Part 2: Further Education Bodies: Insolvency etc. Chapter 4: Further Education Bodies: Special Administration Section 31: Guarantees: repayment by further education body etc.
Section 31 allows that if sums are paid out by the Secretary of State under a guarantee this section requires that the further education body must pay the Secretary of State: a) such amounts in or towards the repayment to the Secretary of State of those sums as the Secretary of State may direct; and b) interest on amounts outstanding at such rates as the Secretary of State may direct.
	The Secretary of State must lay a statement relating to that sum before Parliament as soon as possible after the end of the financial year in which the sum is paid out; and after the end of each subsequent financial year until the education body has discharged the liability (including interest). Similar provisions are made by this section for Welsh Ministers.