There are numerous concerns surrounding the liquidators and the condominium administrators, from the coexistence of the tenants to administrative activities. However, of all these concerns, accountability stands out.

For this reason, in partnership with Group Educa - the largest platform for property management courses - we have prepared the content below to highlight some basic aspects of this subject in condominium life nova city housing society islamabad payment plan.

1 Obligations of the Receiver

There are numerous obligations of the liquidator, among them, a very important one is the rendering of accounts. Such responsibility is detailed in Art. 1.348, VIII of the Civil Code, otherwise we see:

Art. 1.348. It is the responsibility of the liquidator:

VIII - to render accounts to the meeting, annually and when required;

Therefore, in view of the exercise of administrative activities, accountability is incumbent on the person who has the position of liquidator.

2 What is accountability

Accountability is the document that contains all expenses and revenues throughout the year, with all financial transactions carried out during the management.

Regarding accountability, it is essential to understand that:

1) Once a month, the condominium administrator must present to the supervisor the accountability folder for the month's (previous) movement.

Note: The folder can be physical or digital. In addition, tenants can also access. This reinforces transparency in condominium management

Even after the accounts have been approved, it is entirely possible for them to be revisited.

3 Cancellation of approved accounts

In cases of error, heart or deceit the accounts can be re-examined and could even cause the annulment of the approval of the rendering of accounts - which is what disciplines article 138 of the civil code.

The term for such annulment (in case of coercion, intent or error) is 4 years, while for the other cases it is 2 years.

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Art. 178. The period of decadence to plead for the annulment of the legal business is four years, counting:

I - in the case of duress, on the day it ceases;

II - the number of errors, fraud, fraud against creditors, danger or injury, on the day on which the legal transaction took place;

III - the number of acts of the incapacitated, on the day on which the incapacity ceases.

And still:

Art. 179. When the law provides that a certain act is annullable, without establishing a deadline to plead for annulment, this will be two years, counting from the date of conclusion of the act.

In the condominium administration, we know the fiscal council , which is a very important organ in the rendering of accounts, having the role of verifying.

4 Liquidator who does not render accounts

In case the liquidator fails to comply with the accountability obligations:

1. a) A dialogue must be held with the liquidator and the administrator requesting the meetingto be convenedfor such a procedure.
2. b) In view of the inertia, any of the tenants can notify the liquidator and the administrator to formalize such request.
3. c) If the situation is still not resolved, a quarter of the tenants may call a condominium assembly, including removing the liquidator.

Obs: The defaulting party will not be able to participate in the voting.

5 Tips to avoid undoing

1. a) The liquidator may hire a company to carry out the balance sheet and presentation of the numbers;
2. b) The Receiver may contract an audit in order to minimize risks, in addition to thinking about instituting Compliance.

 

Source: Tajarat.com.pk