Common Ownership Management, Frankfurt-East End
The Challenge
- De-facto insolvent common ownership association
- Large arrears at utility companies and other suppliers
- Virtually no income from service charge payments
- Unprocessed insurance claims
- Uncared for and deteriorating condition
- Defective building services
- Squatters inhabiting some of the units
The Mandate
- To resume regular management
- To secure operation of building
- To reduce most severe defects to protect health and safety
- To repair financial situation of ownership situation
The Results
- Processed insurance claims and collected compensation
- Resumed collection of service charge payments
- Agreed payment plan with creditors
- Continuously reduced problems
- Slowly improved condition over time
- The combination of measures taken made sale and letting of units possible again
