Dear Fellow Owners,
We are aware of the recent NL from the company’s founders, SR-PROPERTY MANAGEMENT“LTD.
Who Are Ivalina Parusheva (Bulgaria), Brid O’Brien and Gerard Teefy (Ireland), Galina Rumyantseva and Tatiana Tryulina (Russian Federation), and Martin Berhan and Ivan Berky (Slovakia).Two controllers have been elected – Atanas Atanasov (Bulgaria) and Milan Krejci (Czech Republic).
There is a lot to discuss regarding IVA AND CO’S NL, Management contract (Slave contract), Budget, Closed complex, and where Boyan fits into all of this.
We kindly request all owners to carefully read through all the information provided and fully comprehend the proposed changes and their implications on their property rights. As the information is lengthy, we will be delivering it through a series of newsletters over the coming days. We urge all owners to take their time and read through each newsletter thoroughly.
We urge all owners to read the information and make an informed decision rather than rushing to reopen the resort regardless of the consequences.
Please remember that the owners cancelled the management contracts with Boyan’s management company several years ago. The previous contract was only three pages long, but now Iva is asking us to sign a 22-page contract. This new contract seems to give away all of our property rights, and even the rights of our next of kin, if you decide to leave your apartment to them. It’s important to note that this is a lifetime contract..
Any owners who know owners that might be considering this contract please contact them and pass on our NL so they are fully informed.
Remember, this is a company set up to make money from you. Ask yourself why they are charging 2 SQM of everyone’s apartment to go to their company plus wages.
We are aware that there was a discussion on the WhatsApp page about informing Iva and Co. that we are not in favour of their proposal. However, since she has not updated her website to reflect this, we kindly request you not to contact her. Instead, please email the SRIOC, who will keep track of the matter.
Comments on Iva, Petya and Co NL
Following our previous newsletter, here is an update regarding the actions each of us should take in order to implement the steps forward on the “Route Map” of the “Rescue Plan”, the ultimate goal of which is the reopening of Sunset Resort in May 2024 (please see the “Route Map” once again)
At the meeting on the 9th of March 2024 in Sofia “SR – PROPERTY MANAGEMENT” Ltd. was established. The company is in the process of registration right now. The founders of the company are Ivalina Parusheva (Bulgaria), Brid O’Brien and Gerard Teefy (Ireland), Galina Rumyantseva and Tatiana Tryulina (Russian Federation), Martin Berhan and Ivan Berky (Slovakia).
Two controllers have been elected – Atanas Atanasov (Bulgaria) and Milan Krejci (Czech Republic).
Ivalina Parusheva (Bulgaria) has been elected as the Manager of the company.
WHY WAS THE SRIOC NOT INVITED TO THIS MEETING? ALL PARTIES NEED TO BE INVOLVED IN DISCUSSIONS FOR ANY PLAN TO SUCCEED IN SUNSET. AS WHERE DID THAT GET BOYAN?
WE NOTE WITH INTEREST THAT YOU KEEP CHANGING THE NAMES ON YOUR MANAGEMENT COUNCIL AND CONTROLLER BOARD. IS THIS BECAUSE THEY ARE NOT SUPPORTING YOU ANYMORE AND HAVE SEEN THE LIGHT??
All participants are owners of apartments in the complex without debts and participate with voluntary contributions for the payment of the complex’s debt by signing a “Trustee Account contract”. OUR MEMBERS DO NOT HAVE DEBTS THINK YOUR CONFUSING US WITH BOYAN. NO DEBTS IN OUR NAMES AND NOT ACCORDING TO THE BULGARIAN LAW.
“SR – PROPERTY MANAGEMENT” Ltd. has been established with the sole purpose of reviving the Sunset Resort and maintaining & managing the complex in the future with new rules: justified costs and transparency in spending the owners’ funds.
JUSTIFIED COSTS 22 EUROS A SQM WE DON’T THINK SO (THIS WILL BE FULLY DISCUSSED IN OUR FUTURE NL ON YOUR BUDGET)
According to the constituent documents of the company, the “profit” from the company’s activities will be re-invested in Funds for future development (Repair and Renovation) of the complex, and will not be distributed as a dividend among the founders.
