Hi -
Can anyone advise? Basically as a first time buyer of an off the plans Apartment which has still not been built - if the developer goes into examinership - is my contract still valid? The contract mentions that if the Contractor becomes insolvency then contract is void. However - becomes insolvent - delcared insolvent - are these two different things legally? In that Examinership allows a protection period, period of grace to avoid being declared insolvent?
Some background info as well -
1. Deposit Paid
2. Completion Period of 30 months will shortly expire
3. Some basic Contruction Foundational work has started on my Block within the Development concerned.
Q - Does examinership imply insolvency of a company?
Q - Or does examinership imply a company currently undergoing financial difficulty, but is not necessarily insolvent?
Q - After the protection period expires, if the company cannot resolve financial difficulities, then insolvency will be declared?
Can anyone advise? Basically as a first time buyer of an off the plans Apartment which has still not been built - if the developer goes into examinership - is my contract still valid? The contract mentions that if the Contractor becomes insolvency then contract is void. However - becomes insolvent - delcared insolvent - are these two different things legally? In that Examinership allows a protection period, period of grace to avoid being declared insolvent?
Some background info as well -
1. Deposit Paid
2. Completion Period of 30 months will shortly expire
3. Some basic Contruction Foundational work has started on my Block within the Development concerned.
Q - Does examinership imply insolvency of a company?
Q - Or does examinership imply a company currently undergoing financial difficulty, but is not necessarily insolvent?
Q - After the protection period expires, if the company cannot resolve financial difficulities, then insolvency will be declared?