Q. If building management has been taken over by administrators,with due and past due bills to be paid,If a special levy is raised from individual owners,can administrators get hold of these funds?
There are normaly two distince and separate legal identities. The Body corporate itself and the company that manages the body corporate.
When you say “building management has been taken over by administrators” are you saying that the building management company, the manager of your building has been taken over by an administrator or are you saying that the body corporate itself has been taken over by the administrator?
The manager of the body corporate should have the funds belonging to the body corporate separate from its own internal funds and unless the body corporate itself has had an administrator appointed or there is fraud the body corporate’s funds, including the special levy, should be safe!
Hi xyzzy,
It is the building manager/developer that has the liquidators in (or will have at 3 this afternoon).My concern is that if any money is owed to the building managers from the body corporate,the liquidators will go after that,and as they have access to the funds,they may just take what they think they are entitled to.We are having a BC meeting this afternoon at 3 where will will throw out the old managers/body corporate,and regain control ourselves as owners.Hopefully we get to do that before the liquidators roll in and get their greasy hands on whatever is left.Thamks for your reply.Tools
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