Part 2Further education bodies: insolvency etc
CHAPTER 4Further education bodies: special administration
Financial support for bodies in education administration
31Guarantees: repayment by further education body etc
1
This section applies where a sum is paid out by the appropriate national authority under a guarantee given by the appropriate national authority under section 30 in relation to a further education body.
2
The further education body must pay the appropriate national authority—
a
any amounts in or towards the repayment of that sum that the appropriate national authority directs, and
b
interest on amounts outstanding under this subsection at whatever rates the appropriate national authority directs.
3
The payments must be made by the further education body at times, and in a manner, determined by the appropriate national authority.
4
The appropriate national authority must lay before Parliament or the National Assembly for Wales (as appropriate) a statement relating to the sum paid out under the guarantee—
a
as soon as possible after the end of the financial year in which the sum is paid out, and
b
as soon as possible after the end of each subsequent financial year in relation to which the repayment condition has not been met.
5
The repayment condition is met in relation to a financial year if—
a
the whole of the sum has been repaid to the appropriate national authority before the beginning of the year, and
b
the further education body was not at any time during the year liable to pay interest on amounts that became due in respect of the sum.