Kieran had introduced a private members bill to the Assembly in the previous mandate on this but withdrew it when the Law Commission stated they would carry out a review on this subject. The Law Commission has published a report on this subject and recommended a serious of other pressures to help improve the regulation of these management companies.
Kieran McCarthy MLA said: “I am disappointed that the Law Commission have decided against recommending that legislation be introduced to regulate apartment development management companies.
“I drafted a private members bill as I believe that there are major gaps in the regulation of management companies. Currently, many apartment owners are paying large sums of money to companies that are meant to look after the communal areas such as the corridors or car parks, but in some of these apartment blocks essential maintenance and cleaning work is simply not being carried out.
“In some cases apartment owners are being ripped off by nefarious management companies that are failing to fulfill their legal obligations.
“While the Law Commission have recommended a number of other changes, I fear that it would not deliver the reforms required to protect apartment owners.
“I know the Minister of Finance and Personnel has previously voiced his support for reforms in this area, so I hope that he will overrule the Law Commission and introduce the required legislation.”