Part 1Commonhold
Termination: voluntary winding-up
44 100 per cent. agreement
(1)
This section applies where a commonhold association—
(a)
has passed a winding-up resolution and a termination-statement resolution with 100 per cent. of the members of the association voting in favour, and
(b)
has appointed a liquidator under section 91 of the Insolvency Act 1986 (c. 45).
(2)
The liquidator shall make a termination application within the period of six months beginning with the day on which the winding-up resolution is passed.
(3)
If the liquidator fails to make a termination application within the period specified in subsection (2) a termination application may be made by—
(a)
a unit-holder, or
(b)
a person falling within a class prescribed for the purposes of this subsection.