Article 7.49 Creditor’s election to opt out

(1)

A creditor may at any time elect to be an opted-out creditor.

(2)

The creditor’s election to opt out must be by a notice in writing authenticated and dated by the creditor.

(3)

The creditor must deliver the notice to the education administrator.

(4)

A creditor becomes an opted-out creditor when the notice is delivered to the education administrator.

(5)

An opted-out creditor—

(a)

will remain an opted-out creditor for the duration of the proceedings unless the opt out is revoked; and

(b)

is deemed to be an opted-out creditor in respect of any subsequent insolvency proceedings of a different kind relating to that further education body.

(6)

The creditor may at any time revoke the election to opt out by a further notice in writing, authenticated and dated by the creditor and delivered to the education administrator.

(7)

The creditor ceases to be an opted-out creditor from the date the notice is received by the education administrator.