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Editor2
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 Posted: Thu Aug 21, 2003 12:23 pm Post subject: Has a strata ever voted to wind up the corporation? |
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Has a strata ever voted to wind up the corporation?
We can't find any cases at the B.C. Superior Court website on winding up a strata corporation, but we'll keep looking. It may be that these applications don't go through the courts. (Note: We got 14 hits when we searched the terms, Part 16 strata property unanimous vote assessed, at the Courts of B.C. website on Nov. 15/05 but none was relevant. The closest we came was an application to dissolve a partnership involving a strata corporation: Village Gate Resorts Ltd. v. Barbicon Properties Inc. of 1995).
Although it requires a unamious vote, winding up may be a viable alternative to repair costs that exceed the value of the property to condo owners.
How do you determine when a block sale might be appropriate?
Is there a repair/value ratio for determining when this type of application might be appropriate? We're not sure, but click here on Part 16 of the Strata Property Act for the statutory means of killing this corporate beast:
| Quote: | Vote to cancel strata plan and become tenants in common
272 (1) To apply to the registrar to cancel a strata plan and become tenants in common of
(a) land shown on the strata plan,
(b) land held in the name of or on behalf of the strata corporation, but not shown on the strata plan, and
(c) personal property held by or on behalf of the strata corporation,
a resolution must be passed by a unanimous vote at an annual or special general meeting.
(2) The resolution must approve all of the following:
(a) the cancellation of the strata plan;
(b) the dissolution of the strata corporation;
(c) the conversion schedule referred to in section 273;
(d) the conversion of each owner's interest, in the owner's strata lot and in the common property and common assets of the strata corporation, to an interest as a tenant in common in the shares set out in the conversion schedule in
(i) land that was shown on the strata plan immediately before it was cancelled,
(ii) land held in the name of or on behalf of the strata corporation, but not shown on the strata plan, and
(iii) personal property held by or on behalf of the strata corporation. |
Note: Materials will soon be available at the BC Courthouse Library on the Nov. 6/03 CLE course, Real Estate Conveyancing Issues for Lawyers. Click here for details. It was still in the bindery when we looked Dec. 8/03. Information here may shed some light on block sales and leaky condo sales generally. We'll let you know if the materials address any of these issues.
In the meantime, read about the course at the Continuing Legal Education Society of British Columbia website. For the latest courses and materials, search the terms, 'strata property 2005'. We got 79 hits on Nov. 15/05 when we last checked. Most if not all should be available at the downtown law library. |
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| Posted: Wed Oct 29, 2003 12:29 pm Post subject: |
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Let's ask a condo lawyer at Clark Wilson:
| Quote: | From: editor [mailto:editor@bccondos.ca]
Sent: Wednesday, October 29, 2003 11:28 AM
To: 'hgs@cwilson.com'
Cc: 'editor@bccondos.ca'
Subject: Winding up the strata corporation
Hello Hannelie Stockenstrom,
We’re a leaky condo consumer advocacy website and we were just admiring your online Legal Framework update on builders’ liens and strata corporations. We wonder if you have any reports or information on the winding-up of a strata corporation.
It seems unfair to us that a majority of owners has statutory authority to bankrupt some of its neighbors with special levies, yet a minority owner living elsewhere who may be hanging onto the property to avoid tax consequences, for instance, is at liberty to prevent a profitable block sale for re-development.
While we ruminate through a glass darkly over legislative reform, is there anything you could tell us about this kind of corporate destruction? In view of the architects’ recent call for a full review of envelope repair protocols, which has created significant uncertainty in the cost-effectiveness of these renovations, many small stratas are considering destruction as a more viable alternative.
Editor@bccondos.ca |
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| Posted: Wed Oct 29, 2003 1:51 pm Post subject: |
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The reply:
| Quote: | From: Hannelie Stockenstrom [mailto:hgs@cwilson.com]
Sent: Wednesday, October 29, 2003 12:20 PM
To: editor@bccondos.ca
Subject: Winding up the strata corporation
Thank-you very much for your e-mail. I will discuss your question with our Strata Property Group and will get back to you. Are you receiving our Stratagies - our newsletter dealing specifically with strata issues?
Hannelie Stockenstrom
Partner
Clark, Wilson
Barristers & Solicitors
800 - 885 West Georgia Street
Vancouver, B.C. V6C 3H1
Direct Telephone: (604) 643-3145 |
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| Posted: Wed Oct 29, 2003 1:53 pm Post subject: |
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Our note of thanks:
| Quote: | From: editor [mailto:editor@bccondos.ca]
Sent: Wednesday, October 29, 2003 12:49 PM
To: 'Hannelie Stockenstrom'
Subject: Winding up the strata corporation
Great. No we're not but we'll check it out. Thanks. |
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