Building not commissioned?

L

Lyndan

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Hey All

I purchased an apartment about 1 year ago in Co.Dublin. We are currently in all kinds of talks with our developer, who used to own the land the apartments are built on. Basically the guy decided he would be better running the management company then anyone else and so he is a director of the management company and he got a 3rd party to actually run the building. Anyway it didnt work and we are now in talks to get a proper management company in order...

We (the residents) have been having lots of meetings lately and the other day someone mentioned that our building is not commissioned, what does this mean? Is it a bad thing?

Cheers
 
A management company of this sort requires 7 directors so there must be others involved. Is this developer making money from this company. Can you make sure that he is paying the insurance on the common areas as he may be skimping.
 
wow 7 directors, we checked the companies office and there are only 2 directors listed...

i am sure he is making money - but it seems it didnt work out so now we are finally after a year getting a proper management company in place. The grounds are a mess, the carpets in the common areas are filthy, i feel like i am paying €1,200 a month for nothing!

Does anyone know anything about the building not being commissioned and what it means for us?
 
Lyndan said:
wow 7 directors, we checked the companies office and there are only 2 directors listed...
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I do not understand this. I have been involved in a few small developements and have set up management companies for these developements and in all cases there had to be 7 directors. I have family members and friends put their names in initially and these are then replaced by the householders as things progressed. I also have the bank accounts untill all names are replaced and I hand it over. I feel that the money in the accounts belong to the householders and I will not waste a penny of it but I fear that others may not feel like that. Organise a residents committee and go and look for answers and ask to see where your money is being spent.
 
Hi Woods - Can you confirm your source for the '7 directors' rule? I've hever come across this before. I think your family & friends were mildly foolish to put their names down as directors, unless they were actively monitoring the company. Directors have substantial legal responsibilities and possible personal liabilities.
 
Sorry. My Mistake. I have just checked my paperwork and the other 5 are just listed as shareholders. There is so much paperwork involved in those things that it has me addled (or maybe I am going a little daft).
The thing is that there has to be 7 shareholders even if only 2 are directors.
 
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