Furnished holiday let tax is due for a huge overhaul in the next budget.

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British owners of Spanish holiday homes only have a few days to register as creditors of a building company that is 170 million Euros in debt has left a massive off plan golf resort unfinished.

Buyers dealing with Promociones Eurohouse 2010 SL, based in Alicante must register an interest with the Mercantile Court in Elche, Spain, to have any chance of reclaiming cash as the company has gone in to compulsory receivership.

Promociones Eurohouse flagship project is the Fortuna Hill Nature & Residential Golf Resort that has more than 2000 unfinished properties.

Antonio Guillen, a Spanish lawyer with DWF in Manchester who is advising British and Irish purchasers in the insolvency of several Spanish developers, says: “Eurohouse has been forced into compulsory receivership. This means that the current directors will step down and the company will be run under the administration of 2 trustees which will be appointed to take over and manage the company’s affairs”.

“Anyone who has purchased a property off-plan from Eurohouse or owns a property that has not been fully finished needs to register with the court before the 30 April 2010 to ensure they are included in the final list of creditors. They will need to supply any documents that can help to prove the payments made, such as purchase contracts, payment orders and bank statements.

“They should also check whether they have been supplied with a bank guarantee. A bank guarantee is compulsory under Spanish law, although not all developers comply, and will ensure that if the property is not finished, a guarantor, usually a bank, will refund the money they have paid plus interest. It could mean the difference between them losing all their money and getting a refund”.

Mr Guillen added “failure to register within the allocated timeframe could imply being downgraded to subordinated creditor status which would jeopardise any possibility of getting any money back in the event of the company’s liquidation.”

A property sales company handling millions of pounds for investors looking to buy a place in the sun faces winding up in the High Court.

Independent Property Consultants Ltd, with a registered office at 42 Chorley New Road, Bolton, traded from offices in Scarborough and Blackpool.

The firm acted as sales agent for developers in Spain, Bulgaria and Cape Verde.

The Official Receiver was appointed to wind up the company after an insolvency petition was presented on March 15.

The case is scheduled for hearing at the High Court on May 26.