| Commentary

12.10 Termination

| Commentary

12.10 Termination

A commonhold may be terminated by the unit-holders. The surplus assets of the commonhold (including the individual units) are then distributed amongst the unit-holders in the proportions agreed by them or approved by the court. The value of the commonhold as a whole may thus be exploited for the benefit of the unit-holders1.

A commonhold may also end in the event of the insolvency of the commonhold association, though it is expected that usually a successor association will be formed to take over the running of the commonhold2.

There are a number of issues in the context of the termination

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial