Wind-Up Unwound: For the First Time, the BC Supreme Court Rejects an Application to Wind-Up a Strata Corporation under Bill 40

The Owners, Strata Plan VR 1966[1] marks the first time the BC Supreme Court has rejected an application to wind-up a strata corporation pursuant to Bill 40 under the Strata Property Act[2] (the “Act”).  Prior to Bill 40, a winding-up resolution could only be passed by a unanimous vote. However, pursuant to Bill 40, a strata corporation of 5 units or more may now wind itself up voluntarily using a liquidator, by: 1) passing a winding-up resolution by a vote of 80% or higher,[3] and 2) obtaining a court order approving the resolution.[4]    Read the article……………


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