15(1)This paragraph applies—
(a)where a registered social landlord which is an industrial and provident society is dissolved as mentioned in section 55(a) or (b) of the Industrial and Provident Societies Act 1965 (winding-up under the Insolvency Act 1986 or by instrument of dissolution), and
(b)where a registered social landlord which is a company registered under the M1Companies Act 1985 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 Corporation or, if the Corporation so directs, to a specified registered social landlord.
The above provision has effect notwithstanding anything in the Industrial and Provident Societies Act 1965, the Companies Act 1985 or the Insolvency Act 1986, or in the rules of the society or, as the case may be, in the memorandum or articles of association 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 Corporation 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 Corporation 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 Corporation to be, as nearly as practicable, akin to those of the body which is dissolved or wound up.
(5)In any other case the Corporation may dispose of property transferred to it by virtue of this paragraph to a registered social landlord or to a subsidiary of the Corporation.
(6)Where property transferred to the Corporation by virtue of this paragraph includes land subject to an existing mortgage or charge (whether in favour of the Corporation or not), the Corporation may, in exercise of its powers under Part III of the M2Housing 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 Corporation securing such amount as appears to the Corporation to be appropriate in the circumstances.