The decision suspends any foreclosure procedures launched against the project.
The court appointed RVA Insolvency Specialist as liquidator.
Prior to this decision, other creditors obtained the foreclosure of the complex, which includes a plot of 25,000 square meters and half-constructed buildings. Foreclosure and the auctioning off of assets was decided following a claim filed by Acosta Inversiones, to whom Gea International owes over EUR200,000.
The project was set for completion in 2009, and it was to include 500 flats. However, works were ceased initially because of disagreements between the developers, GEA 21 and Prasa. In summer 2010, GEA 21 took over the entire project, secured EUR10.5 million funding from La Caixa and committed to complete the first 140 flats by the end of 2010 or the first months of 2011.
Later, works were once again ceased and a new deadline was set for the end of 2011.
Prior to securing funds from La Caixa, the Spanish company representatives said they invested EUR30 million of their own funds in the project.