(1)This section applies where a termination application is made under section 44 and—
(a)a liquidator notifies the Registrar under section 48(3)(a) that he is content with a termination statement, or
(b)a determination is made under section 112 of the Insolvency Act 1986 (c. 45) by virtue of section 48(3)(b).
(2)This section also applies where a termination application is made under section 45.
(3)The commonhold association shall by virtue of this subsection be entitled to be registered as the proprietor of the freehold estate in each commonhold unit.
(4)The Registrar shall take such action as appears to him to be appropriate for the purpose of giving effect to the termination statement.