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"I am a BLOGGER NOT an expert. This is a BLOG not a 'go-to' website for official information. I represent no one's view save my own. I have neither legal nor financial training, nor do I have anything to do with the real estate industry. My understanding of the Collective Sale Process is from a layman's position only. My calculations, computations and tables are homespun and may contain errors. Please note that nothing in this blog constitutes any legal or financial advice to anyone reading it. You should refer to your lawyer, CSC or financial adviser for expert advice before making any decision. This disclaimer is applicable to every post and comment on the blog. Read at your own risk."
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There is one thing worse than an Enbloc ----- and that is an Enbloc done badly. Since the majority have the necessary mandate to sell, then they owe it to all SPs to make a success of it. Minority SPs can only watch and wait, if they sell then lets pray it's at a price we can move on with, if they don't sell, then we are happy to stay for a few more years.

Curtains call

Since we have had no news since 30th Nov concerning the plight of the collective sale attempt, I am assuming it is curtains for enbloc round 3.

How does it end legally, you may ask. Well, according to the LTSA Third Schedule :




And the LTSA Second Schedule:


They either have to call an EOGM to dissolve the SC or wait it out until 24 June 2017 when the CSA expires. Either way it is considered a 'relevant event' and as such no further collective sale attempt can be made for a period of 2 years.

If they choose to go by the EOGM route, then the 2 year countdown starts from there.
If they choose to wait it out the 2 year countdown starts from  24 June 2017

The 2 years can be shortened if 50% of SPs requisition for a new collective sale.

My opinion: call an EOGM (a cheap one using the void deck as venue) and end it in 10 minutes. Let people get on with their lives and renovation plans. and if 50% want to roll the dice again then so be it.



2 comments:

  1. Maybe you should post this recommendation on TC enbloc Facebook? If SC are working on something, at least they can update us or chose the option u suggested.

    ReplyDelete
  2. Every time I hear this on the radio, it seems very apt. A song about trust and integrity.

    https://youtu.be/_Ri2KEiXlNk

    ReplyDelete