Amendment of the 2002 Regulations5.
In regulation 39 of the 2002 Regulations, there shall be substituted for paragraph (1) the following–
“(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.”.