Valid from 29/09/2003

Part 1 E+W Commonhold

Valid from 27/09/2004

Termination: voluntary winding-up E+W

43 Winding-up resolution E+W

(1) A winding-up resolution in respect of a commonhold association shall be of no effect unless—

(a) the resolution is preceded by a declaration of solvency,

(b) the commonhold association passes a termination-statement resolution before it passes the winding-up resolution, and

(c) each resolution is passed with at least 80 per cent. of the members of the association voting in favour.

(2) In this Part—

• “declaration of solvency” means a directors’ statutory declaration made in accordance with section 89 of the Insolvency Act 1986 (c. 45),

• “termination-statement resolution” means a resolution approving the terms of a termination statement (within the meaning of section 47), and

• “winding-up resolution” means a resolution for voluntary winding-up within the meaning of section 84 of that Act.