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Owners at risk

11 August 2005

Last minute changes to the wording of section 47 of the Sectional Titles Amendment Bill, could rob sectional title owners of a major victory in the fight against levy defaulters, because they may now be held accountable for debt racked up by their bodies corporate even though they have paid their levies in full. Russell Warner, a director of Courtwell Consulting, says the amendment will do the opposite of what was intended, and will actually protect creditors to the detriment of good unit owners.

The new amendment means that when the body corporate defaults on its debt, the money lender can repossess the entire sectional title scheme, and if it suits them, redevelop it and sell it at a major profit.

Article in Business Day

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