Multi-Unit Development Act 2011 – 4 Years On

This is a part 1 of our Blog Series about Owner Management Companies (Management Companies).  multi_unit_development_act The Multi-Unit Development Act was enacted in April 2011 with the aim of addressing some of the historic issues that affected Owner Management Companies in the past. Whether the Act has overcome all of these issues is a matter of opinion but it cannot be denied that it has improved the situation in general. For OMC’s, their directors and members the Act has provided a more structured set of requirements that they are required to follow.

Benefits Of The Act

From what we have seen the Act has assisted in areas such as:
  1. Approval of budgets;
  2. Setting up of sinking (building investment) funds, focusing members to look forward at future capital outgoings;
  3. Better communication between directors of OMC’s and members through the MUD Annual Report.
However the success of any OMC relies on continued co-operation of all stakeholders, including developers, management agents, company directors and most importantly its members.

What questions do you have?

We are happy to help. Please post your comment below or contact our Audit Service Director Will Townsend (wtownsend@cooneycarey.ie) on 01 677 9000. If this article helped you, please share it with other businesses. Photo credit: @yakobusan Jakob Montrasio 孟亚柯 / Foter / CC BY