Arrears on Body Corporate payments

Hi

I purchased a unit in a hotel complex a few years ago, bookings have been consistent and pretty much cover the mortgage and utilities, downside is that due to current market forces the value has gone down like most investments

However the major problem is the cost of the body corporate charges and the previous committee sucking the owners dry with extortionate costs, they have now been removed and the new BC appointed whom are trying to reign in the costs but its left me and a few others owners with a sizeable debt which personally I cannot repay and with the interest at 30%… its escalated out of control. They have now appointed solicitors, applied court charges and unless I can come up with an acceptable plan will seize the property for sale to recover the debt.

Would appreciate any advice or views on this and if they have the authority to carry out the threat and then what happens…I'm not in a position to pay the debt but could the ongoing quarterly costs now its all be restructered.

Any help much appreciated!