167Transfer of propertyE+W
(1)This section applies—
(a)where a non-profit registered provider which is an industrial and provident society is dissolved in accordance with section 55(a) or (b) of the Industrial and Provident Societies Act 1965 (c. 12), and
(b)where a non-profit registered provider which is a registered company is wound up under the Insolvency Act 1986.
(2)Any surplus property that is available after satisfying the registered provider's liabilities shall be transferred—
(a)to the regulator, or
(b)if the regulator directs, to a specified non-profit registered provider.
(3)If land belonging to the registered provider needs to be sold to satisfy its liabilities, the regulator may discharge those liabilities so as to ensure that the land is instead transferred in accordance with subsection (2).
(4)Where the registered provider dissolved or wound up is a charity, a registered provider may be specified under subsection (2)(b) only if it is a charity whose objects the regulator thinks are similar to those of the original charity.
(5)This section has effect despite anything in—
(a)the Industrial and Provident Societies Act 1965,
(b)the Insolvency Act 1986,
(c)the Companies Act 2006 (c. 46), or
(d)the constitution of a registered provider.
Commencement Information
I1S. 167 in force at 1.4.2010 by S.I. 2010/862, art. 2 (with Sch.)