Overview Of Part 16

This Part deals with the procedure for cancelling the strata plan and winding up the strata corporation. A strata corporation may be wound up in three ways: a voluntary winding up without a liquidator; a voluntary winding up with a liquidator; and a court ordered winding up.

Once a strata plan has been cancelled, the owners’ interests under the previous strata plan are converted into interests as tenants in common of (1) the land shown on the strata plan prior to cancellation; (2) the land held in the name of or on behalf of the strata corporation, but not shown on the strata plan; and (3) the personal property held by or on behalf of the strata corporation. These interests are expressed as shares calculated according to formulas set out in either a conversion or an interest schedule.

REGULATIONS AND FORMS

The Strata Property Regulation, B.C. Reg. 43/2000, is included at chapter 59 (Strata Property Regulations).

Cancellation of Schedule of Interest on Destruction under the Condominium Act

See s. 17.22(1) to (3) of the Strata Property Regulation regarding the procedure for a strata corporation to cancel a schedule of interest on destruction to which it is subject under s. 4(g) of the Condominium Act.