485.This section broadly replicates the effect of paragraph 14 of Schedule 1 to the 1996 Act.
486.Subsection (1) specifies that the effect of this section is restricted to non-profit registered providers that are either registered companies, or industrial and provident societies.
487.Subsection (2) provides that the regulator may present a petition for the registered provider to be wound up under the Insolvency Act 1986 on one of the grounds specified in subsections (3) to (5) which are that:
the registered provider is not carrying out the objects specified in its constitution, or
the registered provider is unable to pay its debts as that inability is defined in section 123 of the Insolvency Act 1986, or
the regulator has directed the registered provider to transfer its land to another person under the power conferred on it by section 253.