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Developer bankrupt and liquidator / OA cannot be located

 
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helenaooi



Joined: 17 Feb 2011
Posts: 1

PostPosted: Mon Feb 21, 2011 4:17 pm    Post subject: Developer bankrupt and liquidator / OA cannot be located Reply with quote

Hope someone can help!
Recently purchased a sub-sale condo and have already secured bank loan and signed S&P on 17th Jan 2011.
However, when my lawyers tried to get the letter of confirmation from the developer, found that the developer has already gone bankrupt. That is still fine (as I had previously purchased another unit with a bankrupt developer as well and that has already gone through). BUT, after about nearly a mth, I called my lawyer to find out the status and was informed that they can't locate the liquidator assigned!! My lawyers have also tried calling the vendor's lawyers and the condo management but also can't get the required information.
The condo management is a joint management by the residents.

What I am finding it odd is that, how can the liquidator not be located?! Isn't there a government body handling all this? Also, shouldn't the vendor's side have the details since it was their property when the developed went bankrupt?

I have been chasing my lawyer and the agent, nearly everyday to get this sorted.

Should I just give up my purchase of this place? Unfortunately, I was buying this place for my own stay as I really liked it!

Hope someone can help shed some light!

Thanks!
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hfchuraymond



Joined: 11 Jun 2009
Posts: 606

PostPosted: Tue Mar 22, 2011 5:05 pm    Post subject: Reply with quote

Will a company search clear this ?

Maybe, that is what it takes to be done.
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