I am a Director on a Management company which comprises of 200 residential units. There are two other Directors who are the original developers of the estate. I am the only Director who is a resident of the estate.
We have had numerous problems in the estate and things have recently come to a head. I have grounds to suspect that there has been serious mis-appropriation of funds by the Managing Agent and though I have expressed these concerns (as has our auditor) the “developer” Directors refuse to engage in any meaningful discussion around the issue. This is the most pressing and serious issue at the moment but there have been many instances that I could cite to show how I am being deliberately being excluded from the decision making process etc.
I have taken legal advice on the matter, and have been advised to convene an EGM in order to appoint additional resident Directors to the Board and therefore, essentially, gain control for the members. (I have been told by the current Directors that they will block any attempt to appoint new/extra Directors to the Board at a "normal" meeting of the Board).
My question is whether there is a quicker, less messy way of getting these extra Directors appointed without convening an EGM? I am concerned as to the length of time it will take for this to be held given the seriousness of the situation with regard to finances and also the possibility of not enough members turning up for it to turn out in our favour. (The Developer still has a significant amount of units unsold/in their own names – 57 in total out of the 200).
All opinions welcome.
We have had numerous problems in the estate and things have recently come to a head. I have grounds to suspect that there has been serious mis-appropriation of funds by the Managing Agent and though I have expressed these concerns (as has our auditor) the “developer” Directors refuse to engage in any meaningful discussion around the issue. This is the most pressing and serious issue at the moment but there have been many instances that I could cite to show how I am being deliberately being excluded from the decision making process etc.
I have taken legal advice on the matter, and have been advised to convene an EGM in order to appoint additional resident Directors to the Board and therefore, essentially, gain control for the members. (I have been told by the current Directors that they will block any attempt to appoint new/extra Directors to the Board at a "normal" meeting of the Board).
My question is whether there is a quicker, less messy way of getting these extra Directors appointed without convening an EGM? I am concerned as to the length of time it will take for this to be held given the seriousness of the situation with regard to finances and also the possibility of not enough members turning up for it to turn out in our favour. (The Developer still has a significant amount of units unsold/in their own names – 57 in total out of the 200).
All opinions welcome.