About 6 months ago the company that I was receiving rental guarantees for my apartment from closed it's doors with 8 months left on my rental guarantee contract.
Talking to the now ex managing director (but unfortunately neither owner nor director), apparently they closed their doors while solvent.
Is their anything I can do to reclaim the moneys owed? e.g. via VCAT (Victoria) or via the Small Claims Tribunal?
If they've closed up shop there's probably not much you can do.
They have probably declared bankruptcy for that company.
Lesson learned; don't go for rental guarantees; they are usually built into the price of the property when YOU buy it, and it is usually above market rent, so when it runs out in 2 years, you are left with a property that rents far lower than what they were paying you.
Yes, you can make a claim via the administrator. Find out whot that is, maybe do an ASIC check and give them a call to see if they can tell you over the phone, or you may need to request the relevant documents. Once you find out who they are contact them. Also read you r guarantee contract – it may say something like the guarantee ending if the company goes into administration . If the company was stil lsolvent, that means they have money to pay their bills. This may not be the case at the end of the day, especially after the administrator takes their huge fees out. So you may have to share the left overs with other creditors.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
L.A Aussie wrote:If they've closed up shop there's probably not much you can do.They have probably declared bankruptcy for that company.
Lesson learned; don't go for rental guarantees; they are usually built into the price of the property when YOU buy it, and it is usually above market rent, so when it runs out in 2 years, you are left with a property that rents far lower than what they were paying you.
Your right just stay away from rental guarantees. There's way too many headaches involved with rental guarantees. Usually the properties you would buy with rental guarantees are overpriced too.
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