New series examines the impact of Bill 40 on terminating a strata
March 21, 2017
BY Kevin Zakreski
In July 2016, Bill 40 came into force, amending part 16 of the Strata Property Act. The bill’s major changes involved lowering the voting threshold required to authorize termination (from unanimity to 80 percent of eligible voters) and requiring a strata corporation that obtains authorization at this new, lower level to apply to BC Supreme Court for an order confirming the decision to terminate.
Part 1 of the Business in Vancouver series examined “why the B.C. government changed the law to make it easier to wind up strata corporations and what the result has been.” It featured interviews with owners who went through the termination process under the old rules and the new rules and with lawyers and real-estate agents who have worked on strata terminations. It also contained a close look at two early cases making their way through the process under Bill 40.
Part 2 described the process envisioned under Bill 40 in detail. It also contained a discussion of the application of tactics that had been developed for land assembly to a strata that is considering termination.
BCLI’s work on terminating a strata is available on the Strata Property Law (Phase Two) Project webpage.