SCHEDULES
SCHEDULE 1 Registered social landlords: regulation
Part II Constitution, change of rules, amalgamation and dissolution
Transfer of net assets on dissolution or winding up
15
1
This paragraph applies—
a
where a registered social landlord which is an industrial and provident society is dissolved as mentioned in F2section 55(1)(a) or (b) of the Industrial and Provident Societies Act 1965 (winding-up under the Insolvency Act 1986 or by instrument of dissolution), and
b
where a registered social landlord which is F3a company (including a company that is a registered charity) is wound up under the Insolvency Act 1986.
2
On such a dissolution or winding-up, so much of the property of the society or company as remains after meeting the claims of its creditors and any other liabilities arising on or before the dissolution or winding-up shall be transferred to the F1Relevant Authority or, if the F1Relevant Authority so directs, to a specified registered social landlord.
The above provision has effect notwithstanding anything in the Industrial and Provident Societies Act 1965, F4the Companies Act 2006 or the Insolvency Act 1986, or in the rules of the society or, as the case may be, in the F4articles of the company.
3
In order to avoid the necessity for the sale of land belonging to the registered social landlord and thereby secure the transfer of the land under this paragraph, the F1Relevant Authority may, if it appears to it appropriate to do so, make payments to discharge such claims or liabilities as are referred to in sub-paragraph (2).
4
Where the registered social landlord which is dissolved or wound up is a charity, the F1Relevant Authority may dispose of property transferred to it by virtue of this paragraph only to another registered social landlord—
a
which is also a charity, and
b
the objects of which appear to the F1Relevant Authority to be, as nearly as practicable, akin to those of the body which is dissolved or wound up.
F55
In any other case the Welsh Ministers may dispose of property transferred to them by virtue of this paragraph to a registered social landlord.
6
Where property transferred to the F1Relevant Authority by virtue of this paragraph includes land subject to an existing mortgage or charge (whether in favour of the F1Relevant Authority or not), the F1Relevant Authority may, in exercise of its powers under Part III of the M1Housing Associations Act 1985, dispose of the land either—
a
subject to that mortgage or charge, or