Source: http://www.legislation.gov.uk/ukpga/2002/15/part/1/crossheading/termination-voluntary-windingup
Timestamp: 2013-05-24 15:20:36
Document Index: 799244616

Matched Legal Cases: ['art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 1', 'art. 3']

Termination: voluntary winding-upTable of ContentsContentExplanatory NotesMore ResourcesPrevious: CrossheadingNext: CrossheadingPlain ViewPrint Options
Status:This version of this cross heading contains provisions that are prospective.StatusThe term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:where the provision (Part, Chapter or section) has never come into force or;where the text of the provision is subject to change, but no date has yet been appointed by the appropriate person or body for those changes to come into force.Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.Changes to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Commonhold and Leasehold Reform Act 2002. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Whole provisions yet to be inserted into this Act (including any effects on those provisions):s. 1-21(3) Coming into force by S.I. 2004/1832 art. 2 (commencement order for 2002 c. 15)s. 21(6)-70 Coming into force by S.I. 2004/1832 art. 2 (commencement order for 2002 c. 15)Commencement Orders yet to be applied to the Commonhold and Leasehold Reform Act 2002:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing provisions within this Act into force:S.I. 2003/1986 art. 2 3 commences (2002 c. 15)S.I. 2003/2377 art. 2 commences (2002 c. 15)S.I. 2004/669 art. 2 commences (2002 c. 15)S.I. 2004/1832 art. 2 commences (2002 c. 15)S.I. 2004/3056 art. 2 3 commences (2002 c. 15)S.I. 2005/1353 art. 2 commences (2002 c. 15)S.I. 2007/1256 art. 2 commences (2002 c. 15)S.I. 2007/3161 art. 2 commences (2002 c. 15)Commencement Orders bringing legislation that affects this Act into force:S.I. 2005/3175 art. 2(1) Sch. 1 commences (2004 c. 33)S.I. 2008/2860 art. 3 4 Sch. 1 commences (2006 c. 46)S.I. 2009/803 art. 1(2) 10 commences (2008 c. 17)S.I. 2010/862 art. 3 commences (2008 c. 17)ProspectiveTermination: voluntary winding-upE+W43 Winding-up resolutionE+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.
“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.
44 100 per cent. agreementE+W(1)This section applies where a commonhold association—
(a)has passed a winding-up resolution and a termination-statement resolution with 100 per cent. of the members of the association voting in favour, and
(b)has appointed a liquidator under section 91 of the Insolvency Act 1986 (c. 45).
(2)The liquidator shall make a termination application within the period of six months beginning with the day on which the winding-up resolution is passed.
(3)If the liquidator fails to make a termination application within the period specified in subsection (2) a termination application may be made by—
(a)a unit-holder, or
(b)a person falling within a class prescribed for the purposes of this subsection.
45 80 per cent. agreementE+W(1)This section applies where a commonhold association—
(a)has passed a winding-up resolution and a termination-statement resolution with at least 80 per cent. of the members of the association voting in favour, and
(b)has appointed a liquidator under section 91 of the Insolvency Act 1986.
(2)The liquidator shall within the prescribed period apply to the court for an order determining—
(a)the terms and conditions on which a termination application may be made, and
(b)the terms of the termination statement to accompany a termination application.
(3)The liquidator shall make a termination application within the period of three months starting with the date on which an order under subsection (2) is made.
(4)If the liquidator fails to make an application under subsection (2) or (3) within the period specified in that subsection an application of the same kind may be made by—
46 Termination applicationE+W(1)A “termination application” is an application to the Registrar that all the land in relation to which a particular commonhold association exercises functions should cease to be commonhold land.
(2)A termination application must be accompanied by a termination statement.
(3)On receipt of a termination application the Registrar shall note it in the register.
47 Termination statementE+W(1)A termination statement must specify—
(a)the commonhold association’s proposals for the transfer of the commonhold land following acquisition of the freehold estate in accordance with section 49(3), and
(b)how the assets of the commonhold association will be distributed.
(2)A commonhold community statement may make provision requiring any termination statement to make arrangements—
(b)determined in a specified manner,
about the rights of unit-holders in the event of all the land to which the statement relates ceasing to be commonhold land.
(3)A termination statement must comply with a provision made by the commonhold community statement in reliance on subsection (2).
(4)Subsection (3) may be disapplied by an order of the court—
(b)in respect of specified matters, or
(c)for a specified purpose.
(5)An application for an order under subsection (4) may be made by any member of the commonhold association.
48 The liquidatorE+W(1)This section applies where a termination application has been made in respect of particular commonhold land.
(2)The liquidator shall notify the Registrar of his appointment.
(3)In the case of a termination application made under section 44 the liquidator shall either—
(a)notify the Registrar that the liquidator is content with the termination statement submitted with the termination application, or
(b)apply to the court under section 112 of the Insolvency Act 1986 (c. 45) to determine the terms of the termination statement.
(4)The liquidator shall send to the Registrar a copy of a determination made by virtue of subsection (3)(b).
(5)Subsection (4) is in addition to any requirement under section 112(3) of the Insolvency Act 1986.
(6)A duty imposed on the liquidator by this section is to be performed as soon as possible.
(7)In this section a reference to the liquidator is a reference—
(a)to the person who is appointed as liquidator under section 91 of the Insolvency Act 1986, or
(b)in the case of a members’ voluntary winding up which becomes a creditors’ voluntary winding up by virtue of sections 95 and 96 of that Act, to the person acting as liquidator in accordance with section 100 of that Act.
49 TerminationE+W(1)This section applies where a termination application is made under section 44 and—
(a)a liquidator notifies the Registrar under section 48(3)(a) that he is content with a termination statement, or
(b)a determination is made under section 112 of the Insolvency Act 1986 (c. 45) by virtue of section 48(3)(b).
(2)This section also applies where a termination application is made under section 45.
(3)The commonhold association shall by virtue of this subsection be entitled to be registered as the proprietor of the freehold estate in each commonhold unit.
(4)The Registrar shall take such action as appears to him to be appropriate for the purpose of giving effect to the termination statement.