Payment and Settlement Systems (Finality and Netting) Act · 2022 Revised Edition · Part · General
14. Law of insolvency in other jurisdictions
Official textFrom Attorney General's Chambers, unchanged
Notwithstanding any written law or rule of law, a court shall not recognise or give effect to —
Payment and Settlement Systems
(Finality and Netting)
netting
“netting” means the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant either issues to, or receives from, one or more other participants with the result that only a net claim can be demanded or a net obligation be owed;
an order of a court exercising jurisdiction under the law of insolvency in a place outside Brunei Darussalam; or
an act of a person appointed in a place outside Brunei
Darussalam to perform a function under the law of insolvency there, in so far as the making of the order or doing of the act would be prohibited under this Act for a court in Brunei Darussalam or a relevant office holder.
relevant office holder
“relevant office holder” means — (a) the Official Receiver exercising his powers under the Bankruptcy Act; (b) a person acting in relation to a company as its liquidator, receiver, receiver and manager, judicial manager or an equivalent officer; or (c) a person acting in relation to an individual as his trustee in bankruptcy or interim receiver of his property or an equivalent officer;
Terms defined in s 2
netting
Defined · s 2“netting” means the conversion into one net claim or one net obligation of claims and obligations resulting from transfer orders which a participant either issues to, or receives from, one or more other participants with the result that only a net claim can be demanded or a net obligation be owed;
relevant office holder
Defined · s 2“relevant office holder” means — (a) the Official Receiver exercising his powers under the Bankruptcy Act; (b) a person acting in relation to a company as its liquidator, receiver, receiver and manager, judicial manager or an equivalent officer; or (c) a person acting in relation to an individual as his trustee in bankruptcy or interim receiver of his property or an equivalent officer;