Part 2Regulation of Social Housing
Chapter 4Registered providers
Restructuring and dissolution
I1166Winding up petition by regulator
1
This section applies to a non-profit registered provider which is—
a
a registered company, or
b
an industrial and provident society.
2
The regulator may present a petition for the registered provider to be wound up under the Insolvency Act 1986 (c. 45) on any of the following grounds.
3
Ground 1 is that the registered provider is failing properly to carry out its objects.
4
Ground 2 is that the registered provider is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986.
5
Ground 3 is that the regulator has directed the registered provider under section 253 to transfer all its land to another person.