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Winding Up Strata Corporations

The first reported strata corporation to force the winding up of the entire strata corporation with only 80% approval of the owners is The Owners, Strata Plan VR 2122 v Wake, 2017 BCSC 2386.

Earlier in 2017, another strata corporation attempted to force the wind up of itself, but was unsuccessful because the resolution was deficient. 
The wind-up provisions of the Strata Property Act are lengthy and require many components to be completed before the Court will approve the request. Further, as noted in the previous decision, if those requirements are not strictly followed, the Court will deny (a rather expensive) application to approve the winding-up of the strata corporation. 
However, in VR 2122, the strata corporation was successful and the Court ordered the wind up. Ultimately, the owners obtained a windfall, wherein they were able to sell their units for almost 3x the actual worth if the owners sold their units individually (due to Vancouver market conditions). 
6 of the 33 owners…

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