Selling the Ridge Resort

Cancelling the Unit Plan: The First Step for Change.

Under the Unit Titles Act

Any change to the plan of the resort requires an application to the High Court to cancel the Unit Plan. This must happen if part, or all, of the resort is sold. This also is required if there is any major change to the ownership structure eg. changing from a body corporate to a limited liability company, or sub-dividing the timeshare units from the non-timeshare units.

This requires:

• a Special Resolution at a General Meeting

• with at least 75% of owners who vote supporting cancellation.

OWNERSHIP STRUCTURE.

The Ridge has four ownership groups:

• Timeshare owners (non-Classic)

• Classic entities timeshare

• Non-timeshare (private ) owners

• Future Development Units

What this means in practice:

• Without support from all owner groups, a motion for sale cannot pass.
• Given the mixed nature of ownership at the Ridge Resort—timeshare owners with differing objectives, non-timeshare owners who will want to retain their property and an owner of future development units achieving this 75% threshold will require a carefully crafted proposal.

DETAILED INFORMATION HERE.

The sub-committee working on possible sale processes do not believe selling the resort outright is realistic so are recommending a restructure as a first step.

Understand more here.