Section 12
Transfer orders entered into designated system after insolvency
of Payment and Settlement Systems (Finality and Netting) Act
ActIn forceProvision 12 of 18
Section 12
This Part does not apply in relation to any transfer order given by a participant which is entered into a designated system after the expiry of the day on which —
(a)
a court made an order for bankruptcy, judicial management or winding up in respect of the participant; or
(b)
a resolution for the voluntary winding up of the participant was passed.
Payment and Settlement Systems
(Finality and Netting)