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Housing and Regeneration Act 2008

Status:

This is the original version (as it was originally enacted).

Restructuring and dissolution

160Company: arrangements and reconstructions

(1)This section applies to a non-profit registered provider which is a registered company.

(2)A voluntary arrangement under Part 1 of the Insolvency Act 1986 (c. 45) in relation to the company is effective only if the regulator has first consented.

(3)An order under section 899 of the Companies Act 2006 (c. 46) (court sanction for compromise or arrangement)—

(a)is effective only if the regulator has first consented, and

(b)does not take effect until a copy of the consent is delivered to the registrar of companies.

(4)An order under section 900 of the Companies Act 2006 (powers of court to facilitate reconstruction or amalgamation) is effective only if the regulator has first consented.

(5)The requirement in section 900(6) of the Companies Act 2006 (sending copy of order to registrar) is satisfied only if the copy is accompanied by a copy of the regulator’s consent.

161Company: conversion into industrial and provident society

(1)This section applies to a non-profit registered provider which is a registered company.

(2)The registrar of companies may register a resolution under section 53 of the Industrial and Provident Societies Act 1965 (c. 12) for converting the company into an industrial and provident society only if—

(a)the regulator has consented to the resolution, and

(b)a copy of the consent accompanies the resolution as sent to the registrar.

(3)The regulator shall register the body created by the conversion and designate it as a non-profit organisation.

(4)Pending registration the body shall be treated as if it were registered and designated as a non-profit organisation.

162Company: winding up

(1)This section applies to a non-profit registered provider which is a registered company.

(2)A special resolution for the voluntary winding-up of the company under the Insolvency Act 1986 (c. 45) is effective only if the regulator has first consented.

(3)The requirement under section 30 of the Companies Act 2006 (c. 46) (sending copy of resolution to registrar) is satisfied only if the copy is accompanied by a copy of the regulator’s consent.

163Industrial and provident society: restructuring

(1)This section applies to a non-profit registered provider which is an industrial and provident society.

(2)The Financial Services Authority may register a resolution passed by the society for the purposes of restructuring provisions listed in subsection (3) only if—

(a)the regulator has consented to the resolution, and

(b)a copy of the consent accompanies the resolution as sent to the Authority.

(3)The following provisions of the Industrial and Provident Societies Act 1965 (c. 12) are the restructuring provisions—

(a)section 50 (amalgamation of societies),

(b)section 51 (transfer of engagements between societies), and

(c)section 52 of that Act (conversion into or amalgamation with registered company).

(4)Where a resolution is registered in accordance with subsection (2), any body created or to whom engagements are transferred—

(a)must be registered by the regulator and designated as a non-profit organisation, and

(b)pending registration shall be treated as registered and designated as a non-profit organisation.

164Industrial and provident society: winding up

(1)This section applies to a non-profit registered provider which is an industrial and provident society.

(2)A resolution for the voluntary winding-up of the society under the Insolvency Act 1986 is effective only if the regulator has first consented.

(3)The requirement in section 30 of the Companies Act 2006 (c. 46) (as applied by section 55 of the Industrial and Provident Societies Act 1965 and section 84(3) of the Insolvency Act 1986) (sending copy of resolution to FSA) is satisfied only if the copy is accompanied by a copy of the regulator’s consent.

165Industrial and provident society: dissolution

(1)This section applies to a non-profit registered provider which is—

(a)an industrial and provident society, and

(b)to be dissolved by instrument of dissolution in accordance with section 58 of the Industrial and Provident Societies Act 1965.

(2)The Financial Services Authority may register the instrument under section 58(5), or cause notice of the dissolution to be advertised under section 58(6), only if—

(a)the regulator has consented to the dissolution, and

(b)a copy of the consent accompanies the instrument as sent to the Authority.

166Winding 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.

167Transfer of property

(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.

168Section 167: supplemental

(1)This section applies to property transferred to the regulator in accordance with section 167(2)(a).

(2)The regulator may dispose of the property only to a non-profit registered provider.

(3)Where the registered provider wound up or dissolved was a charity, the regulator may dispose of the property only to a registered provider—

(a)which is a charity, and

(b)whose objects the regulator thinks are similar to those of the original charity.

(4)If the property includes land subject to a mortgage or charge, the regulator may dispose of the land—

(a)subject to that mortgage or charge, or

(b)subject to a new mortgage or charge in favour of the regulator.

169Extension of sections 167 and 168

The Secretary of State may by regulations provide for sections 167 and 168 to apply in relation to a registered provider which is a charity but not a registered company—

(a)in specified circumstances, and

(b)with specified modifications.

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