How to check for sinking fund

R

R3alEstate

Registered User
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Hi,

I can't find anywhere where and how to check if a sinking fund is in place and how much there is in it.

I found that it's illegal to not have one, even though many OMCs don't have it, and that it should be in a separate account but I can't find anywhere how to check: should it be reported on a document? Should it be asked to the directors?

Thanks in advance for your help,

Katrina
 
Accounts are filed with the Companies registration office. If you can't source them from their website you could try solocheck.ie. You will have to pay a small fee to access the accounts.
 
I asked for one from an agent recently, you’d swear I’d asked for a State secret.
 
DeeKie said:
I asked for one from an agent recently, you’d swear I’d asked for a State secret.
Click to expand...
I know this is an old thread but this is a problem in lots of places.
The arrogance of some property management agents appals me. We pay their salaries. They are there to look after us. It is up to us to decide if we keep them on as our agents.
If a management agent treated me like that I would raise it at the AGM and ask if it was time to change agents, or maybe save money and do without them, by managing the development ourselves as a group of intelligent adults. It takes a bit of work but is not rocket science.
 
In the OMC I’m involved in we have some members who will put in nuisance requests to the Directors and managing agent looking for copies of receipts, constant updates on bank balances etc. At the end of the day the managing agent has been appointed by the company which is run by say two Directors on behalf of the members, their fees would have to look very different if they were appointed by 20/50/100 members who all had the right to contact them individually.

If you think of an OMC being like a regular company and the members being shareholders, it would be extremely abnormal for shareholders to be contacting the companies accountants or Board and demanding bank balances etc. It might be OK in the odd circumstance where all the members/shareholders are happy to let the Board run the company, but more often there are one or more problematic members/shareholders that make this impractical.

I don’t think the agent should be rude to members, but I think it is perfectly legitimate for them to say they cannot respond to queries about the company, outside of legal circumstances such as title discoveries etc. It’s just not what they’re being paid to dI...
 
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