Question: How do I re-establish a NSW strata scheme that became defunct years ago? There are no records or funds for the property. We are aware of the Strata Hub annual reporting requirements.
How do I re-establish a NSW strata scheme that became defunct quite a long time ago? There does not seem to be any records or funds for the property. The owners of one of the lots have changed several times and the owner of the other lot has dementia and lacks legal capacity but does have a power of attorney in force. I imagine there are many 2-lot schemes in this situation and they will be flushed out by the Strata Hub annual reporting requirement.
I have a copy of the strata plan and a title search for the common property, but that’s it.
Answer: I strongly suggest you seek help from a suitably qualified and licensed Strata Manager to assist you with this process.
We often pick up self manage schemes with little to no records. When this happens, we start our usual process from scratch, which is:
- Work with an owner to set up and convene an Extraordinary General Meeting to appoint us as Strata Managers
- Set up the books and records of the Strata Scheme
- Call the First Annual General Meeting or an Annual General Meeting to do all the usual things that a Strata Scheme is legally required to do which include:
- Accept the last minutes
- Accept and vote on the the budget
- Adopt the financial statements
- Confirm the insurances
- Elect the strata committee
- How to deal with overdue strata levies
By having a strata committee and adopting levies and a budget, there is the ability for the strata scheme to function, pay invoices, maintain common property and conduct its business.
We can then prioritise any outstanding items and get to work.
I strongly suggest that you look to get the help from a suitably qualified and licensed Strata Manager to assist you with this process.
Rod Smith The Strata Collective E: rsmith@thestratacollective.com.au P: 02 9879 3547