Debt Recovery – FAQ
Q1. I am 2 months late with my Body Corporate levies. Can the Body Corporate charge me interest? Yes the Body Corporate can charge you interest if the Body Corporate has decided by Ordinary Resolution to apply penalties to levies if they are not paid by the due date. The penalty can only be set […]
Body Corporate Debt Recovery Clarified
The confusion over the time limit a Body Corporate has to commence recovery of outstanding Body Corporate debts has now been clarified by the Court of Appeal. The Body Corporate and Community Management (Standard Module) Regulation 2008 says the following; If the amount of a contribution or contribution installment has been outstanding for 2 […]
Levy Recovery Time Limitations
Bodies Corporate are urged to commence levy recovery action against lot owners with outstanding levy payments within 2 years. A recent ruling made by a Queensland District Court Judge ruled that Bodies Corporate must start legal proceedings to recover a lot owners debt within two years and two months of the debt becoming due; otherwise the Body […]