Hi, its a very unfortunate situation your Owners Corporation finds itself in. There is not much advice that we could provide at the moment as we would need full particulars of the issues, however I would provide the folloiwng points: –
- Strata schemes/Owners Corporations are not incorporated under the Australian Securities Investement Commission (ASIC), they are created under the Strata Schemes Freehold Managemnet Act (SSFMA).
- Strata schemes can be terminated but this is normally due to he fact that the building has reached its servicebale life and the owners wish to re-develop the site.
I have never heard of nor been involved with a strata scheme that has been terminated to owing a debt, thats not to say an Owners Corporation/strata scheme cannot be sued for a debt.
I think the only sensible advice would be to contact an experienced strata lawyer. Quite obviously if the amount you say is owed by the Owners Corporation ($15 million), then this is not something that should be dealt with by peer advice alone.
If your owners corporation needs some assistance in finding an experienced strata lawyer we may be able to help you with a list of those that we deal with in the Courts regularly. If you would like to email me with some better particulars then I may be able to narrow down the issues for you further.
Chris Mo’ane AIAMA, MASBC-CPC
GMD – Integrated Consultancy Group