Q: Our body corporate is nearly insolvent. Where can I find information on what happens if it becomes insolvent?
Our body corporate is nearly insolvent. Where can I find information on what happens if it becomes insolvent? – QLD, Kerry
A: In the event that owners are not contributing sufficient funds through levies to maintain the financial stability of the body corporate. It is advisable for the body corporate to consider seeking legal advice. An alternative would be contacting the Office of the Commissioner for Body Corporate ( 1800 060 119) for guidance.
