Part IU.K. [F1Social Rented Sector [F2regulated by the Welsh Ministers]]

Textual Amendments

F1Pt. I title substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), ss. 61(1), 325(1); S.I. 2010/862, art. 2 (with Sch.)

F2Words in Pt. I title substituted (18.10.2011) by Housing (Wales) Measure 2011 (nawm 5), s. 90(2), Sch. para. 2; S.I. 2011/2475, arts. 1(2), 2(u)

Modifications etc. (not altering text)

C1Part I (ss. 1-64) amended (1.10.1996) by S.I. 1996/2325, art.3

C2Pt. 1: The system of "registered social landlords" under this Part is replaced (8.9.2008 for specified purposes and 1.12.2008, 16.2.2009, 1.4.2009, 7.9.2009 and 1.4.2010 for further purposes) by Housing and Regeneration Act 2008 (c. 17), Pt. 2. This Part continues to apply in relation to Wales with certain provisions applied in relation to England and certain provisions preserved although they apply to England only, see s. 60 of the affecting Act; S.I. 2008/2358, art. 3; S.I. 2008/3068, art. 3 (with arts. 6-13); S.I. 2009/363, art. 2; S.I. 2009/803, art. 7; S.I. 2009/2096, art. 2(1); S.I. 2010/862, art. 2 (with Sch.)

Chapter IVE+W General powers of the [F3Relevant Authority]

Textual Amendments

F3Words in Pt. I substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 82(1)(2) (with ss. 139(2), 141(1), 143(2)); S.I. 1998/2244, art.5.

Insolvency, &c. of registered social landlordE+W

45 Effect of agreed proposals.E+W

(1)The following provisions apply if proposals made by [F4the Welsh Ministers] under section 44 are agreed, with or without modifications, by all the secured creditors of the registered social landlord.

(2)Once agreed the proposals are binding on [F4the Welsh Ministers], the landlord, all the landlord’s creditors (whether secured or unsecured) and any liquidator, administrator, administrative receiver or receiver appointed in respect of the landlord or its land.

(3)It is the duty of—

(a)the members of the committee where the landlord is [F5a registered society],

(b)the directors where the landlord is [F6a company (including a company that is a registered charity)] , and

(c)the trustees where the landlord is a charitable trust,

to co-operate in the implementation of the proposals.

This does not mean that they have to do anything contrary to any fiduciary or other duty owed by them.

(4)The [F7Relevant Authority] shall serve a copy of the agreed proposals on—

(a)the landlord and its officers,

(b)the secured creditors of the landlord, and

(c)any liquidator, administrator, administrative receiver or receiver appointed in respect of the landlord or its land, and

(d)where the landlord is [F5a registered society] or registered charity, the [F8Financial Conduct Authority] or the [F9Charity Commission] , as the case may be;

and it shall make such arrangements as it considers appropriate to see that the members, tenants and unsecured creditors of the landlord are informed of the proposals.

(5)The proposals may subsequently be amended with the consent of the [F7Relevant Authority] and all the landlord’s secured creditors.

Section 44(2) to (7) and subsections (2) to (4) above apply in relation to the amended proposals as in relation to the original proposals.

Textual Amendments

F4Words 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.)

F5Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 56 (with Sch. 5)

F7Words in Pt. I substituted (1.11.1998) by 1998 c. 38, s. 140, Sch. 16 para. 82(1)(2) (with ss. 139(2), 141(1), 143(2)); S.I. 1998/2244, art. 5.

F9Words in s. 45(4) substituted (27.2.2007) by Charities Act 2006 (c. 50), s. 79(2), Sch. 8 para. 188; S.I. 2007/309, art. 2, Sch.