The Real Deal Miami

Novel fix for condo board: bankruptcy

September 14, 2011 11:50AM

The Spa at Sunset Isles, a 232-unit condominium in Royal Palm Beach, had
a series of problems not unknown to condo boards in South Florida —
unpaid dues, foreclosed tenants and a struggle to make payments. The
novel solution by its board was to declare bankruptcy. “This is new
legal ground,” said John Kinsey, attorney for the association. “We have
done our research and believe this is the first condo bankruptcy case of
its kind in the nation.” The condo board is now out of Chapter 11, and
is actually considering lowering its monthly assessments. “The community
had a complete turnaround from being destitute to being prosperous,”
said John Bazos, the board’s president. [Sun
Sentinel]