Managment Company Fee

Having been asked to pay exorbitant fees by the Management Company in our estate for no clearly identified deliverable, we have decided to set up a Residents Association, pay this year's fee, and attend the AGM of the Management Company and get a sufficient number of paid up members on to the Board so that we can effectively take over the Management of the Estate. Nothing ventured, nothing gained. I just dislike handing over money (about €15,000) to a developer for no return.
 
Are you sure that the developer has not retained a majority shareholding in the management company such that you and the other residents may not be able to take over control of the company? I think that this can happen.
 
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