[CPT-FGC] Re: Hi

  • From: "Donaldson, Alasdair" <alasdair.donaldson@xxxxxxxxxx>
  • To: "cpt-fgc@xxxxxxxxxxxxx" <cpt-fgc@xxxxxxxxxxxxx>
  • Date: Tue, 12 Nov 2013 13:23:00 +0000

Nothing happens to your title, but if they're bankrupt (unlikely), or badly in 
debt (quite possible), then they need to pass special levies to cover the debt. 
The body corporate at my place had that problem. They got auditors in and the 
previous head is now fighting the charges against him for nicking the money. 
They passed a few special levies to put them back in the black. Everything has 
been fine since then. If you're buying you just need to know if that's going to 
happen anytime soon.

Whether or not they're insolvent won't affect your insurance unless they've 
stopped paying insurance. That's a problem.

Have you requested the financials for the body corporate of the place where 
you're buying? What did they show?

From: cpt-fgc-bounce@xxxxxxxxxxxxx [mailto:cpt-fgc-bounce@xxxxxxxxxxxxx] On 
Behalf Of euraima tobias
Sent: 12 November 2013 4:19 PM
To: cpt-fgc@xxxxxxxxxxxxx
Subject: [CPT-FGC] Re: Hi

Can someone maybe advise me? How does the financial state of the body corporate 
of a complex affect you as a owner of one its units? Ie. Its solvency, its 
insurance etc. What happens to your sectional title in a case where they are 
declared insolvent?

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