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Housing and Regeneration Act 2008

Section 167 - Transfer of property

488.Subsection (1) specifies that the provisions of this section apply where a non-profit registered provider-

  • which is an industrial and provident society is dissolved in accordance with sections 55(a) or 55(b) of the Industrial and Provident Societies Act 1965, or

  • which is a registered company is wound up under the Insolvency Act 1986.

489.Subsection (2) provides that in either of the two cases in subsection (1), any surplus property remaining after the registered provider’s liabilities have been satisfied will either be transferred to the regulator, or, if the regulator directs, to another registered provider that it specifies.

490.Subsection (3) provides that that if the registered provider that has been dissolved or wound up under subsection (1) must sell any of its lands in order to satisfy its liabilities, the regulator may discharge those liabilities instead so as to ensure that the land that would otherwise have to be sold is instead transferred as provided for in subsection (2).

491.Subsection (4) provides that if the registered provider dissolved or wound up under subsection (1) is a charity, the registered provider that the regulator may specify as the recipient of surplus assets after its liabilities have been satisfied must also be a charity whose objects the regulator is satisfied are similar to those of the charity being dissolved or wound up.

492.Subsection (5) specifies that the provisions of this section override any provisions in the following legislation:

  • Industrial and Provident Societies Act 1965,

  • Insolvency Act 1986,

  • Companies Act 2006.

493.It also specifies that the section overrides any provisions in the constitution of the registered provider that is being dissolved or wound up.

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