Dear Owners,
This week saw the first meeting of the TENOA Committee following the Annual General Meeting on the 15th July. A draft of the AGM minutes will be circulated to owners for feedback within the next week.
Further to various letters posted to blocks by City Factoring in the last week, please be assured that the Committee will, at all times, conduct due diligence in regard to any claims made and will make a report to owners after appropriate investigation. It should be noted that at no point would the Committee authorise any party to act on behalf on the development without credentials being fully established.
It should be reiterated that City Factoring’s contract as Factor was terminated at the AGM on the 15th July and was effective from that date. They are no longer the authorised Factor and owners should not respond to any requests for payment. If you have an existing standing order or payment arrangements please cancel this without delay.
The Committee have been working to establish the position in regards to various service and maintenance contracts in lieu of any cooperation from the previous Factor. It appears that while a number of these have either been suspended or terminated for non-payment, it will be possible to negotiate on outstanding debts and new contracts in good faith going forward.
Whilst we appreciate that this difficult transitional period between Factors may be a concern for some owners, please be assured that your Committee are working very hard to resolve any potential issues and hope to provide further updates in the coming weeks.
Yours sincerely,
Alan Henderson,
Chairman.