Commentary

123 Voluntary winding up: general

COMMONHOLD vol 8(1)
| Commentary

123 Voluntary winding up: general

| Commentary

2: WINDING UP

123 Voluntary winding up: general

Before a ‘resolution for voluntary winding up’1 is passed by a commonhold association, there must first be:

  1. 123.1

        a declaration of solvency2; and

  2. 123.2

        a resolution of the commonhold association approving a ‘termination statement’3.

The winding-up resolution will otherwise be of no effect4.

Both the winding-up resolution and the resolution approving the termination statement must be approved by at least 80% of the members of the association5. The termination statement must specify the proposals of the commonhold association for the transfer of the commonhold land once the commonhold association has acquired the freehold and specify

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