First off, a disclaimer- we are not lawyers, nor do we offer legal advice. We usually point this out, but it’s especially critical when we write about legal statutes. An industry colleague of ours, Veronica Franco at Clark Wilson LLP provided our staff with an in-house seminar on the new Limitation Act recently and has prepared an excellent primer on what we discuss below. You can find it here. Our purpose in discussing this is to elaborate on some of the practical consequences facing your strata corporation and our industry as a result of this new Act.
On June 1st, 2013, a new Limitation Act came into force in British Columbia. One of the primary aims of the new Act was to bring it in line with similar statutes across the country.
Because we’re not lawyers, we’ll steer clear from a broad commentary on the Act and focus on one important subject: the new Act’s consequences for Strata Corporations collecting arrears.
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