# The Education (Foundation Body) (Wales) Regulations 2001, Paragraph 2: Bankruptcy


A person shall be disqualified for holding, or continuing to hold, office as a member of a foundation body if—
(a) he or she has been adjudged bankrupt or sequestration of his or her estate has been awarded and (in either case) he or she has not been discharged and the bankruptcy order has not been annulled or rescinded;
(b) he or she has made a composition or arrangement with, or granted a trust deed for, his or her creditors and has not been discharged in respect of it.

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Source: https://www.legislation.gov.uk/wsi/2001/2709/schedule/2/paragraph/2 (the official version)
Page: https://openlegislation.uk/education-foundation-body-wales-regulations-2001/schedule-2/paragraph-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.