Sub-company for new property project
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 Oct 18 2023, 06:35 PM, updated 3y ago
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#1
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Junior Member
78 posts Joined: Sep 2011 
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Hi all,
Just would like to ask wondering why developers usually will set up new sub company whenever they launched new project? Is that easier for them to wind up if there is anything goes wrong e.g. being sued by buyer and etc? |
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Oct 18 2023, 06:55 PM
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#2
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Junior Member
78 posts Joined: Sep 2011
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QUOTE(acbc @ Oct 18 2023, 06:42 PM) Yes. Damn. I am considering to sue a developer for the poor quality and demand the recalculation of LAD. Basically they can just close down the company as they wished?Can close it down if the project fails or taken to court. The parent company can wash hands later.  |
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Oct 18 2023, 07:06 PM
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#3
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Junior Member
78 posts Joined: Sep 2011
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QUOTE(acbc @ Oct 18 2023, 07:01 PM) Yes. Yes. I understand LAD should be calculated from booking fees booking from the precedent case, but this developer want to calculate it from SNP date and said no negotiations. Very arrogant. But now, I am a bit hesitate to go further, after knowing they can just wind down like that. There are still on-going projects running near my project by this developer, but I am not sure if how they really closed down their business and washed their hand. There is no way to drag their parent company down also? As they are using the same address?The laws here only protect the developers. If the project is abandoned and developer gone bankrupt, pretty nothing much u can do about it. For LAD, developers always negotiate with the owners for a lower settlement which is not only illegal but also wrong. The lawyers will give excuses like the company will be closing down or etc which are all BS! This post has been edited by shanjuen: Oct 18 2023, 07:07 PM |
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