No first hand of the process – but the reason for not changing was the expense to change. Supposedly there are less buyers for a Company Title because the Banks will want a higher deposit.
I also find that the Strata Manager -vs- Scheme Manager tends to apply the OC Act (VIC) rather than the Memorandum and most owners don’t know the difference.
I would check the Memorandum and the Service Agreement – there might be some advantages.