Unsafe cladding - potential bankruptcy

[Rambo60]

in short - 5 storey block with some cladding less than 18m high, Building owner survey concluded unsafe and remediation of cladding required. Paying for waking watch already, received a bill of £2000 for share of new fire alarm system. Remediation costs likely to be between £50000 -100000 per flat - waiting in fear for the letter (bill) to land. Its seem the govt are going to eclude blocks that are less tha18m form any help. So - flat currently unsellable, value £0 to re-establish value need to spend up to £100000 (which simply dont have) to protect £60000 equity (if the whole block is fixed which could take years -if all resident s can find the cash - unlikely.
My question - what is the best way to hand back the keys enabling the quickest way back to a workable credit rating? If I hand the keys back before the big bill arrives do I avoid that liability? Or worse costs from further discoveries of unsafe aspects?

[des8]

I suspect you are one of many in this position.

I doubt that voluntary repossession (handing back the keys) is the best way forward as you will still be liable for mortgage payments, building insurance etc until the property is sold.
The responsibility for paying such costs only ends when the property is sold. Until then you as owner are liable for all costs, which will probably include costs of making the building safe.

IMO you are better sitting it out to see what happens.
There are so many in the same position as yourself that I would not be surprised to see government backed rescue plans emerge.

Meantime tagging Debt Camel to get her view