Timeshare going bankrupt

I own 2 August weeks in a beautiful mountain timeshare in the Alps, Central Europe.

About 700 people own 700 weeks, while the remaining 750 timeshare weeks belong to the original estate agent, who has entrusted the management to a third party.

Unfortunately, about 200 owners have not been paying their maintenance fees for some years now and the timeshare is now in the edge of bankruptcy since debits have reached about 230.000 euros. Moreover there is a urgent need of refurbishment and the building has to be adapted to comply with new national regulations for safety.

Paying owners are now divided into two groups: a part of them is on the verge of giving back their timeshare for free and stop paying maintenance fees. The second group is going to create an association which intends to acquire the control and management of the timeshare, with or without the participation of the estate agent, who could be charged together with the management executive with mismanagement.

Do you have any knowledge of such an event already happened? Any timeshare going bankrupt?

Thank you for any advice or hint.