Part 2Regulation of Social Housing
Chapter 4Registered providers
Insolvency etc.
153Proposals: procedure
1
Before making proposals the regulator shall consult—
a
the registered provider,
b
its tenants (so far as is reasonably practicable),
c
if the registered provider is an industrial and provident society, the Financial Services Authority, and
d
if the registered provider is a registered charity, the Charity Commission.
2
The regulator shall send a copy of proposals to—
a
the registered provider and its officers,
b
such of its secured creditors as the regulator is able to locate after making reasonable enquiries, and
c
any liquidator, administrator, administrative receiver or receiver appointed in respect of the registered provider or any of its land.
3
The regulator shall also make arrangements for bringing proposals to the attention of—
a
the registered provider’s members,
b
its tenants, and
c
its unsecured creditors.
4
If each secured creditor to whom proposals were sent agrees to the proposals by notice to the regulator, the proposals have effect.
5
Proposals may be agreed with modifications if—
a
each secured creditor to whom the proposals were sent consents by notice to the regulator, and
b
the regulator consents.
6
The regulator shall send a copy of agreed proposals to—
a
the registered provider and its officers,
b
its secured creditors to whom the original proposals were sent,
c
any liquidator, administrator, administrative receiver or receiver appointed in respect of the registered provider or any of its land,
d
if the registered provider is an industrial and provident society, the Financial Services Authority, and
e
if the registered provider is a registered charity, the Charity Commission.
7
The regulator shall also make arrangements for bringing agreed proposals to the attention of—
a
the registered provider’s members,
b
its tenants, and
c
its unsecured creditors.
8
Proposals may be amended by agreement between the secured creditors to whom the original proposals were sent and the regulator; and this section and section 152 apply to an amendment as to the original proposals.