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Voting at AGM
Hi All
Scenario: Complex consist of 57 units of which 14 are retained by developer. Developer was placed in liquidation. The liquidator have been paying the levies from date of liquidation. The levies before date of liquidation are in arrers, though.
Question: Is the liquidator entitled to vote at the AGM as "owner" of the 14 units?
Regards
Paul
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RE: Voting at AGM
In law the liquidator appointed by the Master of the High Court is the owner of the units in the developer's insolvent estate.
The question of whether the liquidator is hit by the provisions in PMR 64(a) in respect of arrears that accrued before her or his appointment is not one I can answer. ...Show More
If it is important for the body corporate to know the answer, I suggest that the trustees should consult an expert in insolvency law.
Click here for details...
RE: Voting at AGM
The liquidator is "owner" in succession. Although technically he pays the current levies (from which source? one ais tempted to ask) the 14 units' levies are still outstanding, rendering them in arrears.
The liquidator is not entitled to vote.
[ As a matter of fact, the BC stands almost first in line for recovery of the arrears on sale - this has to be clsely monitored by the BC, that the liquidation conditions of sale requires all outstanding levies to be paid.
In practice the purchaser is required as a condition of sale to pay this liability.]
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