Section 153 Proposals: procedureI1

England and Wales

(1)

Before making proposals the regulator shall consult—

(a)

the registered provider,

(b)

its tenants (so far as is reasonably practicable) F1or its contract-holders (so far as is reasonably practicable),

F2(ba)

if the regulator is able to locate any secured creditors of the registered provider after making reasonable enquiries, those creditors,

(c)

if the registered provider is F3a registered society, the F4Financial Conduct Authority, and

(d)

if the registered provider is a registered charity, the Charity Commission.

F5(1A)

If no secured creditors are located for the purposes of subsection (1), the proposals made by the regulator following the consultation required by that subsection are agreed proposals for the purposes of this group of sections.

(2)

F6Where the regulator locates one or more secured creditors of the registered provider for the purposes of subsection (1), the regulator must, before making proposals, send a copy of draft proposals to—

(a)

the registered provider F7...,

F8(b)

the secured creditors located for the purposes of subsection (1), and

(c)

any liquidator, administrator, administrative receiver or receiver appointed in respect of the registered provider or any of its land.

(3)

F9If the regulator sends draft proposals under subsection (2), the regulator must also make arrangements for bringing those proposals to the attention of—

(a)

the registered provider's members,

(b)

its tenants F10or contract-holders and

(c)

its unsecured creditors.

F11(4)

If each secured creditor to whom draft proposals were required to be sent agrees to them by notice to the regulator, the draft proposals become agreed proposals for the purposes of this group of sections.

(5)

F12Draft proposals may be agreed with modifications if—

(a)

each secured creditor to whom the F13draft proposals were required to be sent consents by notice to the regulator, and

(b)

the regulator consents.

(6)

The regulator shall send a copy of agreed proposals to—

(a)

the registered provider F14...,

(b)

F15any secured creditors to whom F16draft proposals were sent,

(c)

any liquidator, administrator, administrative receiver or receiver appointed in respect of the registered provider or any of its land,

(d)

if the registered provider is a registered society, the F17Financial Conduct Authority, and

(e)

if the registered provider is a registered charity, the Charity Commission.

(7)

The regulator shall also make arrangements for bringing agreed proposals to the attention of—

(a)

the registered provider's members,

(b)

its tenants F18or contract-holders and

(c)

its unsecured creditors.

F19(8)

The regulator may make proposals amending agreed proposals; and this section and section 152 apply to such proposals.

Annotations

Textual amendments

F1: Words in s. 153(1)(b) inserted (1.12.2022) by The Renting Homes (Wales) Act 2016 (Consequential Amendments) Regulations 2022 (S.I. 2022/1166), regs. 1(1), 29(3)(a)
F2: S. 153(1)(ba) inserted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(a), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F3: Words 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)
F4: Words in s. 153(1)(c) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 8(2), (3)(b) (with Sch. 12)
F5: S. 153(1A) inserted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(b), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F6: Words in s. 153(2) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(c)(i), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F7: Words in s. 153(2)(a) omitted (1.4.2024) by virtue of Social Housing (Regulation) Act 2023 (c. 36), s. 46(3), Sch. 5 para. 13(a); S.I. 2024/437, reg. 2(z)
F8: S. 153(2)(b) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(c)(ii), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F9: Words in s. 153(3) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(d), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F10: Words in s. 153(3)(b) inserted (1.12.2022) by The Renting Homes (Wales) Act 2016 (Consequential Amendments) Regulations 2022 (S.I. 2022/1166), regs. 1(1), 29(3)(b)
F11: S. 153(4) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(e), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F12: Words in s. 153(5) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(f)(i), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F13: Words in s. 153(5)(a) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(f)(ii), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F14: Words in s. 153(6)(a) omitted (1.4.2024) by virtue of Social Housing (Regulation) Act 2023 (c. 36), s. 46(3), Sch. 5 para. 13(b); S.I. 2024/437, reg. 2(z)
F15: Word in s. 153(6)(b) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(g)(i), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F16: Word in s. 153(6)(b) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(g)(ii), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(2))
F17: Words in s. 153(6)(d) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 8(2), (3)(b) (with Sch. 12)
F18: Words in s. 153(7)(b) inserted (1.12.2022) by The Renting Homes (Wales) Act 2016 (Consequential Amendments) Regulations 2022 (S.I. 2022/1166), regs. 1(1), 29(3)(c)
F19: S. 153(8) substituted (1.4.2024) by Social Housing (Regulation) Act 2023 (c. 36), ss. 12(6)(h), 46(3); S.I. 2024/437, reg. 2(e) (with reg. 4(3))

Commencement

I1: S. 153 in force at 1.4.2010 by S.I. 2010/862, art. 2 (with Sch.)

Notes on Part 2

Modifications

C1: Pt. 2 modified (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 16 para. 69(2); S.I. 2012/628, art. 6(i) (with arts. 9 11 14 15 17)