{
  "url": "https://openlegislation.uk/companies-act-1989/section-165",
  "json_url": "https://openlegislation.uk/companies-act-1989/section-165.json",
  "legislation": "ukpga/1989/40",
  "legislation_title": "Companies Act 1989",
  "legislation_url": "https://openlegislation.uk/companies-act-1989",
  "path": "section/165",
  "kind": "section",
  "number": "165",
  "heading": "Adjustment of prior transactions.",
  "text": "(1) No order shall be made in relation to a transaction to which this section applies under—\n(a) section 238 or 339 of the Insolvency Act 1986 (transactions at an under-value),\n(b) section 239 or 340 of that Act (preferences), or\n(c) section 423 of that Act (transactions defrauding creditors).\n(2) As respects Scotland, no decree shall be granted in relation to any such transaction—\n(a) under section 98 or 99 of the Bankruptcy (Scotland) Act 2016 or section 242 or 243 of the Insolvency Act 1986 (gratuitous alienations and unfair preferences), or\n(b) at common law on grounds of gratuitous alienations or fraudulent preferences.\n(3) This section applies to—\n(a) a market contract to which a recognised body is a party or which is entered into under its default rules, ...\n(ab) a market contract to which this Part applies by virtue of section 155(2B), and\n(b) a disposition of property in pursuance of a market contract referred to in paragraph (a) or (ab).\n(4) Where margin is provided in relation to a market contract and (by virtue of subsection (3)(a), (3)(ab) or otherwise) no such order or decree as is mentioned in subsection (1) or (2) has been, or could be, made in relation to that contract, this section applies to—\n(a) the provision of the margin,\n(ab) a qualifying collateral arrangement,\n(b) any contract effected by the recognised body in question for the purpose of realising the property provided as margin, and\n(c) any disposition of property in accordance with the rules of the recognised body in question as to the application of property provided as margin.\n(5) This section also applies to—\n(a) the provision of default fund contribution to a recognised body,\n(b) any contract effected by a recognised body for the purpose of realising the property provided as default fund contribution, ...\n(c) any disposition of property in accordance with the rules of the recognised body as to the application of property provided as default fund contribution,\n(d) a transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement as mentioned in paragraphs (c) to (e) of section 158(1), and\n(e) a qualifying property transfer.",
  "extent": "E+W+S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 165(2)(a) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 6(6)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 165(3)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(12)(a) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in s. 165(3)(a) omitted (1.4.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(10)(a) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "S. 165(3)(ab)(b) substituted for s. 165(3)(b) (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(10)(b) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in s. 165(4) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(10)(c) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "S. 165(4)(ab) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(10)(d) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in s. 165(4)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(12)(b) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in s. 165(4)(c) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(12)(b) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in s. 165(4)(c) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(9)(a) (with reg. 1(2)(3))"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "S. 165(5) inserted (15.6.2009) by The Financial Markets and Insolvency Regulations 2009 (S.I. 2009/853), regs. 1(1), 2(9)(b) (with reg. 1(2)(3))"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in s. 165(5)(a) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(12)(a) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Words in s. 165(5)(b) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(12)(a) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F13",
      "text": "Word in s. 165(5)(b) omitted (1.4.2013) by virtue of The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(10)(e) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F14",
      "text": "Words in s. 165(5)(c) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 3(12)(a) (with regs. 7(4), 9(1))"
    },
    {
      "type": "F",
      "label": "F15",
      "text": "Word in s. 165(5)(c) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(10)(f) (with regs. 52-58)"
    },
    {
      "type": "F",
      "label": "F16",
      "text": "S. 165(5)(d)(e) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 4(10)(g) (with regs. 52-58)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 165 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/1989/40/section/165",
    "retrieved_at": "2026-10-29T09:45:50.516840+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}