SIREG’s Notice Today, Oct 13
Many of you have received SIREG Management’s notice about the transition. We’re in contact with LDDC, and they’ll send directions after today’s court hearing, once next steps and timing are clearer. Until then, this note is only to help you understand what’s happening.
What’s good news
- Units are coming back to owners. SIREG says it will give up its tenancies and send each owner the lease and tenant information for their unit.
- Help to organize. SIREG says it will email owners in each building a list of the other owners’ contact details, along with the declaration, by-laws and rules.
- A path to a new board. The notice confirms owners can call a meeting to elect directors when no board remains (s.34(5) of the Condominium Act).
This is real progress, and it’s what owners have been pushing for: control coming back to owners.
What the notice doesn’t solve
- Your corporation’s money. The notice says nothing about condo funds, including reserve funds, held by SIREG Management. That money belongs to each corporation and has to be protected and handed over.
- Insurance. Every corporation must insure its building. With no board and no licensed manager, nobody currently has authority to renew a policy, and some policies renew within days.
- Bills and bank accounts. Someone has to pay utilities, maintenance and contractors, and control the corporation’s bank account. Right now, no one can.
- Timing. A court-appointed administrator can act as soon as they’re appointed. An owner-called meeting to elect a board needs at least 15 days’ notice, and that’s only if the meeting reaches quorum. Even then, a new board still has to open accounts, hire a manager and arrange insurance, which realistically puts it weeks away.
Why we still need LDDC and an administrator
Some owners are asking whether we still need LDDC or an administrator now that SIREG is handing units back. We do.
- Representation. This process is still before the court, with motions and decisions that affect your unit, your rents and your corporation’s money. LDDC gives owners a voice throughout.
- An administrator. Without one, we’re relying on SIREG to be fully transparent with records, funds and accounts, and we can’t count on that. A court-appointed administrator can take control of the records and money, and keep the building running, until a new board is ready.
LDDC Guidance
LDDC has indicated that it will provide updated guidance following the outcomes of today’s motions. Owners who have retained LDDC services are advised to consider waiting for these updates before proceeding further.
Stay tuned.