PART 4

Social housing in England
CHAPTER 5

Insolvency of registered providers of social housing

Financial support for registered providers in housing administration

Guarantees: repayment by registered provider etc
113
1
This section applies where a sum is paid out by the Secretary of State under a guarantee given by the Secretary of State under section 112 in relation to a registered provider.
2
The registered provider must pay the Secretary of State—
a
such amounts in or towards the repayment to the Secretary of State of that sum as the Secretary of State may direct, and
b
interest on amounts outstanding under this subsection at such rates as the Secretary of State may direct.
3
The payments must be made by the registered provider at such times, and in such manner, as the Secretary of State may from time to time direct.
4
The Secretary of State must lay before Parliament a statement, relating to the sum paid out under the guarantee—
a
as soon as practicable after the end of the financial year in which the sum is paid out, and
b
as soon as practicable 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 Secretary of State before the beginning of the year, and
b
the registered provider was not at any time during the year liable to pay interest on amounts that became due in respect of the sum.
S. 113 in force at 5.7.2018 by S.I. 2018/805, reg. 3(a)