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Condo association fears developer's bankruptcy


Question:

I am an owner of a condo unit but not on the condo association board. I am worried that our developer will never pay his back condo association dues from the units he owns and rents ( a considerable amount) extending to the condo association. The developer formed a shell corporation from which we bought our condo. (We assume that all owners in our condo building had the same experience.)

The condo association board seems scared to take any action in the fear that the shell corporation will go bankrupt. With proxies, the shell corp. has control of the voting for condo board members. Any suggestions for action?


Answers (2)

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