SCHEDULES
SCHEDULE 2Education administration: transfer schemes
Property, rights and liabilities that may be transferred
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—
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.