The Owners Management Company Aisling Keenan www.akproperty.ie - PowerPoint PPT Presentation

The Owners’ Management Company Aisling Keenan www.akproperty.ie B.Comm (Hons) LLB (Hons) OMC Consultant aisling@akproperty.ie Managing Director, A.K. Property Services Licence No. 1442-001572

The Owners’ Management Company 1. Origins 2. Purpose 3. Role 4. Responsibilities 5. Structure 6. Benefits

The Owners’ Management Company Members of an OMC  Implications of being a member of an OMC  Duties of Members  Powers and Duties of Directors  Responsibilites

The Owners’ Management Company The Property Services Regulatory Authority  Role  Powers  Responsibilites

The Owners’ Management Company The Multi-Unit Developments Act 2011  Relevance  Implications  Application  Sanctions

The Owners’ Management Company Section 14(1) – MUD ACT 2011 The voting structure must be one vote per unit • Historically it was one vote per member • In mixed use developments the voting structure • has to be fair and equitable .

The Owners Management Company The New Companies Act 2014  Implications for OMC’s  CLG, CLS or DAC  Relevance  Directors and Secretaries of OMC’S

The Owners Management Company ODCE Office of the Director of Corporate Enforcement  Role  Enforcement  Sanctions

The Owners Management Company Receivers  Appointment of Receivers  The Dissolved OMC  Ressurecting an OMC that has been struck off the company register  S.30 Multi-Unit Developments Act

The Owners Management Company TITLE FIGHT  Transfer of Common Areas  RE: Heidelstone Company Ltd [2006] IEHC 408  S.26 of the Trustee Act 1893 – where a trustee cannot be found the court may make an order vesting the land in any such person as the court directs  Court held that a trustee who cannot be found includes a dissolved company

The Owners Management Company  Courtview Apartments, Clontarf, Dublin  Both the vendor company (developer) and the OMC had been struck off the company register for failing to make returns before the transfer of common areas had taken place The remedy sought by Courtview was an order pursuant to s.26 of the Trustee Act 1893 – where a trustee cannot be found the court may make an order vesting the land in any such person as the court directs

The Owners Management Company  Courtview incorporated a new OMC and applied to the court to vest the common areas in the new OMC  Under the provisions of s.28 of the State Property Act 1954 where a company holds property which it does not dispose of prior to its dissolution, the property will vest in the state EXCEPT where the property is held upon trust for another person. That is why Courtview took this action under the Trustee Act

The Owners Management Company To restore the developers company to the company register in order to effect the transfer of common areas under s.736 of the Companies Act 2014 would deem that company to have continued in existence as if the name had not been struck off. Issues that arise would include the debts of the company – Better to make an application under The Trustee Act as it would have the same effect. Court held that a trustee who cannot be found includes a dissolved company. Laffoy J.

The Owners Management Company  SAMPLE BUDGETS