166Winding up petition by regulatorE+W
(1)This section applies to a non-profit registered provider which is—
(a)a registered company, or
(b)[F1a registered 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.
Textual Amendments
F1Words in Act substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 122 (with Sch. 5)
Commencement Information
I1S. 166 in force at 1.4.2010 by S.I. 2010/862, art. 2 (with Sch.)