One of the important functions of the Director of Corporate Enforcement is to encourage compliance with the requirements of the Companies Acts. The Director and his staff discharge this role by communicating publicly the benefits of compliance with the law and the consequences of non-compliance.
The primary purpose of the Multi-Unit Developments Act 2011 is to ensure the timely transfer of common areas of multi-unit developments to the owners’ management company which is made up of unit owners in the development. The Act also contains detailed provisions concerning the management and operation of owners’ management companies, including rules relating to the holding of annual general meetings; the calculation of service charges; the establishment of sinking funds and the making of house rules. The legislation will apply to multi-unit developments containing residential units only and to mixed-use developments containing residential units. It will also apply to housing estates which have owners’ management companies.