Section 167 Transfer of propertyI1

England and Wales

(1)

This section applies—

(a)

where a non-profit registered provider which is F1a registered society is dissolved in accordance with F2section 119 or 123 of the Co-operative and Community Benefit Societies Act 2014, and

(b)

where a non-profit registered provider which is a registered company is wound up under the Insolvency Act 1986.

(2)

Any surplus property that is available after satisfying the registered provider's liabilities shall be transferred—

(a)

to the regulator, or

(b)

if the regulator directs, to a specified non-profit registered provider.

(3)

If land belonging to the registered provider needs to be sold to satisfy its liabilities, the regulator may discharge those liabilities so as to ensure that the land is instead transferred in accordance with subsection (2).

(4)

Where the registered provider dissolved or wound up is a charity, a registered provider may be specified under subsection (2)(b) only if it is a charity whose objects the regulator thinks are similar to those of the original charity.

(5)

This section has effect despite anything in—

F3(a)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)

the Insolvency Act 1986,

(c)

the Companies Act 2006 (c. 46),

F4(ca)

the Co-operative and Community Benefit Societies Act 2014, or

(d)

the constitution of a registered provider.

Annotations

Textual amendments

F1: 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)
F2: Words in s. 167(1)(a) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 131(2) (with Sch. 5)
F3: S. 167(5)(a) omitted (1.8.2014) by virtue of Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 131(3)(a) (with Sch. 5)
F4: S. 167(5)(ca) inserted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 131(3)(b) (with Sch. 5)

Commencement

I1: S. 167 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)