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No. We are a small Residential Management Company of 15 properties and each property owner has one share each. We just wish to reign in the spending.
Can they be held personally responsible for the expenditure? They have actually acted outside their powers as Directors.
I just need to ask a related question. In the process of spending money which was not approved by the company they have also failed to comply with s20 of the L&T Act. If this goes to a LVT what will the Tribunal's view be that not only did they fail to comply with any of the steps required but they were effectively individuals rather than the Company albeit the effects of their actions bind the Conpany?
We did examine the L&T Legislation. Do you think a Tribunal would view the situation any differently given they incurred the expenditure without Company approval but are now demanding payment from the Leaseholders?