UK Parliament / Open data

Technical and Further Education Bill

I support what I think the amendment is about. There is a worrying set of complications, in my mind. Someone has provided the

money to keep the FE college going while the special administrator decides that actually it cannot be kept going. Where does the person who provided the money rank among the creditors? We are talking about selling assets at the end of this. For a start, the bank might have a charge on those assets, in which case I guess that is the answer, but somebody has put money in to keep the business going. I have done this on behalf of the Department of Industry—we took back the money that we had put in to keep it going. What is the order of batting in relation to the local authority, or whoever it is, who put the money in to keep the institution going, and the rest of the creditors?

Type
Proceeding contribution
Reference
779 c228GC 
Session
2016-17
Chamber / Committee
House of Lords Grand Committee
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