Off the plan dilema

Discussion in 'Legal Issues' started by fobo, 20th Jul, 2018.

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  1. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
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    Sydney
    Take care and get legal advice. Ensure you are noted as a creditor as an unfulfilled contract. The receiver may still progress the sale or call for liquidation and even then it can still be a completed project if the creditors all agree. Bank may even lend to enhance its recovery. Important that you dont act to rescind the contract or you may become an unsecured creditor. The fact a receiver is appointed is often a good sign as the company is no longer in the hands of the Directors.

    Takes a while but get advice about hanging in. Its a rocky path. Lady in our office had this happen and it took almost 18mths. She got her land for the contracted value.

    Attend all creditors meetings