Sinking fund not kept in separate account

T

trip23

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In the latest annual report for out OMC it states that the sinking fund is not being kept in a separate account. There is also less cash available than the total sinking fund is supposed to be - it looks like they've used the sinking fund for day to day expenses.

Is this typical? It feels like a red flag?
 
For what it's worth...

Multi-Unit Developments Act 2011, Section 19

The electronic Irish Statute Book (eISB) comprises the Acts of the Oireachtas (Parliament), Statutory Instruments, Legislation Directory, Constitution and a limited number of pre-1922 Acts.
www.irishstatutebook.ie
(7) The contributions made to the sinking fund shall be held in a separate account and in a manner which identifies these funds as belonging to the sinking fund and such funds shall not be used or expended on matters other than expenditure of a type referred to in subsection (1).
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