Mascot Towers Owners Face Bankruptcy

#MascotTowers #Construction #Evacuated

As Owners of Mascot Towers face bankruptcy because they might have to wait a year to access their apartments, it has been revealed that the owner’s corporation had previously accepted $750k in 2015 from the builder to waive any responsibility for ongoing defects. If you bought an apartment in Mascot a couple of months ago, would your conveyancing lawyer pick up a detail like that?

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References

Mascot Towers twist: Problems with apartment block first exposed in 2011
https://7news.com.au/news/sydney/mascot-towers-investigation-continues-c-187563

‘Can’t hold on’: Costs crippling Mascot Towers apartment owners as timelines thrown out
https://www.news.com.au/national/nsw-act/cant-hold-on-costs-crippling-mascot-towers-apartment-owners-as-timelines-thrown-out/news-story/6ac5ba6e06c007c9be95d8fa46a480a1

‘She can’t hold on another month’: Desperate Mascot Towers unit owners consider filing bankruptcy after agreeing to pay more than $1million for emergency work
https://www.dailymail.co.uk/news/article-7192613/Desperate-Mascot-Towers-unit-owners-considering-filing-bankruptcy-costs-skyrocket.html

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