Community Title Act 2001

On termination of the scheme, the body corporate is dissolved.

On dissolution of the body corporate—

the owners of the lots immediately before the scheme was terminated (the former owners) become entitled to the body corporate assets in shares proportionate to the respective schedule lot entitlements of their lots immediately before the termination; and

the liabilities of the body corporate vest collectively and separately in the former owners, but they are entitled to contribution against each other in proportion to their respective schedule lot entitlements immediately before the termination.

Body corporate assets (including land and other body corporate assets registered or otherwise held in the name of the dissolved body corporate) may be dealt with by the former owners as if the assets were registered or otherwise held in the names of the former owners.

Subsections (2) and (3) are subject to—

if the scheme is terminated under a resolution of the body corporate—the resolution to terminate the scheme, and any agreement made about termination issues; or

if the scheme is terminated under an order of the Supreme Court—the order to terminate the scheme.

On the application of an interested person, the Supreme Court may make orders for the custody, management and distribution of body corporate assets.

Part 13 Miscellaneous

Division 13.1 Notification and review of decisions