Payment and Settlement Systems (Finality and Netting) Act 2002 s 12
Payment and Settlement Systems (Finality and Netting) Act 2002 s 12
s 12 Transfer orders entered into designated system after insolvency
12. This Part does not apply in relation to any transfer order given by a participant which is entered into a designated system after the expiry of one business day after —(a)
a court made an order for bankruptcy, judicial management or winding up in respect of the participant;
(b)
a resolution for the participant to be placed under the judicial management of a judicial manager was passed under section 94(11) of the Insolvency, Restructuring and Dissolution Act 2018; or
(c)
a resolution for the voluntary winding up of the participant was passed.[4/2018; 40/2018]
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