Hi,
I am a relatively new owner of a newly built apartment and I just found out today that the development company that built our half-sold apartment block has gone into receivership. Up to now, the developer has been contributing to the management company for their share of unsold apartments and we were happy with this as the development was well kept. Now that the developer has gone into receivership - does the receiver keep paying the management fee for unsold units? does it fall to the bank that appointed the receiver? I've been in touch with the receiver but we didnt get into specifics of what should happen.
Any ideas? Surely others have been in a similar situation. I am trying not to panic but seeing those poor people on "ghostlands" last night has totally spooked me.
I am a relatively new owner of a newly built apartment and I just found out today that the development company that built our half-sold apartment block has gone into receivership. Up to now, the developer has been contributing to the management company for their share of unsold apartments and we were happy with this as the development was well kept. Now that the developer has gone into receivership - does the receiver keep paying the management fee for unsold units? does it fall to the bank that appointed the receiver? I've been in touch with the receiver but we didnt get into specifics of what should happen.
Any ideas? Surely others have been in a similar situation. I am trying not to panic but seeing those poor people on "ghostlands" last night has totally spooked me.