(1)The Regulator may, during a moratorium, make proposals about the future ownership and management of the registered social landlord's land with a view to ensuring that land is managed properly in the future by a registered social landlord.
(2)Before making proposals, the Regulator must consult—
(a)the registered social landlord,
(b)all of the registered social landlord's secured creditors whom the Regulator can locate after making reasonable enquiries,
(c)the registered social landlord's tenants (so far as practicable),
(d)where the registered social landlord is a registered society, the Financial Services Authority, and
(e)where the registered social landlord is a charity, the Office of the Scottish Charity Regulator.
(3)The Regulator must, when formulating proposals—
(a)have regard to the interests of the registered social landlord's creditors as a whole (both secured and unsecured), and
(b)so far as practicable, aim to avoid worsening the position of the registered social landlord's unsecured creditors.
(4)Proposals may provide for the appointment of a manager to implement the proposals (and proposals which do so must provide for the payment of the manager's remuneration and expenses).
(5)Proposals must not include anything which would result in—
(a)non-preferential debts being paid before preferential debts,
(b)preferential creditors being paid different proportions of preferential debts (except where affected preferential creditors agree to be paid a smaller proportion).
“preferential debt” and “preferential creditor” have the same meaning as in the Insolvency Act 1986 (c.45).
Commencement Information
I1S. 80 in force at 1.4.2012 by S.S.I. 2012/39, art. 2, Sch. 1 (with Sch. 2)
(1)The Regulator must submit its proposals to all of the registered social landlord's secured creditors whom the Regulator can locate after making reasonable enquiries.
(2)The Regulator must give notice of submitted proposals to—
(a)the registered social landlord and its officers, and
(b)any liquidator, administrative receiver, receiver or administrator appointed in respect of the registered social landlord or its land.
(3)The Regulator must also make arrangements for bringing submitted proposals to the attention of the registered social landlord's members, tenants and unsecured creditors.
Commencement Information
I2S. 81 in force at 1.4.2012 by S.S.I. 2012/39, art. 2, Sch. 1 (with Sch. 2)
(1)Secured creditors to whom proposals are submitted under section 81 may—
(a)agree to the proposals (with or without modification), or
(b)reject the proposals.
(2)Proposals agreed with modifications have effect only if the Regulator agrees to the modifications.
(3)The Regulator must give notice of agreed proposals to—
(a)the registered social landlord and its officers,
(b)all of the registered social landlord's secured creditors whom the Regulator can locate after making reasonable enquiries,
(c)any liquidator, administrative receiver, receiver or administrator appointed in respect of the registered social landlord or its land,
(d)where the registered social landlord is a registered society, the Financial Services Authority, and
(e)where the registered social landlord is a charity, the Office of the Scottish Charity Regulator.
(4)The Regulator must also make arrangements for bringing agreed proposals to the attention of the registered social landlord's members, tenants and unsecured creditors.
Commencement Information
I3S. 82 in force at 1.4.2012 by S.S.I. 2012/39, art. 2, Sch. 1 (with Sch. 2)
(1)Agreed proposals may be modified from time to time with the agreement of—
(a)the Regulator, and
(b)all of the registered social landlord's secured creditors to whom the original proposals were submitted.
(2)Sections 80 and 82(3) apply to modified proposals as to the original proposals (and references in sections 84 to 90 to agreed proposals include references to modified proposals).
Commencement Information
I4S. 83 in force at 1.4.2012 by S.S.I. 2012/39, art. 2, Sch. 1 (with Sch. 2)