- Latest available (Revised)
- Original (As enacted)
This is the original version (as it was originally enacted).
In section 33 of the Technical and Further Education Act 2017 (application of other insolvency law), after subsection (2) insert—
“(2A)Regulations under subsection (1) may in particular provide for any provision of the Insolvency Act 1986 to apply (with or without modifications) in relation to a further education body in connection with the education administration procedure created by this Chapter.
(2B)Nothing in Schedule 3 or 4 limits the provision that may be made by virtue of subsection (2A), and provision made by virtue of that subsection may amend Schedules 3 and 4.”
(1)The Technical and Further Education Act 2017 is amended as follows.
(2)In Schedule 2 (education administration: transfer schemes), after paragraph 6 insert—
“6A(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.”
(3)In Schedule 3 (conduct of education administration: statutory corporations), in paragraph 19—
(a)for “sub-paragraph (1),” substitute “sub-paragraph (1)—
(a)after “dispose” there were inserted “(whether by way of a transfer scheme under Schedule 2 to the Technical and Further Education Act 2017 or otherwise)”, and”;
(b)the text from “the words” to the end of the paragraph becomes paragraph (b).
(4)In Schedule 4 (conduct of education administration: companies), after paragraph 17 insert—
“17AParagraph 71 is to have effect as if in sub-paragraph (1), after “dispose” there were inserted “(whether by way of a transfer scheme under Schedule 2 to the Technical and Further Education Act 2017 or otherwise)”.”
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Text created by the government department responsible for the subject matter of the Act to explain what the Act sets out to achieve and to make the Act accessible to readers who are not legally qualified. Explanatory Notes were introduced in 1999 and accompany all Public Acts except Appropriation, Consolidated Fund, Finance and Consolidation Acts.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: