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

Terms defined in s 2

• default arrangements

  default arrangements

  Defined · s 2

  “default arrangements” means the arrangements made by the operator of a designated system to limit systemic and other types of risks that arise when a participant is or is likely to become unable to meet its obligations in respect of a transfer order, examples of which include any of the following arrangements:(a)any arrangements for netting;(b)any arrangements for the closing out of open positions;(c)any arrangements relating to collateral security;

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• defaulter

  defaulter

  Defined · s 2

  “defaulter” means a person in respect of whom action has been taken by a designated system under its default arrangements;

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• participant

  participant

  Defined · s 2

  “participant” means a party to an arrangement that establishes a system;

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• relevant office holder

  relevant office holder

  Defined · s 2

  “relevant office holder” means —(a)the Official Assignee exercising his or her powers under the Insolvency, Restructuring and Dissolution Act 2018;(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 the individual’s trustee in bankruptcy or interim receiver of the individual’s property or an equivalent officer;

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