If a developer is declared bankrupt, they are legally required to be struck-off the Developers Register. In such an emergency where the project cannot be completed, the Escrow Agent must consult with the DLD to take protective measures. Their primar…
If a developer is declared bankrupt, they are legally required to be struck-off the Developers Register. In such an emergency where the project cannot be completed, the Escrow Agent must consult with the DLD to take protective measures. Their primary objective is to preserve the rights of depositors by either finding a way to ensure project completion or managing the refund of payments. This ensures that even in cases of developer insolvency, the purchasers' interests are prioritised.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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