NO, BECAUSE YOU ARE TAKING 2 EUROS A SQM FROM YOUR PURPOSED MM FEES FOR YOUR COMPANY PLUS YOUR WAGES
The NEW rules are the only chance we have for the complex to operate all year round and every owner (without obligations) to have guaranteed access to electricity and water all year round. YES, BECAUSE YOU ARE PAYING OFF THE PREVIOUS MANAGEMENT COMPANY DEBTS
Change of the rules of management:
1. Individual Maintenance and Management Contract. (Please see the draft contract as an attachment) WE WILL DISCUSS THIS IN OUR FUTURE NL AS IT IS NOT A MANAGEMENT CONTRACT; IT’S A LIFETIME SLAVE CONTRACT.
The Individual Maintenance and Management contracts according to Article 2 of the Condominium Act are defined by the law for management and maintenance of closed-type complexes, such as our Sunset Resort.
THAT’S A LIE SUNSET RESORT IS NOT A CLOSED COMPLEX THIS HAS TO BE CHANGED BY AN AGM WITH 75% OF OWNERS VOTES. WE ARE NOT A CLOSED COMPLEX.
Every owner has to sign an Individual Maintenance and Management contract with “SR – PROPERTY MANAGEMENT” OOD.
NO, WE DO NOT HAVE TO SIGN !!
Each of us will personally approve the terms of the contract with his signature. The Maintenance and Management fee for each apartment is distributed per m2 of the total apartment area that each of us owns.
NO, SORRY YOU HAVE DECIDED WHAT THIS CONTRACT IS, NOT OWNERS NO DISCUSSION WITH OWNERS ON THIS CONTRACT
The Individual Maintenance and Management contracts guarantee the right of each owner (without obligations) to use his own apartment all year round with guaranteed access to electricity and water until the installation of individual electricity and water meters for each apartment.
The paid one-time annual Maintenance and Management fee guarantees the owner’s right (without obligations) to use the complex’s infrastructure (swimming pools, external adjacent areas, maintenance of the common parts in the buildings, maintenance of the engineering facilities in the buildings and adjacent areas, security) without additional payments.
SERIOUSLY, AT NO EXTRA COST 22 EUROS A SQM PLENTY MORE DISCUSSION IN OUR NEXT NL.
The MM fee for all-year-round maintenance and management of Sunset Resort has been settled at 22 euros/m2 based on a detailed budget, real offers for service prices, as well as the amount of the average salary for the relevant staff positions for Pomorie District. (Please see budget attachment)
OUR NEXT NL WILL COVER THIS
2. Budget:
The following circumstances were taken into account when the budget was prepared:
- The complex has been closed for more than 18 months.
- Necessary minimum construction and repair works in/outside of the buildings;
- Technical prevention and re-commissioning of the electrical infrastructure;
- Technical prevention and commissioning of the water supply system;
- Technical prevention and standardization of the fire alarm system;
- Sanitary treatment of the water system;
- Sanitary treatment of the common areas in/outside of the buildings and adjacent areas against insecticides and pests.
- Optimal number of staff to guarantee the performance of maintenance and management activities of the complex.
The Individual Maintenance and Management Contract suggests deadlines for providing the owners with an expense report (March 30 of the reporting year) and an independent audit (June 30 of the reporting year).
UNDER THE CURRENT CONDOMINIUM LAW, WE ARE ENTITLED TO MONTHLY ACCOUNTS, WHEREAS YOUR CONTRACT ONLY PROVIDES ACCOUNTS TWICE A YEAR. BY SIGNING THIS CONTRACT, WE LOSE MORE RIGHTS.
the “Trustee Account Contract” with voluntary contributions for collecting the funds to pay the debt of the complex and 75% of the owners approve the terms of the Individual Maintenance and Management Contract.
A BIG QUESTION WE ALL WANT TO KNOW IS BOYAN SIGNING UP ? IS GOING TO BE PAYING YOU 22 EURO A SQM ?. IS HE PAYING ALL THE DEBTS HE HAS OUTSTANDING??
DON’T WORRY. WE KNOW THE ANSWER IS A BIG FAT NO.
WE WOULD LIKE ASK TO KNOW WHAT YOU ARE DOING TO REWARD BOYAN BY PAYING 360,000 EUROS TO RENT THE POOLS FROM HIM EVERY YEAR. OR ARE YOU TAKING THIS OFF THE AMOUNT HE OWES. WE ARE VERY INTERESTED IN YOUR ANSWER.
MORE ON THIS IN OUR NEXT NL.
GREAT JOB WE ARE IN SAFE HANDS
Sunset Resort Re-Opening May 2024:
A. The voluntary contribution according to the “Trustee Account” contract. Deadline for payment of voluntary contributions according to the Trustee Account Contract: 10.04.2024.
