Part 2

Further education bodies: insolvency etc
CHAPTER 4

Further education bodies: special administration

Financial support for bodies in education administration

Indemnities: repayment by further education bodies etc
29
1
This section applies where a sum is paid out by the appropriate national authority in consequence of an indemnity agreed to under section 28 in relation to the education administration of a further education body.
2
The further education body must pay the appropriate national authority—
a
any amounts in or towards the repayment of that sum that the appropriate national authority directs, and
b
interest on amounts outstanding under this subsection at whatever rates the appropriate national authority directs.
3
The payments must be made by the further education body at times, and in a manner, determined by the appropriate national authority
4
Subsection (2) does not apply in the case of a sum paid by the appropriate national authority for indemnifying a person in respect of a liability to the further education body.
5
The appropriate national authority must lay before Parliament or the National Assembly for Wales (as appropriate) a statement relating to the sum paid out in consequence of the indemnity—
a
as soon as possible after the end of the financial year in which the sum is paid out, and
b
if subsection (2) applies to the sum, as soon as possible after the end of each subsequent financial year in relation to which the repayment condition has not been met.
6
The repayment condition is met in relation to a financial year if—
a
the whole of the sum has been repaid to the appropriate national authority before the beginning of the year, and
b
the further education body was not at any time during the year liable to pay interest on amounts that became due in respect of the sum.
S. 29 in force at 31.1.2019 by S.I. 2018/1161, reg. 3(a)