With the increase in the number of apartments being built in Ireland over the last number of years the difficulties that can arise with Management Companies have also increased. Most people will be aware that Management Companies are normally set up at the start of a development scheme to ultimately take over the common areas when the development is completed.
The Government introduced what has been referred to as the MUD Act in 2011 to amend the law relating to the ownership and management of the common areas of multi-unit developments such as halls, stairways, gardens and car parks. The property owners in the development are the members of the management company.
However difficulties for property owners have arisen where, for one reason or another, the Management Company is dissolved more often than not as a result of a failure to make returns to the Company Registration Office. An application can be made to have the Company restored where the information relating to the accounts and operation of the Company is available and where the outstanding sets of accounts can be filed.
If the foregoing information is not available or the cost of preparing and filing the accounts is financially prohibitive an alternative route can be pursued under the provisions of the Trustee Act 1893. This entails an application to your local Circuit Court based on a detailed affidavit of the history of the development and the Management Company and the reason for its dissolution. In addition notification has also to be made to the Office of the Chief State Solicitor and the Office of Public Works. A new Management Company will also have to be incorporated and the common areas will , if approved by the Court , vest in this new Company.
For further advice on this or any other matter relating to Management Companies please contact us at 045-432382 or firstname.lastname@example.org