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Non-payment of Management fees in an apartment complex.

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    #92
    Dav010
    Registered Users Posts: 14,084 ✭✭✭✭Dav010


    beaufoy wrote: »
    it is also difficult to pay for repairs if some of the money has gone missing by way of corruption

    If you suspect corruption on behalf of the managing agent and/or Board of Directors, make your suspicions known at the AGM. Accusing them of corruption without anything to back it up, will no doubt be an expensive mistake though.

    If memory serves me right, your gripe on other threads seems to be your inability to have tenants evicted, the MC have explained to you that terminating a lease is the job of the owner, not the MC


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    #93
    beaufoy
    Registered Users Posts: 324 ✭✭beaufoy


    Dav010 wrote: »
    If you suspect corruption on behalf of the managing agent and/or Board of Directors, make your suspicions known at the AGM. Accusing them of corruption without anything to back it up, will no doubt be an expensive mistake though.

    If memory serves me right, your gripe on other threads seems to be your inability to have tenants evicted, the MC have explained to you that terminating a lease is the job of the owner, not the MC

    Davo please do not try to change the subject, just answer the questions on this thread, and do not make thinly vailed threats of legal action against me by you and your friends


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    #94
    beaufoy
    Registered Users Posts: 324 ✭✭beaufoy


    Dav010 wrote: »
    If you suspect corruption on behalf of the managing agent and/or Board of Directors, make your suspicions known at the AGM. Accusing them of corruption without anything to back it up, will no doubt be an expensive mistake though.

    If memory serves me right, your gripe on other threads seems to be your inability to have tenants evicted, the MC have explained to you that terminating a lease is the job of the owner, not the MC

    Davo are you a lawyer my suspicions of this have been fueled by the fact you told me to
    "make your suspicions known at the AGM." if you had read (lawyers do not read properly) the whole thread you would have known the fact that trouble makers are often not invited to AGMs


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    #95
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    All leaseholders are entitled to attend the AGM. Their voting rights might be suspended if they are not paid up in full but they can attend.


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    #96
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,850 Mod ✭✭✭✭L1011


    beaufoy wrote: »
    Davo please do not try to change the subject, just answer the questions on this thread, and do not make thinly vailed threats of legal action against me by you and your friends

    Stop backseat moderating
    beaufoy wrote: »
    Davo are you a lawyer my suspicions of this have been fueled by the fact you told me to
    "make your suspicions known at the AGM." if you had read (lawyers do not read properly) the whole thread you would have known the fact that trouble makers are often not invited to AGMs

    Stop speculating as to a posters identity


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    #97
    beaufoy
    Registered Users Posts: 324 ✭✭beaufoy


    Deleted User wrote: »
    All leaseholders are entitled to attend the AGM. Their voting rights might be suspended if they are not paid up in full but they can attend.
    yes they are entitled to attend but is difficult to attend if the date and place of the agm is kept from them


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    #98
    Lantus
    Registered Users Posts: 3,027 ✭✭✭Lantus


    Firstly @dr bolouski I am sympathetic of your situation.

    Best thing is to write to the directors themselves as on the letters and found on soliocheck or cro and copy in the managing agent.

    Outline your commitment to pay and current challenges and a proposal on payments scheduled being ideal with a strategy to tackle arrears.

    Few omcs will take legal action on this basis and regardless you cannot get money from an empty vessel. I wouldn't worry too much. If you engage and be pro active but sensible and realistic and when they demand more just shrug your shoulders.


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    #99
    DublinCJM
    Registered Users Posts: 826 ✭✭✭DublinCJM


    When I was a director of the MC where I lived, we withheld parking permits from those who weren't up to date. As most owners, who didn't pay up were non-residents, it meant that their tenants got clamped (which is a shame), but the management fees got paid.

    A couple of owners, who were basically bankrupt, and owned a few apartments, had to sell them, and we got paid the outstanding amount from the proceeds - but they hadn't paid in years, but were still renting out the apartments - made no effort to pay or come to an arrangement.

    If you try engage and come to an arrangement, it's unlikely they'll take you to court.


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    #100
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    beaufoy wrote: »
    yes they are entitled to attend but is difficult to attend if the date and place of the agm is kept from them
    Then the Directors aren't fulfilling their fiduciary duties.


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    #101
    beaufoy
    Registered Users Posts: 324 ✭✭beaufoy


    Deleted User wrote: »
    Then the Directors aren't fulfilling their fiduciary duties.

    it is a little worse than not fulfilling their duties but you are getting the gist of it


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    #102
    beaufoy
    Registered Users Posts: 324 ✭✭beaufoy


    Deleted User wrote: »
    Then the Directors aren't fulfilling their fiduciary duties.

    you are getting the gist


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    #103
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    beaufoy wrote: »
    it is also difficult to pay for repairs if some of the money has gone missing by way of corruption
    The accounts have to be audited. An accountant will not sign off on the accounts if they can't account for outgoings.
    On the income side their job is easy: no. of apartments X annual management charge with bank lodgements for proof.
    on the expenses side they have the bank statements again.

    If there was corruption it should be easy to prove.


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    #104
    beaufoy
    Registered Users Posts: 324 ✭✭beaufoy


    Deleted User wrote: »
    The accounts have to be audited. An accountant will not sign off on the accounts if they can't account for outgoings.
    On the income side their job is easy: no. of apartments X annual management charge with bank lodgements for proof.
    on the expenses side they have the bank statements again.

    If there was corruption it should be easy to prove.

    I believe it was said that the anglo irish bank could not be corrupt because the auditors signed off the accounts, also the directors or agents can set up shell companies and pay themselves for cutting the grass twice when it was only cut once


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    #105
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    beaufoy wrote: »
    I believe it was said that the anglo irish bank could not be corrupt because the auditors signed off the accounts, also the directors or agents can set up shell companies and pay themselves for cutting the grass twice when it was only cut once
    You are making aspersions with not a shred of evidence. Take it up with your Management Company.


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    #106
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,850 Mod ✭✭✭✭L1011


    beaufoy wrote: »
    I believe it was said that the anglo irish bank could not be corrupt because the auditors signed off the accounts, also the directors or agents can set up shell companies and pay themselves for cutting the grass twice when it was only cut once

    You've made your point - do not post in this thread again


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    #107
    paul71
    Registered Users Posts: 3,115 ✭✭✭paul71



    https://www.boards.ie/discussion/comment/99087265#Comment_99087265

    The legislation told him that. The simple fact is you are the management company. As an owner of the property you are a shareholder of the management company. The main function of a management company is not maintanance, rubbish collection exteria, they are ancillary companies. The main function is the legal protection to the right for you to own the property, it is the legal umbrella that provides you with the leasehold to the property on which your property sits.



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    #108
    mariaalice
    Registered Users Posts: 12,382 ✭✭✭✭mariaalice


    When the unpaid management fees have to be paid before they can sell it will sort a lof of it out, the buyer's solicitor will advise the purchaser not to buy until the management fees are paid up to date, apparently it has magically made some residents pay up.



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    #109
    Gary Scrod
    Registered Users Posts: 150 ✭✭Gary Scrod


    I was previously treasurer of a management company, spanning the recession years, we had between 50 and 100 units, we had maybe a half dozen who were slow to pay, a few of those could pay up to 6 months late (i.e. pay 2010 fees in 2011 etc) but would pay. One guy who owned 2 units went into a years arrears on both, another built up 4 years arrears. Both paid in full when then eventually sold. In hindsight it could have been far worse.



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