§ Mr. Paice
The Department is not a preferential creditor with regard to South Thames training and enterprise council. The Department is a secured creditor as a result of the debenture with the TEC. Where, as in the case of South Thames TEC, public money is at risk, the Department has a duty to protect it. Were secured creditor status to be waived, this would not be possible. The debenture provides for a relationship between the Department and the administrative receiver which enables it, consistent with the receiver's legal responsibilities, to influence the management of the contract with the Department so as to minimise the disruption caused by the receivership to individuals on Government programmes within the South Thames TEC area.