Paragraph 4

The court shall not grant any relief, or modify any relief already granted, or provide any co-operation or coordination, under or by virtue of any of the provisions of this Law if and to the extent that such relief or modified relief or cooperation or coordination would—

(a)

be prohibited under or by virtue of—

(i)

Part 7 of the Companies Act 1989^f1;

(ii)

Part 3 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999^f2; or

(iii)

Part 3 of the Financial Collateral Arrangements (No. 2) Regulations 2003^f3;

in the case of a proceeding under British insolvency law; or

(b)

interfere with or be inconsistent with any rights of a collateral taker under Part 4 of the Financial Collateral Arrangements (No. 2) Regulations 2003 which could be exercised in the case of such a proceeding.

Annotations

Footnotes

f1: 1989 c. 40, amended by the Bank of England Act 1998 (c. 11), Schedule 5, paragraph 48, the Enterprise Act 2002 (c. 40), Schedule 17, paragraphs 44 to 47, S.I. 1991/880, 1992/1315, 1998/1748, 2001/3649 and 2001/3929.
f2: S.I. 1999/2979, relevant amendments are made by S.I. 2000/2952, 2001/3929, 2002/765 and 2003/2096.
f3: S.I. 2003/3226.