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.