Sunday Times Article – OMC Funding Crisis

Hello all,

A recent article by Lorcan Sirr in the Sunday Times Ireland focused on the issues of Owners Management Companies (OMC’s), and the potential future crisis that is likely to occur when it comes to funding of large scale infrastructure and repairs in developments. It may be of interest to many of you out there who are living or own properties in a Multi Unit Development (MUD).

The article is available online (subscription required to access the full article) at the following link:

http://www.thetimes.co.uk/article/crisis-looms-for-under-funded-owners-management-companies-9bl3dkkbb?t=ie 

Or you can read a PDF snapshot of the article below:

ST Article – OMC Funding Crisis 2017-26-02

AON

 

One thought on “Sunday Times Article – OMC Funding Crisis

  1. I have posted on site link to dept of enviornment webiste on taking in charge which include list of ‘completed but not taken in charge estate at 31 12 15 amounting to 5556 i e homeowner / apartment owner walking on privately owned uninsured lands being deal with by receivers for handsome fees and homeowners with worthless pp cos estates not taken in charge due to remedial works etc not up to standard and developer nor receiver will be doing o s work and county council bonds ??

    The department make clear that estates must be taken in charge under s180 of the planning and development by local authority which can under S45 acquire public open spaces by acquisition order if owner of the land does not bring land up to tic standard.

    U may want to bring list to members attention and raise this issue at a meeting i think it is v important issue. Please see letter of jan 06 from dept to chief executives of co co the advise that co co can not use man co as excuse for delaying tic. V telling piece of advise of tactic being adopted by tic with dept of enviornment. In short if homeowner want land tic then they must commit to having common areas transferred to the omc.

    Where is the sinking fund for that ??
    this art like putting cart before horse.

    Like

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