The Mercantile Court Number 1 of Las Palmas de Gran Canaria is processing the creditors' contest of Algol Desarrollo Inmobiliario S.L., one of the main real estate developers of Costa Teguise. In an order dated April 25, this creditors' contest is declared, which will be processed by the ordinary procedure and is voluntary, as published this Monday in the Official State Gazette (BOE).
For this, the Court has assigned a lawyer as administrator of the contest and has agreed to the intervention "regarding the effects on the powers of administration and disposition of the debtor with respect to their assets", as established in the BOE.
In this sense, creditors must inform the bankruptcy administration of the existence of their credits within a period of one month from the day following the publication of this resolution in the BOE.
