Payment and Settlement Systems (Finality and Netting) Act · s 6

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s 6Modifications of law of insolvency

(1)

Subject to the provisions of this Part, the general law of insolvency shall have effect in relation to —

(a)

transfer orders effected through a designated system; and

(b)

action taken under the rules of a designated system with respect to such orders.

(2)

This Part applies, in relation to bankruptcy, judicial management and winding up proceedings, only in respect of a participant.

(3)

Notwithstanding that rights or liabilities arising from transfer orders are or may be dealt with in bankruptcy, judicial management or winding up proceedings, this Part does not apply to such proceedings if they are in respect of any person who is not a participant.