What happens if a Member agent has ceased trading and the deposit is no longer available to be submitted to TDS?
In situations where deposits have been misappropriated by an agent, TDS will protect the tenant, as required by the legislation. Disputes raised will be adjudicated in the normal way and TDS will pay out any awards to the tenant. This reduces the risk to the landlord of the tenants taking action against them to recover misappropriated/lost monies. TDS is unable however to pay out any awards made to landlords. If a landlord believes they have suffered a loss due to misappropriation of funds by the agent, and an award is made by TDS in their favour, they must make a claim with the liquidator and become a creditor in the usual way.
Related Questions
- What happens if an agent accidentally closes their web browser? Will they no longer be able to take customers calls?
- What happens to my Super Members Term Deposit if I am no longer a member of an eligible super fund or union?
- What happens to the deposit if the agent is no longer trading/in liquidation, or bankrupt?
