SCHEDULES

SCHEDULE 1 Registered social landlords: regulation

Part II Constitution, change of rules, amalgamation and dissolution

Transfer of net assets on dissolution or winding up

15

(1)

This paragraph applies—

(a)

where a registered social landlord which is F1a registered society is dissolved as mentioned in F2section 119 or 123 of the Co-operative and Community Benefit Societies Act 2014 (dissolution by instrument of dissolution or by winding up), and

(b)

where a registered social landlord which is F3a company (including a company that is a registered charity) is wound up under the Insolvency Act 1986.

(2)

On such a dissolution or winding-up, so much of the property of the society or company as remains after meeting the claims of its creditors and any other liabilities arising on or before the dissolution or winding-up shall be transferred to the F4Relevant Authority or, if the F4Relevant Authority so directs, to a specified registered social landlord.

The above provision has effect notwithstanding anything in F5the Co-operative and Community Benefit Societies Act 2014, F6the Companies Act 2006 or the Insolvency Act 1986, or in the rules of the society or, as the case may be, in the F6articles of the company.

(3)

In order to avoid the necessity for the sale of land belonging to the registered social landlord and thereby secure the transfer of the land under this paragraph, the F4Relevant Authority may, if it appears to it appropriate to do so, make payments to discharge such claims or liabilities as are referred to in sub-paragraph (2).

(4)

Where the registered social landlord which is dissolved or wound up is a charity, the F4Relevant Authority may dispose of property transferred to it by virtue of this paragraph only to another registered social landlord—

(a)

which is also a charity, and

(b)

the objects of which appear to the F4Relevant Authority to be, as nearly as practicable, akin to those of the body which is dissolved or wound up.

F7(5)

In any other case the Welsh Ministers may dispose of property transferred to them by virtue of this paragraph to a registered social landlord.

(6)

Where property transferred to the F4Relevant Authority by virtue of this paragraph includes land subject to an existing mortgage or charge (whether in favour of the F4Relevant Authority or not), the F4Relevant Authority may, in exercise of its powers under Part III of the M1Housing Associations Act 1985, dispose of the land either—

(a)

subject to that mortgage or charge, or

(b)

subject to a new mortgage or charge in favour of the F4Relevant Authority securing such amount as appears to the F4Relevant Authority to be appropriate in the circumstances.