Half the reason that we are in state that we are in is the developers not providing Bank Guarntess and using the funds collected to fund the build which has resulted in so many recent issues where the developers have just pulled the plug on sites
On one site alone more than 800 buyers are in this situation, more than 500 on another site where typically they have paid the developer €40k with no bank guarntee
Yes I know of 3 sites where the value of the banks mortgages, based the the real value that they would now have to offer the properties for to sell them, probably a reduction of 40% on the original 2006 valuation, would not give the developer enough money to discharge the mortgage and they have no money.
In this area 3 more developers filed for administration last week alone.
I absolutely agree withe the comments of the community fees as on our site we had to replace the administrator for this reason
It seems that a easier option is to file for administration