# The Education Administration Rules 2018, 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.

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Source: https://www.legislation.gov.uk/uksi/2018/1135/article/7.49 (the official version)
Page: https://openlegislation.uk/education-administration-rules-2018/article-7.49
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.