Payment and Settlement Systems (Finality and Netting) Act · s 11

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s 11Net sum payable on completion of action taken under default arrangements

(1)

This section applies with respect to any net sum owed by or to a defaulter on the completion of the action taken under default arrangements.

(2)

Notwithstanding section 34 or 35 of the Bankruptcy Act

(Chapter 67) and section 146 of the Insolvency Act (Chapter 247), where a court has made an order for bankruptcy or winding up of a participant or a resolution for the voluntary winding up of a participant has been passed, the net sum referred to in subsection (1) shall be —

(a)

provable in the bankruptcy or winding up or, as the case may be, payable to the relevant office holder; and

(b)

taken into account, where appropriate, under section 35 of the

Bankruptcy Act (Chapter 67) or section 146 of the Insolvency Act

(Chapter 247).