Director of small mgt company - What should I do?

[Tailspin]

Hi I'm an owner of one property in a block of only 4 owners. I along with 1 other owner are directors of the mgt company. We manage the property, liase with banks, insurance companies, organise the insurance, prepare the accounts, and file the stats. The other two owners (are landlords) and do nothing other than complain about the prices. Also they both wait and wait and wait before they pay the service charge invoices.

What can i do? I believe that they are not PRTB compliant. Is this any of my business? Can I use this in anyway to get them to pay up on time? Or should I just report them? Up to now I have been managing the company for nothing (including making huge savings for the other owners by preparing and filing accounts, and driving insurance and maintenance prices down, all of which takes a lot of my time. This is really bugging me now - am I within my rights to demand a fee? If so, what would be a fair fee? I'm not trying to gouge anyone, just make the others aware of what we do.

Thanks

 

[mandelbrot]

You say you prepare and file the accounts, but you do get them audited by a registered Auditor, right? Because if it is a co. limited by guarantee like most mgmt co's it requires an audit...

 

[shesells]

I am a director of our management company and would not even countenance seeking a fee, my reward is protecting my investment, something I would not trust any of my neighbours to do for me.

Having said that we employ a management agent for a lot of the work you already do (even though the directors put in a significant amount of work ourselves). You could consider setting yourself up as an agent but your employment would have to be agreed at the AGM.

With regard to the landlords not being registered, an email to enforcement@prtb.ie will easily alert the authorities. Being registered is a legal requirement, you should not suggest that you would be willing to turn a blind eye in exchange for fee payment.

 

[onq]

I think you should cost what you do and cost what it would be for an external agent to do this and put it to the others. Suggest that if they don't stop whining and don't start paying promptly you will stop providing these services for free. In the meantime make sure any expenses you incur are remunerated.

 

[Tailspin]

You say you prepare and file the accounts, but you do get them audited by a registered Auditor, right? Because if it is a co. limited by guarantee like most mgmt co's it requires an audit...

Thanks, yes I prepare and file the accounts. We used to have them prepared and audited by a firm, but the audit fee was costing over a quarter of the entire service charge. I applied and got an audit exemption (there are about 10 transactions a year..) and prepare them myself now (i'm an accountant).

Thanks for the rest of the suggestions. I will follow up on them all.

 

[Knuttell]

I think you should cost what you do and cost what it would be for an external agent to do this and put it to the others. Suggest that if they don't stop whining and don't start paying promptly you will stop providing these services for free. In the meantime make sure any expenses you incur are remunerated.

That is exactly what I would do,these two are bringing nothing to the table except ingratitude,a wake up call is well overdue for the pair of them.

As for reporting them to the PRTB?Save your breath for your porridge...they will send out a polite reminder (as if this was an oversight) and all they will eventually have to pay is e180 in late registration.