Property management Allmersbach im Tal Insolvency: What now for owners?

Property management Allmersbach im Tal Insolvency: What now for owners?

KP Immobilienmanagement GmbH in Allmersbach im Tal has filed for bankruptcy. This is causing concern among condominium association owners who are facing challenges in managing their properties. In addition, the property management homepage is no longer accessible and telephone calls and emails remain unanswered. A provisional insolvency administrator has been appointed, but he is not disclosing any information, further increasing the uncertainty of the affected owners. As zvw.de reports, the owners' reserves are also uncertain, which makes the situation a nerve-wracking challenge for everyone affected.

Insolvency of property management companies is not an isolated case and can involve considerable bureaucratic effort. If the property management company does not meet its payment obligations, bankruptcy occurs. Affected owners are obliged to clarify whether the property management company is insolvent. This is explained by hausverwaltungscout.de. Depending on whether the property management company files for insolvency itself or whether the court orders provisional insolvency administration, various scenarios can occur, ranging from termination to fulfillment of the management contract.

Need for action for owners

The owners urgently need to clarify what happened to the funds under management. An examination of checking accounts and maintenance reserves is necessary as funds in open trust accounts in the name of the property management company may have been used inappropriately. If necessary, owners should consider filing an objection claim under Section 771 ZPO to protect their funds.

Another aspect of the situation is the removal of the insolvent administrator. Owners can do this with a simple majority vote. The management contract ends no later than six months after the dismissal, although extraordinary termination without notice is also possible for important reasons. This period is usually two weeks, but can vary due to special regulations in condominium law.

Find new administration

The search for a new WEG administration is imperative. Owners must obtain three offers from different managers and ensure that the new manager is certified, except in cases of self-management. It must also be ensured that the WEG's solvency is guaranteed in order to maintain essential supply services. These steps also apply to rental properties, where arrears with utilities must also be settled in a timely manner to avoid further complications.