Implications for becoming a director of a Management Co.

M

mickeymouse

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My husband and I are living in a small housing development in Dublin. The housing development is run by a management co. to which we all pay an annual subscription. Since we moved in, about 2 years ago, we have been 'active' members of the management company in that we are continually identifying areas for improvement etc. In our, and many of our neighbours opinion, the place could be run alot better. Recently, an owner has sold (who was a director of the management co) and an opportunity has now arisen to become a director of the management co. My husband and I both think that this may be a good opportunity in that we can ensure the money is being spent in a way that is of mutual benefit to the majority of owners however we are aware there are legal implications of becoming a director. We are aware that annual returns would need to be made to both revenue and CRO. However based on the management companies track record they seem to be making inthese returns in a consistent manner.
What is the biggest risk or disadvantage in becoming the director?
I have heard that if I take up a director ship then it is difficult to back out of it - is this true. any feedback would be of great help.

or something
 
Fair play to you for stepping up to the mark.....

The following is useful general info (especially #2):
[broken link removed]

Also, =


I'd say the biggest disadvantage is the time and effort required to make sure everything's all as it should be.

Biggest risk is that you might be held personally liable if things are not all that they should be.
 
Yes time and effort would be largest consideration but since its your neighbourhood then why not?

there was a good publication from consumer agency on management companies, worth reading.
Also watch out for difference between management co and management agent.

All the other directors should be residents and if they aren't you should question their position. Often the director and company stuff is clouded in order to keep people at a distance but its very staight-forward
 
If you have a management agency* they will be able to talk you through the process and answer any questions. Don't sign any CRO forms until you're happy everything is as it should be.
It's easy enough to step down, just make sure you are removed from the CRO as a director (again your agent would organise this for you if you have one). The difficult bit with that might be finding someone else to take over!

*I work for a management agency.
 
B10 is the form that you will need to be aware of on becoming or resigning as a director. If I recall correctly you need some or all of the other directors to sign a B10 when resigning and you can't just do it unilaterally.
 
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