may have to pay ourselves until a new management company is installed. This whole scheme is heavily weighted towards management companies. The French government should intervene and protect the rights of property owners. We are the real risk takers (the ones who take out a 25 year mortgage) who prop up the French tourism business. A management company can set up as a SARL and go into liquidation, they are not left with 20+ years of a mortgage hanging around their neck.
Residhotel in Administration
We explained already that RH is suffering because of 10 resorts bad located in the middle of nowhere. These resorts are endangering the whole situation of RH and it is wellknown the RH took management of resorts where it was impossible to make any profit.
Just have a look at any website selling holiday weeks in the Pyrénnées: less than 200/300€ per week with a 25% occupancy rate for 110 unit=357 K€ turnover for 1 year. Once deducted labour costs at 50 K€, selling commissions at 20%, fixed costs...you get 200k€. Rents to pay are 5.000€ per 110 unist= loss 350k€!!! If you have 10 resorts like this the situation is not managable!
We have annual accounts of many resorts and management companies.
So I cannot see any other solution than accept a decrease of the rents for the problematic developments but with conditions: a variable part in addition and a yearly audit of the accounts of the resorts.
BLM
Residhotel in Administration
This is the first time we have heard of any meeting for 10th March, Le Mas Des Arenes Residence. We received a letter from Valority and an invoice from Societe Art for management fees, which we thought was to be paid by Residhotel during the term of the lease.
We have no intention of accepting reduced rent, we have received nothing yet. If we cannot pay our mortgage the property will have to be sold and it is not worth as much with the lease, so we are prepared to cancel our lease if they break thier contract which they will be doing by reducing the rent. We will not sign a new lease, we are prepared to pay the VAT back.
Residhotel in Administration
I own a property at Cap Bleu, and have issued a "commandement de payer" through Fabien Cordiez,I dont agree with "Mccos" comment that we should accept a reduction in rent so to save poor ResidHotel, if anything we should be getting a increase. Why should I be proping up the French Tourism business out of my pocket.
Residhotel in Administration
If we are not at the meeting how are we to know what lenght of time is given, I'm afraid I don't understand a lot of this, we have not gone to see a solicitor yet, but it looks like we are going to have no option but to do so.
We may not be asked to receive lower rent, but we have not received any rent at all yet, we were just told we would not receive anything until the end of March. We have been in contact with our Agent that we bought the property from and they have been in negotiations with Residhotel, without success I might add. We have also been in communication with other Residhotel clients in Ireland and they feel very angry like ourselves.
Residhotel in Administration
Purchased a small leaseback in Digne Les Bains 6 years ago and up to now resid hotel have paid the rent without too much hassle. However the second half rent for 2010 is now well overdue. Telephoned Marie Malveau in late February who said that they hoped to be in a position to pay in early March - but no funds/contact since.
Anybody else having ongoing problems with this Company?
Residhotel in Administration
I haven't taken any action yet against Residhotel - anyone else still having problems with them? This is the first time I haven't received my rent for a substantial amount of time.
Residhotel in Administration
OK, so I have confirmation from somebody on the ground in La Saboia: as of 18/9/12, Résidhotel went into receivership.
I do not make any claim nor do I warrant the accuracy of the information given above and any decision you make as a consequence of receiving this information will be taken at your own risk.
Residhotel in Administration
I am also an owner at cap bleu. Have received a letter from Jean-Louis Morel whom as far as I recall was the developer at cap bleu, advising that we should proceed with 'commandent de payer' to a french 'hussier'(lawyer?). I guess others have received the same letter. I'm not sure what action I will take with regard to the contact from J-L Morel.
Residhotel in Administration
Paulo
I am issueing a "commandement de payer" through my French solicitor Fabien Cordiez at a cost of E488 and to represent me at the 10 Mar. meeting.The reason to is,If RT is placed in receivership and subsequently liquidated, the advantage of having served beforehand 10th.(i,e before any Judgement placing RH into receivership) will be that your property may revert into a standard property much sooner.I am just keeping my options open, you have to make your next move.
Aidan.
Residhotel in Administration
Mccos
I hope you are right, I would not put much hope in RD paying up going on there record.
Aidan.
Residhotel in Administration
Hi all,
Is everyone else still waiting for 1Q11 rent from Resid Hotel? Due to be paid 21st Apr. Previous quarter's rent was late by one month..
Residhotel in Administration
Thanks for the info. Will email her now.
Residhotel in Administration
Fabien
Re the current situation with RH.
