Meriton fight leads to strata collapse
The largest strata scheme in Australia has been declared insolvent and a new strata managing agent appointed, after the owners' corporation effectively put itself into administration.
The move follows the discovery of a $500,000 deficit in the accounts of the 653-unit Regis Towers in Sydney city.
It also follows serious differences between the owners' corporation and the developer-appointed strata manager, over whether to continue litigation against the developers, Meriton.
The ruling before the Consumer, Trader and Tenancy Tribunal last Thursday is significant because, while owners sometimes seek to have managing agents removed, it is rare for owners corporations to seek to have themselves removed as well.