13 JULY 2023
Patrick Quintal was newly married and eager to begin a fresh chapter when he bought a Sydney apartment two years ago. Now the IT manager feels financially trapped, fearing a $180,000 repair bill after the developer of his apartment, Toplace, went into administration.
Karen Stiles, head of peak residential strata body Owners Corporation Network, said the situation surrounding Toplace was “not a one-off occurrence”.
She said apartment owners caught up in the saga had limited options now that the company was in administration.
“They have very little recourse, except for years and years of potentially unsuccessful litigation,” Ms Stiles said. “These owners are walking a tightwire with no safety net below them.
“It is far too easy in the current regulatory framework for these entities to go belly-up, leaving a legacy of $50 million-plus defects and that’s just in one building that we’re hearing about.
“There are multiple buildings affected by this company going into voluntary administration.”
Read full article:> https://www.abc.net.au/news/2023-07-13/apartment-owners-fear-millions-in-repairs-after-toplace-collapse/102594420