We owned a place in one of the residences dumped by RH the first time they had problems. RH agreed to pay what was owed to us over a 10 year period and to date we have received 2 cheques for the grand total of 50ish Euros do you know what will happen to the rest of the money that is owed?
Will we be considered preferential creditors as we have credit agreements already in place or will our money go down the pan with everybody elses?
Annoyed41184.3663541667Residhotel in Administration
Thanks Tony.
Residhotel in Administration
Residhotel (RH) had previously gone
into Receivership in 2009. In April 2011, the Cannes
Court ruled that payment of admitted claims - i.e. those
claims filed through the 'declaration de creance' process
within 4 months from 25 March 2009 - would be spread over
a 10 years period.
RH are defaulting again. Given that a repayment schedule
already is in force, RH's insolvency means that the
judges of the Cannes Court can now cancel the previous
payment plan and either put the company into Receivership
or wind it up.
Those owners whose repayments were being paid over 10
years are not preferential creditors I am afraid.
I hope the above information is of assistance.
Residhotel in Administration
I have just been Paid third quarter of 2011.
Residhotel in Administration
All - We received 2 letters today, one from Rhode Tourisme (the manager of some (or most) of Residhotel's properties) and one form Xavier Huertas, the appointed administrator for the handling of the court process (?), to say the lease is cancelled and that we should pick up the keys, without any further explanation (perhaps due to my poor grasp of French).
Anyone else received this?
Regards, Emphyteusis
Residhotel in Administration
The Trustee in Residhotel's Receivership, Mr Huertas, has started paying those creditors who filed their claim with Mr Cardon in the months following the company entering into Receivership.
Cheques are being gradually sent to my office in part settlement of claims made on behalf of those creditors's I previously acted for. No doubt that creditors who directly filed their own claim at the time should receive Mr Huertas' cheque direct.
Fabien Cordiez
Avocat, Solicitor
http://www.solicitor.fr
cordiez40725.542962963
Residhotel in Administration
Me again! I have actually just noticed that the statement that I have been sent states that the payment is for 01/10/11 to 31/12/2011. I am confused as that means they haven't paid me for the 3rd quarter of 2011. The previous payment was for 01/04/2011 to 30/06/2011.
Residhotel in Administration
Hi Emphyteusis, where is your apartment? was it one of the resorts that Residhotel had tried to transfer?
Thanks
Nick
Residhotel in Administration
I think we are in contact Emphyteusis, not seen the letter yet but if anyone else has been in this position before or are owners of Residence Athena please could you pm us. On the legal side, are Residhotel allowed to cancel leases without notice and without explanation?
In particular, has anyone had their leases cancelled and are going at it alone?
Residhotel in Administration
Nick,
to my knowledge, it was not one of the resorts which RH tried to transfer (our apartment is in Residence Athena).
Regards, E.
Residhotel in Administration
Just returned home from holiday to find letter from SAS Rhode Tourisme advising that our lease is cancelled and we can collect our keys at the end of the month! Can they do this with so little notice? Any other owners out there in a similar position?
regards, D
Residhotel in Administration
Daren,
This happened to us as well (wrt residence Athena, see earlier reply in this topic). What development is your property in if I may ask?
Regards, E.
Residhotel in Administration
We have a property at Residence Athena as well. Since making the post yesterday I have managed to access an old e-mail account and have tracked down a number of owners in the residence. They have made reference to the possibility of a new management syndicate being put in place. Seems to be little detail as yet, but they are setting up an e-mail group to enable us to keep in touch. Let me know if you need details.
Regards, Daren
Residhotel in Administration
Good morning,
Here is an article on latest legislative developements:
French leasebacks in trouble: What's changing in 2010. http://www.solicitor.fr/French_leasebacks_in_trouble.pdf.
Regards,
Fabien Cordiez
Avocat à la Cour, Solicitor
Residhotel in Administration
Has there been any update on Resid since. I have a property in Carcassonne which I only bought last year and am expecting my first rent cheque in April for quarter one 2009.
Cath
Residhotel in Administration
Bertrand re your post on the 25th Feb, we have been informed by Residhotel that our property is in one of the 10 so called problem resorts. It has been open for 2 skiing seasons now with 100% occupancy for both seasons (confirmed by the manager running it) Why should we accept a 40% reduction in rental? Residhotel went into a commercial agreement with us knowing what their costs/ outlays were going to be, surely their losses are down to bad management or the books are being cooked.
