Good morning,
Wondering if anyone has used Section 570 “Transfer of land in payment of rates and charges” before?
I have a property that has been transferred to a Trustee after the owner was declared bankrupt. The Trustee tried to auction the property but didn’t receive any offers and is no longer interested in selling the property because they have determined they won’t get their money back. They have advised that “it is not commercial for me to continue attempting to sell the property as it is unlikely that there would be a commercial benefit for the bankrupt estate in doing so”.
There are considerable outstanding rates and charges and if Council auctioned under the normal sale of land procedures, in reality would either not get a bid or would have to write off virtually the whole amount outstanding.
It would be a risk to Council to acquire the land under Section 570, but it would also give us the option to demolish the building and sell off as vacant land, which would have more potential for a viable sale.
Any thoughts??
.
