Technical and Further Education Act 2017

This adran has no associated Nodiadau Esboniadol

[F16A(1)A transfer scheme may not transfer property which is subject to a security (other than a floating charge) free of that security except—E+W

(a)in accordance with an order of the court under paragraph 71 of Schedule B1 to the Insolvency Act 1986 as applied by Schedule 3 or 4, or

(b)where—

(i)an amount is attributed to the transfer of the property in the transfer scheme,

(ii)the secured creditor agrees with that amount, and

(iii)the secured creditor is paid that amount.

(2)In sub-paragraph (1), “floating charge” means a charge which is a floating charge on its creation.]