When a termination order relating to a freehold strata scheme takes effect:
(a) the owners corporation is dissolved and the strata scheme is terminated, and
(b) the land in the former parcel immediately before the scheme was terminated and the assets of the former owners corporation vest in the former owners as tenants in common in shares proportional to the unit entitlements of their former lots (or in the former owners or in the other proportions set out in the application), and
(c) the estate or interest of the former owners in land vested by this section is subject to any estate or interest registered or recorded, immediately before termination of the scheme, in the folios for the lots and the common property in the former parcel, and
(d) the former owners of lots are liable for the liabilities of the owners corporation in shares proportional to the unit entitlements of their former lots, and
(e) any legal proceedings begun by or against the owners corporation may be completed by or against the former owners.