Securities and Futures Act 2001 · 2020 Revised Edition · Part 3 · Clearing Facilities
81D. Supplementary provisions as to default proceedings
Feedback & supportLast amended by an amending law of 2018. 2 amendments in all.
A court may, on the application of a relevant office holder, make an order to alter, or to release the relevant office holder from complying with, the functions of his or her office that are affected by default proceedings, if default proceedings have been, could be, or could have been, taken.
The functions of the relevant office holder are to be construed subject to an order made under subsection (1).
relevant office holder
“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 corporation as the liquidator, the provisional liquidator, the receiver, the receiver and manager or the judicial manager of the corporation, or acting in an equivalent capacity in relation to a corporation; or(c)a person acting in relation to an individual as the trustee in bankruptcy, or the interim receiver of the property, of the individual, or acting in an equivalent capacity in relation to an individual;
Section 210 of the Companies Act 1967 and sections 71, 129, 130(2), 133(1), 170(1), 187, 276, 325 and 327 of the Insolvency, Restructuring and Dissolution Act 2018 do not prevent, or interfere with, any default proceedings.
default proceedings
“default proceedings” means any proceedings or other action taken by an approved clearing house or a recognised clearing house under its default rules;