Leaky building payouts: unlocking the funds

The media reported yesterday on the Spencer on Byron development’s fight over the distribution of a $20.5 million leaky settlement win (find the NZ Herald article here). There is speculation it will take months if not years to resolve the disputes, during which time the settlement funds cannot be used to get remedial works to the apartment/hotel tower underway.

Kensington Swan Senior Associate Michelle Hill and Partner Stuart Robertson emphasise that this saga illustrates the infinite value of owners reaching agreement amongst themselves, at the earliest opportunity, as to how a claim is to be conducted, the repair works are to be carried out, and how to distribute the money if and when a successful and settlement is reached. For further on the topic from Michelle and Stuart, click here for Kensington Swan’s newsflash regarding leaky building payouts.

One thought on “Leaky building payouts: unlocking the funds

  1. Pingback: Leaky apartment owners face multiple rounds of repairs | CONSTRUCTION LAW BLOG

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