# The Education Administration Rules 2018, Article 5.17: Secured creditor: redemption by education administrator


(1) The education administrator may at any time deliver a notice to a creditor whose debt is secured that the education administrator proposes, at the expiration of 28 days from the date of the notice, to redeem the security at the value put upon it in the creditor’s proof.
(2) The creditor then has 21 days (or such longer period as the education administrator may allow) in which to alter the value of the security in accordance with rule 5.15.
(3) If the creditor alters the value of the security with the agreement of the education administrator or the court then the education administrator may only redeem at the new value.
(4) If the education administrator redeems the security the cost of transferring it is payable as an expense out of the estate.
(5) A creditor whose debt is secured may at any time deliver a notice to the education administrator requiring the education administrator to elect whether or not to redeem the security at the value then placed on it.
(6) The education administrator then has three months in which to redeem the security or elect not to redeem the security.

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Source: https://www.legislation.gov.uk/uksi/2018/1135/article/5.17 (the official version)
Page: https://openlegislation.uk/education-administration-rules-2018/article-5.17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.