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Who regulates the OMC if the majority on the board is always a fund management company?

  • 11-01-2025 12:26AM
    #1
    Hashtaglavista
    Registered Users, Registered Users 2 Posts: 52 ✭✭


    The OMC in my apartment complex comprises of 90% fund management company and 10% a private owner with an agenda.

    The fund management company decided to fire proof their own apartments.

    They did this without consulting the board in advance.

    The property management company coordinated their fire proofing and then told everyone that they had no clue about the fund management company's fire proofing until after it was done. This is a lie and I have written proof that they lied.

    They would not share any information on their fire proofing with private owners and cited that private owners are a third party and that they don't have to share any information with them.

    At the same time, they are now proposing a motion on the board to make the private owners fire proof their apartments.

    There has been no funding secured for private owners and they have basically sent a message to private owners telling them that they don't know if private owners will even get any funding.

    Is this legal what they are doing?

    Surely as they are running the complex, they should have included all apartments in the fire proofing as soon as they found defects in their own apartments?

    They have the majority OMC vote.

    Does anyone regulate the OMC and how do you approach this?

    Post edited by Hashtaglavista on


Comments

  • #2
    GalwayGaillimh
    Registered Users, Registered Users 2 Posts: 709 ✭✭✭GalwayGaillimh


    If your paying fees remember the Managing agent is your employee

    How many directors are their? Is there any of the private owners on the board ?

    Id imagine at AGM this would need to be brought up surely three quotes would have needed to be gotten to do the fireproof works and it brought up at an AGM or EGM and every owner would be funding the fireproofing of the whole complex. There is some government scheme as well for funding these type of works in defective apartments built since 1991.

    Si Deus Nobiscum Qui Contra Nos



  • #3
    Hashtaglavista
    Registered Users, Registered Users 2 Posts: 52 ✭✭Hashtaglavista


    https://www.boards.ie/discussion/comment/123051884#Comment_123051884

    Thanks for the reply, I probably need a solicitor to answer my query or someone who know property management really well. Its complicated.



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