Commonhold and Leasehold Reform Act 2002

43 Winding-up resolutionE+W

This section has no associated Explanatory Notes

(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.

(2)In this Part—

  • “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.