When a timeshare company goes under

[Justjean Member Find all posts View Profile Close Justjean]

This has probably been asked a million times, but i can't find it. What happens if a timeshare company fails. I keep hearing that Westgate is having troubles. Do people get to continue under new management or get some money back?

[timeos2 Senior Member Find all posts View Profile Close timeos2]

Usually doesn't impact owners - maybe a change in management (hopefully one the OWNERS choose).

Once the sales begin at a project - even one as colossal a seeming failure as the Wastegate Planet Hollywood Tower of Terror as well as all the other sleazy Wastegates - the resort is no longer OWNED by the failed developer, it is owned collectively by the individual buyers.

Now the convicted operators of Wastegate may make it worse than most for their victims as they have in the past failed to deed the common areas / clubhouses / even pools, etc to the resort owners and instead kept them for themselves and leased them back to the owners. So in those rare cases it can create a mes where the owners have no rights to the Check In area for example or the Clubhouse - yet another reason to NEVER deal with Wastegate as even in death they may negatively effect owners more than the average developer.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I don't know if you are asking only about Wastegate. If not, it depends on what you mean by timeshare company.

If you mean Wastegate, their owners would be better off if they did go out of business, and the owners could run their own places.