Altea la Nova

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    Legal fees

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    TheWatcher

    Number of posts : 6
    Registration date : 2010-10-29

    Legal fees

    Post  TheWatcher on Sun 31 Oct - 1:06

    Apartment owners at Altea la Nova, were each asked, by the President, to help pay the fees of lawyers, seeking damages on our behalf, from Admival.
    They each paid Euros 264. Same paid immediately, many others reluctantly coughed-up only after being threatened with having the legal cots added to their Community charges.
    In the event of a successful outcome, we were assured that the money would be returned to us.
    The lawyers were successful, and after their fees, and other legal costs had been deducted, the Community received more than Euros 400,000 in damages.
    That was some month ago. We are still waiting for our money.
    I understand that, when asked about this money, the President said that it wasn't possible to return the money subscribed by the owners, because some of them had since sold their apartments, and moved on.
    ]'ll play that again: It wasn't possible to return the money subscribed by the owners, because some of them had since sold their apartments and moved on!
    Make any sense to you? Because it doesn't to me.
    Surely it would be simplicity itself to return the money to contributing owners, who still retain their properties, and to hold the rest of the money, for six months, to give those who had sold, and moved on, time to make a claim.
    Or is that too easy?
    TheWatcher

    Genuine

    Number of posts : 2
    Registration date : 2010-10-30

    No reserve!

    Post  Genuine on Sun 31 Oct - 14:50

    The reason the community coundn't find the money was that there was nothing available in the reserve. Do we want to be caught like that again? If we don't put cash aside now we may well find more bills like this turning up. We should put euro 250K of the cash we have now into a high interest reserve fund.

    TheWatcher

    Number of posts : 6
    Registration date : 2010-10-29

    TheWatcher

    Post  TheWatcher on Sun 31 Oct - 15:18

    How long must Altea la Nova live hand-to-mouth?
    The purpose of the AGM proposal to ring-fence Euros 250,000, out of our Euros 400,000 windfall, was to ensure that in future, when huge refurbishments are necessary, we owners do not get hit with crippling bills.
    But it was ignored by the President, with the result that, when the Euros 400,000 has been frittered away, there will once again be nothing left in the kitty.
    Who is in charge of this financial train-wreck?



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    Re: Legal fees

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      Current date/time is Wed 28 Jun - 18:37