ISI – Property Management – Property Management Services to the Insolvency Service of Ireland
The number of Bankruptcy cases in Ireland to date has been very small.
However, as a result of recent legislative reform it is anticipated that there will be a significant increase in cases in the near future. Most estimates put the figure above 1 000 per annum over the next few years. Many cases will involve rented properties which will require some degree of management until they are sold by the Official Assignee or re-possessed by the mortgagee. The extent of the service required will depend on whether or not a functioning property. The successful Tenderer will be required to manage rental properties which have vested in the Official Assignee following the bankruptcy of an individual, for the benefit of the bankrupt's estate. In other cases where there is no property management company or that company is insolvent a more extensive service may by required.
In any particular case the length of time for which the service is required will depend on whether or not the property is in negative equity. If the property is in negative equity then the Official Assignee will remain in possession of the property (and entitled to collect rents) until the mortgagee appoints a Receiver or otherwise goes into possession. If there is equity in the property the Official Assignee will seek to sell the property as soon as possible but will collect the rent until the sale is concluded.
The successful Tenderer will be required to manage rental properties which have vested in the Official Assignee following the bankruptcy of an individual, for the benefit of the bankrupt's estate.
Deadline
The time limit for receipt of tenders was 2014-05-26.
The procurement was published on 2014-04-10.
Who?
What?
Procurement history
| Date |
Document |
| 2014-04-10
|
Contract notice
|