A "management company" is a company set up and registered in the CRO, with an object clause, to manage a multi-unit development. The "management company" owns the common areas of the development such as: car parks, green space, stairwells, lifts and communal hallways and maintains them for the benefit of all property owners and typically provides for insurance cover.
On acquiring a unit within the development, in addition to the apartment or house such person also shares ownership of the common areas. Stemming from this, it is usually a condition of the purchaser's contract that they sign a co-ownership agreement which obliged them to become a member of the management company. These co-ownership agreements are essentially rooted in the laws of contract and private property, rather than in any particular Act of the Oireachtas. Following on from this, it should be clear that the requirement to become a member of a management company is not a requirement under company law.
There is no special body of company law which applies only to management companies or is applied differently so far as management companies are concerned. The "FAQ" (Frequently Asked Questions) section of this website answers most general company law type questions in relation to all companies. Many issues arising in management companies are not company law issues and the ODCE cannot assist. The attached document lists the breaches of company law that ODCE can assist with.
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Taking Care of Business
Tuesday 25 September 2018