s 35
(1) This paragraph applies where a person has been appointed to act as an insolvency practitioner (within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989) in relation to a company which is, or has been, a UK clearing house. (2) The Bank of England may give directions to the person if satisfied that it is desirable to give the directions, having regard to the public interest in— (a) protecting and enhancing the stability of the UK financial system, (b) protecting and enhancing public confidence in the stability of the UK financial system, and (c) maintaining the continuity of central counterparty clearing services. (3) Before giving directions the Bank of England must consult— (a) the Treasury, (b) (if the clearing house is a PRA-authorised person) the PRA, and (c) the FCA. (4) Directions are enforceable, on an application by the Bank of England, by an injunction or, in Scotland, by an order for specific performance under section 45 of the Court of Session Act 1988. (5) A person is not liable for damages in respect of action or inaction in accordance with directions. (6) The immunity does not extend to action or inaction— (a) in bad faith, or (b) in contravention of section 6(1) of the Human Rights Act 1998.