s 8 Proceedings of designated system take precedence over law of insolvency
8.—(1) None of the following is to be regarded as to any extent invalid on the ground of inconsistency with the law for distribution of the assets of a person on bankruptcy or winding up, or on the appointment of a receiver, receiver and manager or an equivalent officer over any of the assets of a person:(a) a transfer order; (b) any disposition of property pursuant to such an order; (c) any action taken under the Rules of a designated system.[4/2018] (2) The powers of a relevant office holder and the powers of a court under the law of insolvency must not be exercised in such a way as to prevent or interfere with —(a) the netting or settlement of a transfer order in accordance with the Rules of a designated system; or (b) any other action taken under the Rules of a designated system.[4/2018] (3) A debt or other liability arising out of a transfer order which is the subject of action taken under default arrangements may not be proved in a bankruptcy or winding up until the completion of the action taken under default arrangements. (4) A debt or other liability which by virtue of subsection (3) may not be proved must not be taken into account for the purposes of any set‑off until the completion of the action taken under default arrangements.