#14689
FLOWERPOT MAN
Flatchatter

    matter went to CTTT and the Owners Corporation (the EC who passed on the motion) convinced the adjudicator it had reduced the debt considerably without implementing the AGM motion. The adjudicator thus said there was no need for management to be put in place.

    When the 2011 AGM was held, after the adjudication, the real picture was revealed. Levy defaulters were up, the debt had been reduced by less than $2k, there was an $18K deficit in the admin fund and a $8k+ loss of equity.

    The financial management of the SP is dubious at best. The biggest disappointment is not the financial management, because these people don’t know what they are supposed to be doing and they do not care to know; the people are predictable. The big disappointment is that CTTT are no help with a long term problem that is not about to miraculously disappear.

    Defaulters up but debts reduced? This is incompetence? Is it possible the most prolific poster does not have a grip and ‘these people’ do, especially as the CTTT seems to be convinced?