The UK Housing and Planning Act 2016 (the “Act”) introduces special administration procedures for social housing associations which aim to protect the level of social housing in the UK. The new housing administration orders (“HAOs”) create an additional objective for insolvency practitioners to try to keep social housing in the regulated housing sector to maintain levels of social housing.However, it remains to be seen whether the Act gives the Homes and Communities Agency (“HCA”) sufficient teeth to maintain social housing numbers without discouraging lenders from providing funding to social housing associations – and whether this objective will conflict with the overriding objective to obtain the best outcome for creditors. What is an HAO?The Act will prohibit (1) the making of winding-up orders, (2) the granting of permission for voluntary winding up, (3) in court and out of court administrator appointments and (4) enforcement of security over a property of any registered provider of social housing, without first giving the HCA 28 days’ notice.During these 28 days the Secretary of State or the HCA (with the Secretary of State’s consent) can apply to the court for an HAO. The HAO will appoint a housing administrator who must be a qualified insolvency practitioner.The housing administrator has two objectives.The first objective,… Read full this story
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