Payment and Settlement Systems (Finality and Netting) Act 2002 · 2020 Revised Edition · Part 2 · Transactions Effected Through Designated System
9. Disclaimer of property, restriction on dispositions of property, etc.
Feedback & supportLast amended by an amending law of 2018.
Without limiting section 8 —
sections 230, 231, 373 and 374 of the Insolvency, Restructuring and Dissolution Act 2018 do not apply to a transfer order; (b)sections 130(1) and 328 of the Insolvency, Restructuring and Dissolution Act 2018 do not apply to a transfer order or any disposition of property pursuant to the order; and
transfer order
“transfer order” means —(a)an instruction by a participant, which may be carried out in or through one or more designated systems —(i)to place at the disposal of a recipient an amount of money by means of a book‑entry on the accounts of a settlement institution for a designated system; or(ii)that, when settled, results in the assumption or discharge of a payment obligation as defined by the Rules of a designated system; or(b)an instruction by a participant to transfer book‑entry securities.
a court must not make an order under section 66 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to any disposition of property pursuant to a transfer order.
disposition of property
“disposition of property” includes a payment made into or out of an account of a participant;