Announcement from Flatfee Property Management

[Fuzz]

Hmm..... interesting the comments on PM's holding the bond money for the maxumim period. If the funds are held in a trust account I can see no reason to do this, as no interest on funds can be gained. To try and suggest retaining the bond money to pay out during the end of month process engaged by the PM's this is a load of bullocks. If the PM is using an industry recognised software these have the facility to allow bond payments to be made at any time of the month whilst at the same time updating the Bond Ledger and allow reconciliation with the trust account.

My only presumption for the funds being held for up to 23 days is that the funds are not held in a trust account but an interest bearing account. Clearing of cheques (if the PM is dumb enough to take them) doesn't take 23 days. If anybody knows of a bank that takes that long let me know, it could prove to be a great cashflow tool.

Keys, as a member of the IPMA I trust that you are using best practice and using a trust account to hold all bond funds. I keenly await your reply.

Unfortunately bad business practices by some PM gives all PMs a bad reputation. Unfortuantely that leads to squeecky wheels calling for regulation of the industry.

It is unfortuate the circumstances surrounding Paul and Flat Fee, congratulations to Paul on at least having the bonds in a trust account, hopefully the court sees fit the release the bonds to the appropriate authority.

Perhaps the Principal Adjudicator, Rex Maidment, should be advised of the bond situation regarding Flat Fee, this would hopefully stop the unfortunate PI's being lumbered with exemplary damages by the 3K's. Lets not get started on the 3K, thats another whole blog in its self.

[kapitibeanman]

All a bit too free and easy in my book, hanging onto OPM, and inevitably putting it to
risk, just to make a tiny difference to my own cash flow, Even if it is "legal".

If a business finds that such a good idea, perhaps they should ask themselves
if they are undercapitalised, or sloppy.

[Keys]

Keys, as a member of the IPMA I trust that you are using best practice and using a trust account to hold all bond funds. I keenly await your reply.

The rules, as required by the IPMA, are being followed. The law, as is written down by the RTA, is being followed.

Any other information is (ahem) commercially sensitive .

[cube]

Solicitors (Ellice Tanner Limited) acting for John Kenel have requested that several posts in this thread be removed from public viewing due to the impact that the posts are having on their clients business.

This will be done in 7 days from today (i.e some time on 14/8/2012)