More likely the current management company is insolvent. The money to make it solvent will have to come from somewhere, quite likely the unit owners.the previous management company is insolvent
You need to get to grips with the fundamentals of management companies.
Typically the company owns the actual building. That means the roof, external walls, gutters, common entrances, patios and balconies, the building structure and in more complex buildings car parks, fire alarms etc.
The unit owner owns the internal layer of plasterboard and the front door and sometimes windows including the frames. So, the most critical issue is always buildings insurance. Who pays for and administers this? Even if the building is in good knick what will be the maintenance in 1, 5, 10 years time? The inside bit is not what you need to be concerned about at this stage when deciding whether to buy or not.
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