Critically important for the final success is collecting the funds to pay off the complex’s electricity and water debts. Without electricity and water, there is no management and maintenance of the complex.
For each owner, who has paid a voluntary contribution according to the “Trustee Account contract”, the contribution will be counted as an advance payment of the MM fee due according to the Individual Management and Maintenance Contract for 2024.
Upon reaching the amount of funds in the Trustee Account of 400,000 euros, the owners will be provided with a bank confirmation of the funds available in the account.
The balance up to the full amount of the annual maintenance and management fee will be due only upon 75% of the owners’ approval of the Individual Maintenance and Management Contract.
WE WILL WAIT WITH INTEREST ON YOU REACHING YOUR TARGET. AS YOU PROCLAIMED, THIS WAS ALREADY REACHED
B. Individual Maintenance and Management contract approved by 75% of owners: Deadline for approval of the terms of the contract by e-mail: 20.04.2024.
Critically important is to ensure funding for the prospective sustainable management and maintenance of the complex without the risk of the owners having to collect funds again to pay the debts of non-paying neighbors or poor management. Achievable only with 75% participation of the owners.
MAYBE DISCUSS THINGS WITH YOUR FELLOW OWNERS INSTEAD OF DICTATING.
AS OF SUNDAY DATA FROM IVA AND CO’S WEBSITE.
Although the information below has been discussed before, we feel it’s important for owners to read it and understand.
What does it mean to sign into a closed complex,
This is what Iva has been pushing for over the last number of years? Which the SRIOC are against as it gives over your property rights to the people listed above. They will have the right to decide all the decisions for the resort. you will have no voice.
This was brought up at a meeting, which was set up with Boyan and the SRIOC, which Iva and Petya invited themselves to, and brought up this idea, which was originally a brainchild of Boyan. When this was discussed, we stated we would not agree to give up our rights in accordance with the condominium law in such a manner. Boyan replied. I told you, Iva, the SRIOC would never agree to such an idea, and he is right. As we would be going from one dictatorship to another.
Ask yourself why they did not invite the SRIOC to their meeting. If they wanted to move things forward, why didn’t they? This is a money-making venue for Iva and Petya, not for the good of the owners.
All owners need to do their own due diligence on the information that was sent out. Ask your solicitor what they think.
CLOSED COMPLEX WHAT IT MEANS
- When you sign the closed complex management contract, you agree to give the management company the authority to take legal action against you, including involving bailiffs and preventing you from entering the complex, if you fail to comply with the terms of the contract. It is important to be very careful in what you sign.
- Once a contract is signed, it becomes legally binding and can only be terminated by mutual agreement of both parties or through the courts. Iva and Co’s contract states you will need 50% of ALL owners in your building who have no debts to cancel their contract.
- Owners who purchased apartments between 2004 to 2011 would have signed a management contract with Sunset. Until all owners had to cancel these management contracts through the courts.
This was due to the fact that the judge ruled in favour of the owners, stating that Boyan and his management team did not fulfil their obligations as outlined in the contract. So why would owners go there again?
- If you have already signed this contract, we highly recommend that you inform Iva, Petya (Elite Homes), and the above people to cancel it before it is too late. If you leave too late, you will become legally bound, which means you must follow all the rules and regulations outlined in the contract and pay all related bills, including future ones, i.e., past utility bills, which are not your responsibility.
- Please remember that only the owners who sign this contract are bound by it. Those who have not signed are not bound by its terms.
- It is important for new owners to consider the opinions and experiences of those who have been involved in Sunset for the past 14 years. We have witnessed various attempts to deceive us over the years. Our insights as fellow owners are invaluable, which sets us apart from estate agents who only became involved when the resort was shut down. As they seen a major business opportunity.
- Owners who sign these contracts are forfeiting their right to voice their opinions or vote on decisions at an AGM. This is unfortunate, as online voting is available in which will give all owners their say. We urge all owners to wait and have the opportunity to vote online from the convenience of their own homes. This eliminates the need for POAs and travelling to Sunset during the winter months or when direct flights are not available, As done previously by Iva, Petya, and Sunset Management.
COMMENTS FROM OUR SOLICITOR
First, I want to write in plain English about the regime of closed-gate complexes.
The law regulates how common areas in condominium buildings within gated residential complexes can be managed. This can only be done through a written contract with notarized signatures between the property developer (investor) and the individual owners of the units.
