Residhotel in Administration

Has anybody received the letter from the Mandataire Judiciaire reference ResidHotel? I received one today and wondered whether anybody has a better understanding of it. Are they proposing that their debts are paid over a 10 year period? I don't believe it says anything about the future of RH but does anyone else have a clearer picture?

I too have just received this letter from Didier Cardon. I understand that we will be paid over ten years but am unsure if we are preferential creditors or not.

Also what is to say that they will not do this again next year or year after.

Having said all that I do not believe that we have any choice but to accept the payment schedule

Cath

I agree Cath and from what I can gather we only have 30 days from 11 Jan in which to do so.

Does anybody know of the implications of us signing this document - I am concerned that some vital implications have got lost in my translation!! Has anybody else out there signed and returned this document?

Residhotel's suggested CVA provides for repayment of all admitted claims over a 10 years period. This, if approved by the Court, means that
claims will be eroded by inflation over 10 years (16% if we apply
inflation rates figures over the past 10 years...).

The Cannes Court will decide whether or not the CVA suggested by Rhode Tourisme (Resid'Hotel) is acceptable. Creditors' opinions are taken into consideration, but the final decision essentially lies with the Court.

Accepting or rejecting the CVA, by returning the acknowledgment slip to Mr Cardon, does not have direct legal consequences for individual creditors. It can impact on the overall situation however, as the more people accept the 10-years repayment CVA, the more likely it is the Court will validate it. So, signing the document does not directly affect individual claims, but may influence to golbal outcome.

At the end of the day, it is down to each property owner to consider whether or not Residhotel's attempt to be offered a 10 years interest-free loan on (unpaid) rents deserves, or not, a little push...

Fabien

The lawyer that is representing the resident's group that I am in has recommeded rejecting this offer.

I would think that it is in our best interest to accept this offer. Does anyone go on to the french sites to see what their view of it is. Also is there a liklihood that those who reject it will get their money up front and the rest of us will feel very stupid then if we accept.

Cath

Good afternoon 'andmelffion',

Your comments are offending.

As previously mentioned, people are free to reply to Mr Cardon as they see fit.

I contribute to this forum on a free, disinterested basis, to try and help overseas-based investors understand some French insolvency law issues.

Whether or not leaseback owners take legal action, or Residhotel's CVA is rejected, I do not draw any personal advantage from this.

Fabien Cordiez
Advocate, Solicitor

I would agree with Fabien. I have always found his contributions both useful and impartial.

Cath

'if you are offering free legal advice M Cordez perhaps you should offer
it to everybody - your comments on here are helpful but no more than
that.'

-----------------------------------------------

Dear Sir or Madam,

I disagree with your expert opinion, but you are of course free to express your views, provided you do this in a courteous manner.

In the light of your rude comments, I find it unappropriate to continue with any further contribution to this forum.

Yours faithfully,

Fabien Cordiez

Avocat à la Cour, Solicitor

_____________________________

19
rue de Montigny, 13100 Aix-en-Provence, France

UK Tel: 0207-148-5563 IRL: (01)-431-1301 FR: + 33(0)486-688-968

fabien.cordiez@solicitor.fr www.solicitor.fr

Member
of the Law Society of England & Wales - n° 331485 - practising law as Avocat member of the French Bar Association

Hello

What are your thoughts about the new amendments on creating a company (SARL, SAS) by owners ?

Is it possible to have 2 companies in the same residence?

Rgds,

Once user andmelffion 's account is removed from frenchleaseback.net, I will consider resuming my contributions to this forum.

Fabien Cordiez

I am glad to hear that the advice from french investors seems to suggest that better to accept the offer as that is also my opinion. Again I will only be down €1600 so I suppose it is easier for me to say and apart from my first three months rent which never got paid I have received everything since right on time. So hopefully things can only get better.

Particularily as I am an Irish public servant who has just suffered a second pay cut in eight months I cannot afford to have the possibility of having to try and find a new management company etc.

I think that we have 30 days to decide but if we do not reply that is taken as an acceptance.

