13:38 PM, 2nd August 2021, About 11 months ago 7
The block of apartments where I have a flat is managed by a ‘right to manage’ (RTM) company. This company retains a ‘management company’ (MC) whose function appears to be to manage the building/common areas/gardens etc. There are 200+ Apartments in the building, each paying £2,000 per year to the MC.
The annual accounts for the RTM show ‘NIL’ and have done since they took over from the previous RTM, two years ago. The MC, however, has no current accounts filed with Companies House. Their last accounts were dated October 2019 and showed a balance of £1,069,294 attributable to “Shareholders Funds”.
There is only one shareholder – an individual. There appears to be no Escrow Account or other ‘sinking fund’ account. I’m concerned that this individual might take the £1million+ and disappear.
Is this a legitimate concern, or is this how the RTM system works?
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