- The law creates a special management regime for gated residential complexes. It’s essential to interpret it narrowly, as it only applies to these specific complexes, not all condominiums. If no contract is in place, the condominium law may apply, but the contract takes precedence.
- The contract is between the property developer (investor) and the owners or occupants of the units in the gated complex. The investor is the one who sells the units and owns the common areas, while the other party can be an individual or a business. The law does not provide the term investor; however, according to available legal practice, investors can only be the corporation of Boyan that has built the complex.
- The contract is a private agreement (contract) made by the property developer (investor) and is related to the sale and management of the properties.
- The contract specifies the responsibilities of the property developer (investor) in managing the common areas and the obligations of the owners or occupants. The law does not provide any specific context or minimal level of consumer protection in the Condominium law.
- The contract must be in writing with notarized signatures and registered in the property register to be enforceable. Third parties, like potential buyers, will know about the contract through registration, and it will be binding on them if they acquire the property.
- The contract should be registered; the registration makes the contract enforceable against third parties.
In order to secure 100% coverage, the signatures of those contracts are made at the stage of buying the apartment, making a condition of the real estate deal.
We are in a situation where it is stated that a contract is proposed by Iva for the future.
However, there are several issues. Under the current law, only the property developer can be the managing side of this contract.
Let’s analyse the possible scenarios:
1. Fraction of Owners Sign the Contract: If only a fraction of owners have signed the contract, those who have signed will be bound by the terms of the contract. It means they have agreed to the responsibilities and obligations outlined in the contract, including the terms of the management of the shared areas. They will be legally obligated to comply with the contract.
Since the contract contains notarized signatures, it carries additional legal weight and validity. This means the investor can seek to enforce the contract through legal means, including forced preliminary execution by a bailiff, if necessary. Preliminary execution allows the investor to take certain actions to ensure compliance with the contract’s terms, such as securing payment for services provided or enforcing specific obligations.
2.Refusal to Sign the Contract:
Owners who have not signed the contract cannot be forced to abide by its terms since they haven’t agreed to it. They retain their rights and responsibilities under the general law governing the Condominium Management Act.
It’s important to note that the owners who have not signed the contract are not legally bound by its terms. They retain their rights and obligations under the general law governing condominium management Act.
In conclusion, the contract signed by a fraction of the owners is binding for those who have signed it, and the investor can take legal action to enforce the contract’s terms. But the contract does not apply to owners who have not signed it. UNLESS THEY GET 75% and vote it in at an AGM.
Problems that Arise with a Change in Regime:
1. Never-Ending Legal Struggle: Transitioning to individual contracts may result in a continuous legal struggle. With multiple owners having separate (and possibly different) contracts and obligations, disagreements may arise over responsibilities, costs, and the quality of services provided.
If there was one case per building, if an individual contract is signed, every owner has to make his own legal case.
However, because of the nature of this contract (notarized signatures), he starts at a disadvantage; the bailiff can force him to pay first and then contest in court later.
2. Legal uncertainty
There were court decisions for those who tried to terminate those contracts, and court cases related to terminating the contracts within the closed complex.
One of them was successful, while the other was unsuccessful. These court decisions can set precedents for future cases, but they can also lead to additional legal battles as owners might contest unfavourable rulings or try to find loopholes in the decisions.
In the successful example, an owner managed to terminate their contract with the management company by proving some contractual violation and mismanagement of the complex as the legal basis for termination. This might encourage other dissatisfied owners to follow the same path, leading to a series of similar court cases.
PLEASE NOTE THIS IS WHAT HAPPENED BACK IN 2011 AS DISCUSSED ABOVE.
On the other hand, in the unsuccessful example, the court ruled against the owner who attempted to terminate their contract. This outcome could discourage other owners from attempting the same, but it may also prompt the owner in question to pursue further legal actions or appeals.
Overall, these court decisions contribute to the legal complexity surrounding the closed complex. As owners witness both successful and unsuccessful attempts to terminate contracts, they might have varied interpretations of the law or contractual agreements. This could lead to a never-ending legal struggle as dissatisfied owners keep challenging the existing contracts and management arrangements, seeking better terms or alternative solutions.
However, despite being bound by these contracts and fulfilling their payment obligations, there is no guarantee that the closed complex will be opened as desired.
3. Unpredictability
The closed status of the complex is primarily due to the mismanagement by the management company, especially their failure to pay the electricity and water bills. This situation leaves the owners in a difficult position where they are fulfilling their end of the agreement but are not receiving the services or benefits, they were promised.