Dozens of Madrid residents who paid for new vehicles months ago are still waiting as the Cobendai dealership group’s financial crisis deepens. The company, which ran official dealerships and workshops for Hyundai, Peugeot, Suzuki, Subaru, KGM and MG, has halted commercial activity. Local reporting puts the number of buyers still waiting at nearly 100, with some delays stretching back to late 2025. It also says 170 staff have gone without salaries since April and are receiving dismissal notices.
The case has moved beyond a commercial shutdown. On 23 October 2026, Concursal.es reported, citing La Mirada Norte, that Cobendai’s voluntary insolvency proceedings had advanced to liquidation. This is a formal stage in the insolvency process, which provides a legally supervised structure for dealing with a debtor’s assets and creditor claims. The reported transition does not specify when assets will be sold or when customers, employees or other creditors may receive payment.
The situation escalated after Cobendai entered pre-insolvency proceedings and began a collective redundancy process (ERE), which ended without an agreement. Employees say they received their last full salary in March, followed by only a partial advance. Local reports put the company’s debt at €21 million. Workers describe uncertainty, little communication from management and no severance payments. Under Spain’s insolvency structure, employment relationships and possible salary debts receive specific treatment alongside other claims. The proceedings do not, by themselves, resolve individual wage or compensation claims.
For customers, the ordeal is just as severe. Some, including Francisco José Murcia, have waited more than seven months for vehicles they paid for in full in advance. Despite promises of refunds or imminent deliveries, many buyers have received neither their money nor their cars. In April, Cobendai began handing over some vehicles, but the process suddenly stopped, leaving dozens without a resolution. Buyers who financed their purchases continue to pay off loans for cars they have never received, while attempts to contact the company have gone unanswered.
The crisis also affects customers who bought MG vehicles through Cobendai’s ASIMCO dealerships. Customers say MG offered them substitute cars, but only on strict terms, including a €500 deposit and a 3,000-kilometre monthly limit. Others, including Silvia Corchero, have filed formal complaints and requested refunds but have heard nothing from Cobendai or the manufacturers. Hyundai has acknowledged the backlog and says it is working to resolve outstanding deliveries, though some cases are more complex than others.
The collapse has also disrupted after-sales services. Customers who prepaid for maintenance packages at Cobendai workshops can no longer get scheduled servicing. Some have had to pay again at other workshops to keep their vehicles under warranty, as neither MG nor Cobendai has offered a solution or compensation.
The Cobendai case shows the risks consumers and workers face when dealership networks fail. In Spain, dealerships often connect manufacturers with buyers, handling sales and after-sales services. When a dealer stops trading, customers may be left without vehicles or a clear way to recover their payments, while employees can go months without income. The reported move from voluntary insolvency to liquidation places Cobendai’s affairs in a formal insolvency process, where creditor and employment claims are handled within the broader proceedings. Hyundai and MG have pledged to address the outstanding cases, but many people are still waiting for their vehicles or financial restitution.