Cath

We received today details of a residents meeting at the end of March for residence athena in Les Carroz. Has anybody else received this and if so can they please get in contact. There are points on the agenda which are interesting.

Have any other RH owners received any indication of when the hearing is taking place or if RH have any hope in having their safeguard removing?

Are there any Residhotel owners out there that have had their Syndic changed from RH sister company to a non related Syndic? Does anybody know if this is normal practice or is it perhaps indicative or what is going on with RH at the moment? Would appreciate hearing from anybody with RH.

Searching for an Irish Based Balcons de Soleil owner up to speed with Rent recovery process to speak to a fellow owner in Ireland

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.

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?

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

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

Hi Emphyteusis, where is your apartment? was it one of the resorts that Residhotel had tried to transfer?

Thanks

Nick

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?

Nick,

to my knowledge, it was not one of the resorts which RH tried to transfer (our apartment is in Residence Athena).

Regards, E.

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

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.

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

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

I have a property in Carcassonne and have received my letter outlining the repayment schedule over a ten year period which we accepted as did not feel it was worth arguing over a small sum!! But we will be getting such a small amount back every year it is a bit if a joke. Having said that we have received all rents on time since that time and hope that things will go more smoothly in the future.

Catherine

Hi all,

Did anyone else receive the documents from Societe Arte (in the last few weeks) relating to an AGM that was held on 8th June? There also seemed to be statements with owners' names detailing who has paid what, and which owners have balances outstanding. Do you know if the balances relate to 3Q10? Myself and the co-owner have paid all fees requested by Societe Arte up to 2Q10 but it looks like we have one quarter outstanding according to the statement. It also looks like the last page needs to be returned but I'm not sure how to fill it out (no French). Needless to say, we weren't able to attend the AGM...if anyone has a better grasp of French, and can just outline the important points in this document, I would be grateful.

Thanks!

We also got documents and it related to Clos De La Cite in Carcassonne. But it only was telling us that the agm was coming up and we could attend if we wished.

The piece to sign was just to confirm if you were attending or not.

In our case I did not attend but another owner did who was there and I met him in the Cite that night and got the full feedback from the meeting.

Are you in Clos de la Cite, because if yes I would like to be able to add you to my contacts in case we ever run in to any kind of difficulties.

Thanks

Catherine

Hi Cath,

I just tried to PM you but your inbox is full. I will PM you my personal email when possible, as I do indeed own one of the apartments in Clos de la Cite.

Regards,

Natasha

I just emptied my pm inbox now.

We are just back from Carcassonne and it was very busy which is good to see.

Catherine

Hi, Has anyone been paid their quarterly rent for July?

Thanks

Nick

Yes, I was paid several weeks ago.

I opted for two weeks occupancy a year in my residence but will not be able to use the second week this year. I've emailed Resid Hotel to ask them what happens in this situation but have had no reply as of yet. Just wondering if anyone knows what the standard procedure is? I read elsewhere that the management company can "buy" any un-used weeks...

Has anyone else had a letter about delays in rent payment for January 2011?

I contacted them yesterday - the rent will be paid on the 15th Feb.

Has anyone been paid their 4Q10 rent yet? It was delayed until Feb 15th but they have yet to pay it. We covered the delay but cannot afford to put any more money into our mortgage account. Does anyone know what will happen if we default on the mortgage?

Hi Tuulia, I received my rent on the 16th - prehaps contact them if you still have not received it.

Thanks
Nick

We received our rent today....at last!

I have still not received my rent.

Can someone advise as to where I send a reminder by email or fax

Thanks

Catherine

I usually email Marie Malveau at Resid Hotel:

marie.malveau@residhotel.com

Still no rent for me for Clos de la Cite in Carcassonne. How are others doing?

Is there another way to contact apart from Marie Malveau as she has not replied.

Kate

Perhaps try one of the phone numbers they list on the rental statements they send out. Good luck!

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?

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..

Thanks for the info. Will email her now.

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

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?

Hi, Has anyone else not received there 3rd quarter rent?

Thanks

Nick

Can you please send me the reply that you sent? I haven't had anything since end August.