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Litigators from Giambrone Law ILP win in Calabria
Judgment for the Claimant for breach of contract against Bella Calabria 2005 srl - “El Caribe”development.
PALERMO, ITALY, 12 April 2012: In March 2012, the Court in Locri, Calabria, handed down its judgment in respect of a claim brought by Giambrone Law ILP on behalf of its client against Bella Calabria 2005 srl. The judgment ordered Bella Calabria to refund the sum of €72,678.29 to the buyer which represented the deposit paid towards a purchase in the El Caribe development.
El Caribe was marketed as a 5 start resort in the North East of the region of Calabria by Bella Calabria and Italian Connection (part of the Medsea Estates Group). The Real Estate team at Giambrone Law assisted with the initial contractual negotiations between the buyers and Bella Calabria and drafted the Preliminary Contracts. The judge in this most recent judgment declared the contract between the parties to be null and void because Bella Calabria has not honoured its obligation to provide the buyer with a fidejussione (bank guarantee). “There is always a risk when buying off-plan and Calabria could only really be described as an untested market at the time when the majority of buyers paid their initial deposit” commented Avv. Gabriele Giambrone who is the Managing Partner of Giambrone Law ILP, the award winning Anglo-Italian law firm and widely recognised as one of the leading experts on Italian law in London.
“Calabria – as a market for off-plan properties – grew too quickly and many of the builders were affected by the global economic crisis. Whilst there are always risks, Italian law protects buyers in these circumstances and should go some way to restoring affected clients’ faith in the region.”
Giambrone Law ILP is the Anglo-Italian award winning law firm which is widely recognised as the leading advisor to the international community on Italian law.
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