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Propinvest founder Glenn Maud is fighting off a second bankruptcy order from Robert Tchenguiz's Edgeworth Capital and Abu Dhabi investment fund Aabar.
The order is the latest in the long-running battle to take control of Santander's Madrid HQ, which Maud and joint venture partner Derek Quinlan bought for euro1.9bn (£l.6bn) in 2008.
The 4.3m sq ft Santander campus is thought to be the most valuable piece ofreal estate in Europe and was acquired with debt from banks including HSH Nordbank, RBS, Bayerische Landesbank, Deutsche Post, RZB Group, ING and La Caixa.
Maud, who built up a £4bn property empire in the 2000s, was first made bankrupt in this case in April before overturning the order on appeal (see timeline).
Edgeworth and Aabar say they are owed some £66m by Maud and claim he has personal debts of more than £l70m.
Maud, who is supported by other creditors opposing the bankruptcy order, is seeking more time to sell the...