Technical and Further Education Act 2017

Specific modifications to Schedule B1 to the Insolvency Act 1986

35 Paragraph 111 (interpretation) is to have effect as if the following were substituted for it—

“111 (1) In this Schedule—

• “administrative receiver” has the meaning given by section 251,

• ““appropriate national authority”—

  (a)

  in relation to a company conducting a designated further education institution in England, means the Secretary of State;

  (b)

  in relation to a company conducting a designated further education institution in Wales, means the Welsh Ministers;

• “designated further education institution” has the meaning given by section 5;

• “education administrator” includes a reference to a former education administrator, where the context requires;

• “enters education administration” has the meaning given by paragraph 1;

• “floating charge” means a charge which is a floating charge on its creation;

• “governing body”, in relation to a designated further education institution, means any board of governors of the institution or any persons responsible for the management of the institution, whether or not formally constituted as a governing body or board of governors;

• “hire-purchase agreement” includes a conditional sale agreement, a chattel leasing agreement and a retention of title agreement;

• “in education administration” has the meaning given by paragraph 1;

• “market value” means the amount which would be realised on a sale of property in the open market by a willing vendor;

• “the relevant institution” in relation to company, means the institution which the company is established to conduct;

• “senior post holder”, in relation to a relevant institution, means a person appointed as a senior post holder at the institution.

(2) For the purposes of this Schedule a reference to an education administration order includes a reference to an appointment under paragraph 91 or 103.

(3) In this Schedule a reference to action includes a reference to inaction.”