This section applies where a commonhold association—
has passed a winding-up resolution and a termination-statement resolution with at least 80 per cent. of the members of the association voting in favour, and
has appointed a liquidator under section 91 of the Insolvency Act 1986.
The liquidator shall within the prescribed period apply to the court for an order determining—
the terms and conditions on which a termination application may be made, and
the terms of the termination statement to accompany a termination application.
The liquidator shall make a termination application within the period of three months starting with the date on which an order under subsection (2) is made.
If the liquidator fails to make an application under subsection (2) or (3) within the period specified in that subsection an application of the same kind may be made by—
a unit-holder, or
a person falling within a class prescribed for the purposes of this subsection.