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Article 5 Prescribed Actions—Exceptions

Original text. Later amendments are not shown.

None of the actions specified in article 4 above is prescribed for the purposes of section 141(2) of the Learning and Skills Act 2000 if the company takes it, or permits a person to take it, after the latest of the dates on which—

(a)

the company has secured all provision specified in its Business Plan and its Transition Plan, and has discharged all other obligations agreed in any such Plan; and

(b)

the company has discharged all of its indebtedness to the Secretary of State, howsoever incurred, and all other liabilities to return or repay to the Secretary of State assets attributable to funding paid to the company by the Secretary of State in pursuance of arrangements under section 2 of the Employment and Training Act 1973.