Section 159 Proceedings of recognised bodies take precedence over insolvency procedures.F23I1

a market contract,

the default rules of F2a recognised body,

the rules of F3a recognised body other than a recognised central counterparty as to the settlement of market contracts not dealt with F4under its default rules,

the rules of a recognised central counterparty on which the recognised central counterparty relies to give effect to the transfer of a clearing member client contract, or the settlement of a clearing member client contract or clearing member house contract, in accordance with its default rules,

a transfer of a clearing member client contract, or the settlement of a clearing member client contract or a clearing member house contract, in accordance with the default rules of a recognised central counterparty,

where a clearing member client contract transferred in accordance with the default rules of a recognised central counterparty was entered into by the clearing member F6or client as principal, a transfer of F7a client trade or group of client trades corresponding to that clearing member client contract,

a transfer of a qualifying collateral arrangement in conjunction with the transfer of clearing member client contract as mentioned in paragraph (e) or of a client trade as mentioned in paragraph (f), or

a qualifying property transfer.

the settlement in accordance with the rules of F10a recognised body other than a recognised central counterparty of a market contract not dealt with under its default rules, F11...

any action taken under the default rules of F12a recognised body other than a recognised central counterparty,

the transfer of a clearing member client contract, or the settlement of a clearing member client contract or a clearing member house contract, in accordance with the default rules of a recognised central counterparty,

where a clearing member client contract transferred in accordance with the default rules of a recognised central counterparty was entered into by the clearing member F14or client as principal, the transfer of F15a client trade or group of client trades corresponding to that clearing member contract,

the transfer of a qualifying collateral arrangement in conjunction with a transfer of a clearing member client contract as mentioned in paragraph (c), or a transfer of a client trade as mentioned in paragraph (d),

any action taken to give effect to any of the matters mentioned in paragraphs (c) to (e), or

any action taken to give effect to a qualifying property transfer.

where it appears F18to the convener that a sum will be certified under section 162(1) to be payable, subsection (4) shall not prevent any proof or claim including or consisting of an estimate of that sum which has been lodged or, in Scotland, submitted, from being admitted or, in Scotland, accepted, for the purpose only of determining the entitlement of a creditor to vote F19in a decision procedure; and

a creditor whose claim or proof has been lodged and admitted or, in Scotland, submitted and accepted, for the purpose of determining the entitlement of a creditor to vote F20in a decision procedure and which has not been subsequently wholly withdrawn, disallowed or rejected, is eligible as a creditor to be a member of a liquidation committee or, in bankruptcy proceedings in England and Wales, F21or in the administration of a company or other body a creditors’ committee.