Housing Act 1996

39 Insolvency, &c. of registered social landlord: scheme of provisions. E+W

(1) The following sections make provision—

(a) for notice to be given to [F1 the Welsh Ministers] 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),

[F2 (ba) for the appointment of an interim manager during a moratorium (section 43A),]

(c) for proposals by [F1 the Welsh Ministers] 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 [F1 the Welsh Ministers] (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 [F3 Welsh Ministers] 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 [F4 the National Assembly for Wales] .

Textual Amendments

F1 Words in Pt. I substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 61(7), 325(1); S.I. 2010/862, art. 2 (with Sch.)

F2 S. 39(1)(ba) inserted (18.10.2011) by Housing (Wales) Measure 2011 (nawm 5), s. 90(2), Sch. para. 9; S.I. 2011/2475, arts. 1(2), 2(v)

F3 Words in s. 39(3) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 62(a), 325(1); S.I. 2010/862, art. 2 (with Sch.)

F4 Words in s. 39(3) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 63, 325(1); S.I. 2010/862, art. 2 (with Sch.)