Tasmanian Consolidated Acts
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STRATA TITLES ACT 1998 - REG 63
Disposition of security
(1) If a developer has given a security for due completion of the
scheme, an owner of a lot who has suffered a loss as a result of the
developer's failure to complete the development in accordance with the terms
of the scheme may apply to the Supreme Court for an order under this section.
(2) On an application under this section, the Supreme Court may order
that the whole or part of the amount of the security
(a) be applied as directed by the Court towards completion of the scheme; or
(b) be distributed among owners of lots who have suffered loss on a basis
determined by the Court.
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