The promise of the ideal Mediterranean seaside vacation was the draw that made Torrevieja popular on television throughout the country in the 1980s. But the homes that were listed on Un, Dos, Tres… soon became a nightmare for their owners. Years after the developer abandoned the La Torreta development, there are still problems with the sewage system and paving. The enclave is now a run-down neighbourhood, and some have even voiced their displeasure over squatters occupying mansions and chalets.

The local real estate boom can be attributed to developer Justo Quesada Aniorte, who was the driving force behind Torrevieja’s initial boom. However, one of the construction companies is currently accruing a trail of debts despite having assets and accounts abroad, according to the bankruptcy administrator of Justo y Manoli SL, one of the businesses that is a part of the corporate network of a family that has primarily developed property developments in Murcia and Alicante. Even though they are members of Grupo Masa, his children are gradually distancing themselves from his actions.

In actuality, the company owed the Public Treasury 10.6 million euros, which led the Tax Agency to identify it as a defaulter in 2024. But the liquidated corporation’s problems began far earlier.

A Supreme Court decision states that the business held by Justo y Manoli SL had debts of over 109 million euros in 2015, the year it declared bankruptcy. But it’s important to remember that the aforementioned corporation had 129 million euros in assets and slightly over 107 million in liabilities as of December 31st, 2009.

The Provincial Court of Murcia ruled in 2018 that “the claim that the delay in filing for bankruptcy does not cause aggravation should be rejected, since this delay has not been harmless from the creditors’ perspective.” The court stated that when the bankruptcy petition was filed in May 2015, the assets were estimated to be €41,112,081 and the bankruptcy liabilities totalled €108,969,552.

It has now been demonstrated in court by the bankruptcy administrator that Justo Quesada has funds overseas. Auren Concursal reports on the Tax Agency’s documentation in a July 2024 letter to the Commercial Court number 1 of Murcia.

First, on March 26th, 2024, the businessman filed Form 720 for the declaration of assets and rights abroad with the Tax Agency, revealing that he “holds bank accounts and financial products located abroad” worth around 3.4 million euros. Bank accounts at Credit Suisse (Switzerland), Creand (Andorra), Truist Bank (Florida, United States), Citibank (Florida, United States), and Bank of America (United States) are actually mentioned in the letter to the court.

Furthermore, the assets increased from €6.4 million in the 2019 fiscal year to about €3.2 million in the 2022 fiscal year, as indicated by the Wealth Tax forms for the years 2019, 2020, 2021, and 2022 that were filed with the Treasury. According to the bankruptcy administrator’s brief, “the executed party’s assets have been reduced by €3,224,733.03 from 2019 to 31/11/2022.”

Accordingly, he believes that “the majority of creditors are home buyers” and that “there has been a progressive and multi-million dollar decline in the assets declared by those executed” following the public administrations.

Through the Masa Group, to which their children are now connected, this publication has attempted to get in touch with the family. However, this real estate development company’s sources deny any affiliation with the Justo and Manoli SL firm. These sources emphasise that “this company has nothing to do with Masa,” but they also clarify that Justo Quesada’s business “is a firm in bankruptcy like so many others.”

In any event, Masa’s spokesperson notes that the case is being brought to court because “the bankruptcy administrator is being sued for malpractice.” “His assets have been declared for more than ten years and have been brought to the attention of the court,” the spokesperson continues. “If Justo and Manoli’s assets had been auctioned at market prices, these debts would not only have been paid, but there would have been money left over,” these individuals complain. The bankruptcy administrator has been approached by this newspaper, but he has not responded.

Manoli’s past has been replete with controversy; for instance, he was previously criticised for constructing 3,500 residences in Camposol (Murcia) without a permit. The Mazarrón City Council was forced to handle millions of dollars in damages to the development’s public facilities, and the Segura Hydrographic Confederation even launched action against the construction business for constructing in the bed of a ravine.

A former Justo y Manoli employee who is aware with the company’s financial records claims that “the parents transferred companies to their children, precisely to avoid the father being seized, prior to the bankruptcy.” According to one worker, who spent a number of years as a management at the construction company, the family’s method of surviving the financial crisis is “not paying suppliers.”

“They have survived real estate bubbles by leaving the companies and not returning until the storm had passed,” adds one former employee, who attests to the fact that home buyers who felt defrauded made a lot of complaints and claims. “I have seen suppliers and clients who have lost everything .”

According to this source, many customers who were left with partially constructed homes did not receive their money returned. “The trick has always worked out well for them,” the former employee complains, despite everything.

The first 886 vacation rentals that lacked the necessary registration have been removed by the Generalitat Valenciana’s Tourism Registry. As part of an updating process that includes the 101,200 residences registered until December 2024, 800 of these homes are owned by the province of Alicante.

The primary cause of these properties’ removal from the Register, according to sources from the Ministry of Industry, Innovation, Trade, and Tourism, is that they do not have an NIF or NIE, which has caused the system to remove them. The remaining properties—roughly 26,000 in total—that lack a cadastral reference will be added to the process.

Properties that have been deregistered yet still rent out to tourists may be subject to penalties from the appropriate authorities.

A third of the 803 deregistered residences in the province of Alicante are in Benidorm, 55 are in Castellón, and 28 are in Valencia, according to the data presented. According to Marián Cano, the regional minister for tourism, this procedure is a part of the first stage of a comprehensive evaluation that will look at over 34,000 vacation houses overall.

The significance of Valencia’s Tourism Registry for lodging for visitors

A vital instrument for the tourism industry, the Tourism Registry offers vital data that enables the administration to perform a number of tasks required to guarantee the industry’s proper operation.

What does unsubscribing from the register mean?

It is crucial to remember that any apartments that are deregistered with the Generalitat Valenciana are no longer able to serve as lodging for tourists. They risk penalties for failing to comply with existing regulations if they keep operating without a registration.

Updating crucial information

The essential need for current information on lodging for tourists has been recognised by the General Directorate of Tourism. Electronic communications and the completion of administrative procedures are complicated by the absence of crucial information, such as the owners’ tax identification number, phone number, and email address.

The information in the Tourism Registry must be kept current and adhere to the standards set by the relevant authorities in order to prevent issues and guarantee appropriate administration.

According to health sources, a 72-year-old man lost his life in a car-truck collision on the road to Guardamar del Segura in the municipality of Benejúzar on Wednesday.

After learning of the accident at around ten in the morning, the Emergency Information and Coordination Centre (CICU) sent an ambulance from the Emergency Medical Assistance Service (SAMU) and another from Basic Life Support (SVB) to the scene to administer medical attention.

This 72-year-old man’s death has only been confirmed by the SAMU medical team as a result of the accident that occurred yesterday.