Part ISocial rented sector
Chapter IVGeneral powers of the Corporation
Insolvency, &c. of registered social landlord
39Insolvency, &c. of registered social landlord: scheme of provisions
1
The following sections make provision—
a
for notice to be given to the Corporation of any proposal to take certain steps in relation to a registered social landlord (section 40), and for further notice to be given when any such step is taken (section 41),
b
for a moratorium on the disposal of land, and certain other assets, held by the registered social landlord (sections 42 and 43),
c
for proposals by the Corporation as to the future ownership and management of the land held by the landlord (section 44), which are binding if agreed (section 45),
d
for the appointment of a manager to implement agreed proposals (section 46) and as to the powers of such a manager (sections 47 and 48),
e
for the giving of assistance by the Corporation (section 49), and
f
for application to the court to secure compliance with the agreed proposals (section 50).
2
In those sections—
“disposal” means sale, lease, mortgage, charge or any other disposition, and includes the grant of an option;
“secured creditor” means a creditor who holds a mortgage or charge (including a floating charge) over land held by the landlord or any existing or future interest of the landlord in rents or other receipts from land; and
“security” means any mortgage, charge or other security.
3
The Secretary of State may make provision by order defining for the purposes of those sections what is meant by a step to enforce security over land.
Any such order shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.