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[Article] ODCE warns on property management companies

12-12-2006 5:07pm

#1

Victor

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http://www.rte.ie/business/2006/1212/odce.html

ODCE warns on property management companies

December 12, 2006 14:15

Thousands of apartment owners risk losing millions on the value of their property if deficiencies in the operation of property management companies are not addressed, according to the Director of Corporate Enforcement.

Launching a consultation paper on the governance of property companies, Paul Appleby said that so far this year his agency has received 19 complaints about such firms. This is up from 11 last year and he said he believed this was just the tip of the iceberg.

Last night's RTE's Prime Time programme pointed out that 75 management companies are awaiting strike-off from the Register of Companies for failing to file accounts.

Mr Appleby said that if properties are not adequately maintained because of disputes over management services they can become dilapidated and lose value .

In some instances, disputes involving management companies had even left owners unable to sell their properties he added.

The Office of the Director of Corporate Enforcement is inviting submissions on the consultation paper by March 30 with a view of tightening up the rules on the operation of management companies.

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