1

In England and Wales—

a

there shall not be treated as part of a bankrupt’s estate or claimed for his estate under section 307 or 310 of the Insolvency Act 19864 any sum payable to an eligible student by way of a loan and which he receives or is entitled to receive after the commencement of the bankruptcy, whether his entitlement arises before or after the commencement of his bankruptcy; and

b

there shall not be included in a person’s bankruptcy debts any debt or liability to which he is or may become subject in respect of any sum payable to an eligible student by way of a loan and which he receives or is entitled to receive—

i

in the case of a bankruptcy commencing before 1st September 2004, after the commencement of the bankruptcy; or

ii

in the case of a bankruptcy commencing on or after 1st September 2004, before or after the commencement of the bankruptcy.