At the hearing of the winding-up petition an application may be made to the court for an order under this section (a "succession order") in relation to the insolvent commonhold association.
An application under subsection (1) may be made only by—
the insolvent commonhold association,
one or more members of the insolvent commonhold association, or
a provisional liquidator for the insolvent commonhold association appointed under section 135 of the Insolvency Act 1986.
An application under subsection (1) must be accompanied by—
prescribed evidence of the formation of a successor commonhold association, and
a certificate given by the directors of the successor commonhold association that its articles of association comply with regulations under paragraph 2(1) of Schedule 3.
The court shall grant an application under subsection (1) unless it thinks that the circumstances of the insolvent commonhold association make a succession order inappropriate.