Apartment Block - Management Company liquidation

Hi Everyone,

I ws hoping someone may be able to point me in the right direction with something. Im not shy of experience when it comes to managment of Management Companies as I was once a Property Manager myself. A new trend of failing Management Companies has been set due to developers not paying up on unsold units and bad management etc. Im interested to talk to someone who has had experience with management company liquidation, the process, its costs and its consequenes.Is there anyone here who fears they may not be able to sell their house do to this?Has your apartment block insurance lapsed due to lack of funds? Im also interested to speak to someone who is unhappy with the finances of their block as I am currently doing some primary research in this field. Any thoughts would be greatly appreciated.

Many Thanks in advance!

Hi,I was about to buy an apartment when my solicitor discovered the management company was in liquidation.She strongly advised me not to buy this apartment as I would never be able to sell it on or insure it.

It would have been a cash sale on my part so it wouldn't have mattered to the banks about insurance but it seemed to be very silly to risk all my money been lost if a fire was to break out for example.

I asked my solicitor if a new management company would be brought in but the owner selling the apartment came clean and said the other three apartment owners in the block just where not interested,leaving themselves and him in a very risky situation.

Surley there has to be -or needs to be- some sort of bill protecting apartment owners from this happening?

Anyway I think this answers one of your questions-you probably won't sell your apartment too easily

Are you researching this for a book or a newspaper article, Manage CIC?

onq said:

Are you researching this for a book or a newspaper article, Manage CIC?

Click to expand...

If he is, sorry was, then surely he has gone to print....he started the thread in 2009 and got his first reply today! ;-)

LOL! Busted! I'll have to check the previous post dates more often.