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Article 55 Power of court to set aside certain transactions

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Apply rule 4.38 of the 1986 Rules.

(2)

In rule 4.38(2) of that Rule –

(a)

leave out “either”;

(b)

leave out “or” at the end of sub-paragraph (a); and

(c)

after sub-paragraph (b) insert–

“, or (c) it is shown to the court’s satisfaction that the transaction was entered into by the bank liquidator for the purpose of achieving Objective 1.”.