London judge stops Maud company receiving money from Santander HQ sale

A London judge has made an order ensuring that money that would have gone to property investor Glenn Maud as a result of the sale of Santander’s headquarters in Madrid is instead directed to the Spanish insolvency administrator. Maud and business partner Derek Quinlan are embroiled in a complex series of disputes over their 2009, €1.9bn purchase of the Spanish bank’s headquarters though their vehicle, Marme. At the time, the deal was thought to be the biggest property transaction ever to take place in Europe. The pair are now involved in litigation with creditors seeking hundreds of millions of pounds. Meanwhile, the property itself is in the hands of the Spanish insolvency administrator, which is trying to sell it on behalf of creditors. The receiver is itself embroiled in legal challenges from rival potential purchasers. In May a court in Spain approved the sale of the building to Sorlinda, a property vehicle owned by billionaire property tycoons David and Simon Reuben, who made a cash offer of €283m. That decision has faced a challenge from Santander, which wants to buy the property back. Sorlinda now has until 13 July to complete the purchase. According to court documents, Maud and his company, Cruz Holdings, gave loans to Ramblas, the insolvent property vehicle at the centre of the dispute. This means that they may also technically be creditors in the insolvency. However, in a ruling handed down yesterday, High Court judge Mr Justice Snowden ordered Maud and Cruz Holdings to file documents with the Spanish insolvency administrator, stating that shareholder-loan money that would be directed to them as a result of the sale should be directed to the insolvency administrator instead. (1) Alastair Paul Beveridge (2) Stuart Charles Edward Mackellar (claimants) – and – (1) Derek Quinlan (2) Glenn Maud (3) Cruz Holdings Ltd Business and property courts (Snowden J) 6 June 2019 Jonathan Nash QC and Stephen Robins (instructed by Michelmores LLP) for the claimants Sarah Harman (instructed by Joseph Hage Aaronson LLP) for the second and third defendants