Payment and Settlement Systems (Finality and Netting) Act 2002 · 2020 Revised Edition · Part 2 · Transactions Effected Through Designated System
6. Modifications of law of insolvency
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The general law of insolvency has effect in relation to —
transfer orders effected through a designated system; and
action taken under the Rules of a designated system with respect to the orders,subject to the provisions of this Part.
This Part applies in relation to bankruptcy, judicial management and winding up proceedings only in respect of a participant.
participant
“participant” means a party to an arrangement that establishes a system;
Even though rights or liabilities arising from transfer orders are or may be dealt with in bankruptcy, judicial management or winding up proceedings, this Part does not apply to the proceedings if they are in respect of any person who is not a participant.