Residhotel in Administration
Seamus or anyone else, do you know where that leaves the people that have served C de P and that RH have paid prior to administration?(obviously only if this should this happen) I assume this means they haven't broken the lease and therefore will it leave us ultimately in the same position as those that have not gone down the legal route?
Residhotel in Administration
What we can see here is that we have the impression that RH set up the deal, sold the properties and manages the units. So that they are responsible of everything regarding the leaseback. Obviously only when there are problems!
Here we have RH who is proposing new leases at 30% reduction to reflect the economic situation of the resort. They have a poor communication I agree.
We help associations to find new management companies and we do rent recovery and at the moment we have all developments from Atrium in ZRR: we contacted all serious management companies and no one want to take a ZRR now. The risk is that you will not find a new management company or even if you can find one they will propose a 50% reduction: Quietude could but they are close to bankruptcy, Odalys is serious but cash flow problems, Atrium will go bankrupt soon, Elite is not paying, maisons de Biarritz over....don't you think it is time to make evolve the scheme?
BLM
Residhotel in Administration
Bertrand,
do you have a relationship with ResidHotel?
Your contributions read almost as propaganda and don't reflect an accurate understanding of the sites referred to.
Mike F
Residhotel in Administration
Does anybody know who was representing who at this recent meeting in Cannes? It seems judging from previous posts that some people weren't give the opportunity to consider or make a final decision about accepting a lower rent and it would be interesting to know how many owners were present at the meeting or who was voicing who's opinion. It also seems a bit strange that nobody (or nobody that I have heard of) has received a letter following the original one chasing up their proposal or indeed following this meeting? Does anyone know more?
Residhotel in Administration
Mike,
I just try to be fair with all parties and to help owners to realize that managment companies cannot be responsible for the whole leaseback scheme problems. We work for associations of owners and once anger and resentment are more or less out of the game, decisions are easier and more sensible for a sustainable benefit of the owners.
We have no link at all with RH.
Bonne soirée
Bertrand
Residhotel in Administration
The meetings have not been very successfull indeed and the only way to exit from the problematic developments should consist in opening the safeguard procedure.
We will have more news next week.
BLM
Residhotel in Administration
On 27 April 2010 the Cannes
Commercial Court approved
Residhotel's CVA (continuation plan).
The CVA provides that Residhotel will pay all approved claims over a 10
years
period. Approved claims are those sums in respect of which a claim was filed - a process called 'declaration de creance' and approved by the Court. The first repayment will occur in 2011 and represent
2.5%. Repayment percentages then go up every year.
Meanwhile the company must pay rents as normal. It is my understanding that not all claims have been reviewed for inclusion in the CVA yet. Owners/creditors are being sent a special notice by Mr Didier Cardon (the Creditors' Representative) when their claim is being diputed, or further details are required.
Here are the CVA's full features:
continuation sur 10 ans">Continuation plan over 10
years.
Annuity 1: 2.50%
Annuity 2: 3.50%
Annuity 3: 7%
Annuity 4: 10%
Annuity 5: 10%
Annuity 6: 12%
Annuity 7: 13%
Annuity 8: 13%
Annuity 9: 14%
Annuity 10: 15%
avril 2011">First dividend is to be
paid no later than 27 April 2011.
devront être versées au CEP qui procèdera à une répartition à conditions
que ces sommes soient supérieures à 50.000€.">80% of monies collected
through pending legal actions must be paid to a Court-appointed Officer
called 'Commissaire à l'Execution du Plan (CEP), who will
allocate the funds provided such sums are greater than €50,000.
durée du plan.">Inalienability of movable and real-estate assets during
the CVA.
Rhode
Tourisme's shares will be nontransferable during the CVA.
société devra faire établir une situation semestrielle par son expert
comptable.">The company shall publish its accounts twice a year, through
Chartered Accountants.
Fabien Cordiez http://www.solicitor.fr
Residhotel in Administration
It seems this whole saga is beginning to start for me as
the management company (Etud Accueil Mediterranee) of my
leaseback in Paris facing the bankruptcy court. Is there
anyway I can walk away from this and not go through all of
the above? Or is it worth sticking it out?
Residhotel in Administration
Betrand, can I be so bold as to ask therefore what your involvement is in the RH situation? Do you own a property or represent somebody that does?
You see very informed about the meetings (I thought only one had taken place?!) whereas I said previously, some owners of the so called problematic properties were not even invited to the meeting or given the option to voice their opinion?
What is the safeguard procedure?
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