{
  "url": "https://openlegislation.uk/education-administration-rules-2018/article-5.18",
  "json_url": "https://openlegislation.uk/education-administration-rules-2018/article-5.18.json",
  "legislation": "uksi/2018/1135",
  "legislation_title": "The Education Administration Rules 2018",
  "legislation_url": "https://openlegislation.uk/education-administration-rules-2018",
  "path": "article/5.18",
  "kind": "article",
  "number": "5.18",
  "heading": "Secured creditor: test of security’s value",
  "text": "(1) If the education administrator is dissatisfied with the value which a secured creditor puts on a security in the creditor’s proof, the education administrator may require any property comprised in the security to be offered for sale.\n(2) The terms of sale is to be as agreed between the education administrator and the secured creditor, or as the court may direct.\n(3) If the sale is by auction, the education administrator, on behalf of the further education body or the estate, and the creditor may bid.\n(4) This rule does not apply if the value of the security has been altered with the court’s permission.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2018/1135/article/5.18",
    "retrieved_at": "2026-10-28T22:52:44.908739+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}