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Developer gone bust, where does that leave management company??

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  • 27-04-2010 12:14pm
    #1
    Little Miss!
    Registered Users Posts: 120 ✭✭


    I'm hoping someone here can help, i've recently being informed by our managing agent that the developer is being wound up by the revenue.

    the developers are still directors of the management company, just wondering where does that leave the management company? there are numerous problems within the development and the agent reckons there'e no funds to do anything :confused:

    can anyone please suggest a route of action?


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    #2
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    Is the development completed? If it is, then there should be no impact at all on the management company since they are separate entities.

    The management company should be solely funded by it's shareholders (people who own units in the development). The directors of the management company should also be elected at your AGM, and should (although not always) be shareholders in the management company.

    If your development hasn't been completed, then I am not fully sure where you stand.


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    #3
    Little Miss!
    Registered Users Posts: 120 ✭✭Little Miss!


    hey paul,

    thanks for the reply, our building is complete, however there is also another building on the same grounds as ourselves. this building is a protected structure and half of which remains derelict at the moment. The other half has been renovated and are being lived in. planning permission has been applied for to develop the remainer of the building (obviously by another developer!), the area isn't maintained as it is can only imagine what it'll be like if the rest is renovated!

    there's constant problems within the development, i've sent numerous emails regarding various problems to the agent and am lucky to get a reply, never mind actually getting the problem solved :mad:

    any suggestion welcome


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    #4
    Paulw
    Registered Users Posts: 13,381 ✭✭✭✭Paulw


    My advice - bypass the agent.

    Write directly (registered post) to the directors of the management company (details available from CRO website). Explain your situation and concerns. Also, get together with as many shareholders as possible, and get as many people as possible to write in. Try to organise yourselves (form a committee if needed, with a chair person). Make your voices heard (as often as is needed).

    Check with your local authority for planning permission/requests, and who is responsible for what. That way, you can find out who/what is going on.

    Also, from the CRO get the articles of association of your management company, and as much info as you can get. Information is power.


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