Managment company gone bust?

wexford12

Hi guys we live in a small estate of 50 ish houses with the final phase not finished. The management co was set up with directors of the builders who have gone into NAMA. A property management agent co was running the show cutting grass dealing with the ESB and insurance etc etc. But after many questions and calls over the last few months they have now told us that they have handed all dealings over to the Accountants for NAMA and will no longer be any part of the estate.

Our question is where do we go from here, we are on a private well and if the ESB gets cut off we have no water never mind street lights. I have been in touch with the agent based in Co Meath and they arnt a great help just gave us the number and email of the receivers, they have not answered us either.

Should we just try to take over the ESB ourselves and grass etc or any advice would be great. I have been onto the ESB and they can't find any account without an NPRM number which will be on the bill but we don't ahve a bill and can't get one.

Paulw

You are a private development with a management company? So, all unit owners are therefore members of that management company.

You have an AGM each year?
You have a budget each year, proposed at the AGM?
You all pay management fees?

Maybe the builder/developer has gone bust and their business has been transferred to NAMA, but that should have minimal effect on your management company.

labradoodlelady

There will be a lot of housing estates up and down the country in this position in the coming months.

If you haven't been to an AGM, have any details of a management company etc, go to www.cro.ie and search for the name of your housing estate. A lot of management companies use the estate name as the company name. Buy (about 2 euro) the last set of financial statements filed. They will have details of the accounts, auditors, directors etc

RATM

Also consider the possibility of calling an Emergency General Meeting (EGM) for all shareholders in the Mgmt Co, especially if the next AGM is months and months away

Lantus

Your owners management Company Ltd (OMC) is the legal body that is responsible for the upkeep of the estate and every unit owner is a member. They became one when they bought their property, It is tied up in all the lease documents. OMCs cannot go bust and even if left to rot can be brought back from the dead these days.

The short answer is yes you can do everything you can but via the company will be the best and long term the only viable route.

Get all the CRO data on who the current directors and accounts and articles of association.

Is there a receiver or is it all in nama? There is a gov paper on how these estates are being handled (name escapes me) and how it applies to you as an owner.

Get some residents elected as directors and then put together a budget, hold an AGM, get budget approved, collect fees on an annual basis and enjoy clean fresh running water as well as cut grass etc.

ok so its not quite that simple but you need to make a choice along with the other residents whether you will go head in sand or come together as a community and move forwards.

Start building your local community networks up and talking to people. maybe call an informal meeting to discuss the options. Talk to nama and see where you stand and anyone else who you think should help you.

There will be specific requirements with a nama estate that I'm not familiar with and you should research this asap. The local authority can often give some good advice as to where you stand and the status of the bond if any!