When a termination order relating to a leasehold strata scheme takes effect:
(a) the owners corporation is dissolved and the strata scheme is terminated, and
(b) the former leases of each former lot and the former lease of the common property are determined, and
(c) the persons who, immediately before the order took effect, were owners or lessees of the lots in the scheme cease to be owners or lessees of the lots, and
(d) the former owners of the 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, and
(f) the assets of the former owners corporation immediately before the order took effect vest in the former lessor of the scheme or, if the application so provides, 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
(g) the land that comprises the former parcel is vested in the former lessor of the scheme freed and discharged from any mortgage or charge registered, immediately before termination of the scheme, in the folio for a lease of a lot or the common property in the former scheme.