Recently, Strata Corporation Wind ups have become more frequent due to increased land values that have resulted in the bare land value of older strata corporations being more valuable than the aggregate market value of the Strata units. In other words, the bare land value is greater than each owner’s individual interest. With virtually no available bare land for sale in the lower mainland, developers are now trying to acquire older strata developments for purposes of redevelopment.
In 2016, the Strata Property Act was amended to reduce the voting threshold to 80% that previously required unanimity of the strata owners to approve a winding up of a strata that is generally required to facilitate a sale to a developer.
The Strata Property Act requires the Strata Corporation, upon approving a winding up, to appoint a Liquidator to carry out the winding up. Boale, Wood and Company Ltd. has the expertise and resources to perform this function.
Some of the responsibilities of the Liquidator include, but are not limited to the following:
- Publishing notice of the Strata wind-up;
- Sending notice to the known Strata creditors;
- Taking custody and control of the Strata property and records;
- Maintaining the Strata records;
- Facilitating the sale of the Strata property and distributing the proceeds, after payment of any registered charges, liens and strata creditors, to the strata owners; and
- Retaining the Strata records for 2 years following the cancellation of the Strata Plan.
Boale, Wood & Company Ltd. is qualified and capable of being the Liquidator. For more information, please contact John McEown at (604) 605-3335.