› Flat Chat Strata Forum › From the Front Page › Podcast: Chandler on wrangling Mascot deal › Current Page
I find the idea that different classes of owners will be treated differently a bit difficult.
I got the feeling that Mr Chandler shared that discomfort, but he has had to be ruthlessly pragmatic.
What isn’t clear is how much the banks are going to receive from the sale of the property.
Well, they are just going to get back the money they lent. I think they stopped charging interest some time ago (although I may be wrong). But if the Supreme Court hadn’t blocked the collective sale, and the owners had been able to walk away from all their debts, you can pretty much guarantee that would have been the end of unsecured strata loans in Australia for a long time to come.
It seems that if a significant proportion of the owners decide that neither meets their expectations then they can just leave it sitting there.
Yes, but they would still be liable for ongoing levies and a share of the remediation costs (somewhere north of $25 million, I believe).
Our strata has bylaws which specify what is to happen when unpaid levies exceed a threshold. May strata is in breach of theirs.
Not sure what you mean by the last sentence but it seems the owners who dutifully paid their levies will be financially worse off relative to those who didn’t because the latter’s debts will be forgiven while the paid levies won’t be refunded. Have a listen to this week’s podcast (up later).
This also shows a deficiency in strata law.
You seem to have forgotten the word “another”.