Receivables
Sandyport Development Company (SDCL)
The number of accounts that incurred late fees during the year dropped from an average of 107 per month in 2014 to 78. In line with previous years, the value of accounts that settled maintenance early and qualified for the settlement discount was 26% of the total assessed area, or approximately one in four owners.
Year end balance
Our policy for the provision of doubtful debts assumes all balances unpaid 360 days past the due date. In 2015 this provision increased by $158,052 bringing the total to $340,372. We publish the current list of delinquent accounts on the website monthly. The debtors with balances over $20,000 at the year end are as follows:
$254,234
Sandyport Homeowners Association Limited (SHAL) is still in a dispute with SDCL over the interpretation and application of a certain covenant contained within the ‘handover’ indenture made between SDCL and SHAL on 21st May, 2008. The covenant provides for SHAL to maintain the sewerage plant of Sandyport in good operating condition and for SDCL to pay to SHAL a proportion of the reasonable direct costs without overhead of the maintenance and repair and replacement of the sewerage plant.
“QUALITY OF SUPPORT WAS VERY GOOD. I RECEIVED A RESPONSE WITHIN A FEW MINUTES.” JP 15