Hi guys. I've been looking for a forum conversation on Kranevo Paradise Gardens for some time now. Glad to have finally found one.
Ours is a similar story. My brother and I purchased an apartment back in 2005 and opted to pay in instalments. We agreed to the annexes to the contract when the completion date was postponed and continued to transfer our instalments as required. In summer 2007 I asked a question via our agent regarding the final 10% instalment. I assumed that this would not be payable, the developers having imposed a 10% penalty on themselves for late completion (as per the annexes to the contract). Their reply was that the full discount would not be given for some obscure reason which I now forget. We obviously queried this but were then told that if we didn't like it Best of Bulgaria would be happy to cancel our purchase and give us a full refund plus the 10% in way of the penalty. Both we and our agent were gobsmacked (the dispute had been over a sum of a mere 700 euros) but saw it as an opportunity to release ourselves from what was becoming an increasingly problematic arrangement. We signed a cancellation contract and were told that our refund would be transferred in one month. This never happened.
I have spent the last 4 years chasing up Best of Bulgaria. Firstly through the British director, Alex Beeston and later through Haris Menalow, once Alex was mysteriously “no longer involved in the workings of the company”, (Haris’s words). They continually quoted excuses that I am sure you are all familiar with, that repayments to their lender took priority over cancelation refunds and that we would receive our money when and if the company found its way out of trouble. I then found via their website that our apartment had been resold for a sum 3 times that of our initial investment and due refund. I now believe that they purposely coerced us into cancelling to enable them to resell the apartment to generate further capital. I don’t believe they ever had any intention of refunding us within time frame they initially specified.
Whilst on holiday in Cyprus last Christmas, I phoned Haris Menalow and requested a meeting. He obliged and met for a coffee in Limassol. He was extremely apologetic about the whole affair and appeared to be on the level (why would he bother meeting me for a coffee if he were not). He reassured me that they had a Russian investor literally days away from signing a deal that would ensure the completion of the project, delivery of all apartments and payment of all refunds. I left the meeting with a level of renewed confidence in the situation.
I continued to communicate with Haris over the coming months (via text message as he had stopped replying to emails some months earlier), and he continued to assure me that the deal was still going ahead and that the investors were still carrying out due diligence. Around May Haris stopped replying to my text messages. I tried phoning and emailing both the Cyprus and Bulgaria offices but to no avail.
With this, we decided to finally seek legal assistance, (we had neglected to seek this previously due to the cost involved but had recently come into some money that would allow us to finance it). We instructed a Bulgarian solicitor who has just this week got back to us with his preliminary report. The long and short of it is that the company, Golden Bulgarian Developers Ltd (they formed a different company for each of their developments) has been insolvent since May. It appears that the administrators have not yet been called in but it is just a matter of time. The bank will obviously be the preferred creditor and our solicitor feels that the chances of us getting back our investment are slim. The cost involved in pursuing it is not cheap and could effectively be throwing good money after bad. We are still undecided as whether to pursue the matter.
Sorry to be the bearer of bad news. However, I would be keen to see what we can achieve as a team, (I know where the Best of Cyprus office is in Limassol
) I have joined the aforementioned Facebook group and would encourage others to do likewise. It's possible that if we all club together that the Bulgarian courts will have to take us seriously as a preferred creditor!? Just a thought. I will run it by our solicitor. Please feel free to PM with any questions.