Motor Car Traders Act 1986

There shall be kept in the Trust Fund under the Financial Management Act 1994, a trust account to be called the "Motor Car Traders' Guarantee Fund.

There shall be paid into the Fund—

all money standing to the credit of the Motor Car Traders' Guarantee Fund established under the Motor Car Traders Act 1973 immediately before the commencement of this section; and

all money received by way of fees or penalties under this Act; and

any money recovered by the Secretary to the Committee in the exercise of any rights, or the pursuit of remedies, to which the Secretary is subrogated by virtue of this Act.

There shall be paid out of the Fund—

an amount in respect of any loss described in section 76 which is admitted by the Committee to have been incurred by any claimant by reason of any failure referred to in that section of a motor car trader who, at the relevant time, was (or who the claimant reasonably believed was) a licensed motor car trader under this Act or the Motor Car Traders Act 1973; and

any refund of fees paid under this Act.

There shall be paid out of the Fund the costs of administration of this Act.