14(1)The Corporation may present a petition for the winding up under the Insolvency Act 1986 of a registered social landlord which is—
(a)a company incorporated under the Companies Act 1985 (including such a company which is also a registered charity), or
(b)an industrial and provident society (to which the winding up provisions of the [1986 c. 45.] Insolvency Act 1986 apply in accordance with section 55(a) of the [1965 c. 12.] Industrial and Provident Societies Act 1965),
on either of the following grounds.
(2)The grounds are—
(a)that the landlord is failing properly to carry out its purposes or objects, or
(b)that the landlord is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986.