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 [F1the 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 [F1the 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 [F1the 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 [F3Welsh 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 [F4the National Assembly for Wales] .
Textual Amendments
F1Words 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.)
F2S. 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)
F3Words 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.)
F4Words 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.)