Part 2Community interest companies
Change of status
F155Ceasing to be a community interest company and becoming a charity: decision by Regulator
(1)
The Regulator must decide whether the company is eligible to cease being a community interest company.
(2)
A company is eligible to cease being a community interest company if it has complied with sections 54 and 54C and none of the following applies—
(a)
the Regulator has under section 43 appointed an auditor to audit the company’s annual accounts and the audit has not been completed,
(b)
civil proceedings instituted by the Regulator in the name of the company under section 44 have not been determined or discontinued,
(c)
a director of the company holds office by virtue of an order under section 45,
(d)
a director of the company is suspended under section 46(3),
(e)
there is a manager in respect of the property and affairs of the company appointed under section 47,
(f)
the Official Property Holder holds property as trustee for the company,
(g)
an order under section 48(2) or (3) is in force in relation to the company,
(h)
a petition has been presented for the company to be wound up.
(3)
The Regulator must give notice of the decision to the registrar of companies (but the registrar is not required to record it).