Regulation 12 Close-out netting provisions to take effect in accordance with their terms

that party was aware or should have been aware that winding up proceedings or re-organisation measures had commenced in relation to the other party;

in Scotland, that party had notice that F2a statement as to the affairs of the other party had been sent to the other party’s creditors under section 99(1) of that Act F3... ;

in England and Wales, that party had notice that a statement as to the affairs of the other party had been sent to the other party’s creditors under section 99(1) of that Act(c);

that party had notice that a meeting of creditors of the other party had been summoned under Article 84 of the Insolvency (Northern Ireland) Order 1989;

that party had notice F4... that a petition for the winding-up of F5or, in Scotland, a petition for winding-up proceedings in relation to the other party was pending;

that party had notice that an application for an administration order was pending or that any person had given notice of an intention to appoint an administrator; or

that party had notice that an application for an administration order was pending or that any person had given notice of an intention to appoint an administrator and liquidation of the other party to the financial collateral arrangement was immediately preceded by an administration of that party.

winding-up proceedings commence on the making of a winding-up order F6or, in the case of a Scottish partnership, the award of sequestration by the court; and

reorganisation measures commence on the appointment of an administrator, whether by a court or otherwise F7or, in the case of a Scottish partnership, when a protected trust deed is entered into.

in rule 14.24 (administration: mutual dealings and set-off), in paragraph (6), in the definition of “mutual dealings”, paragraphs (a) and (d); and

in rule 14.25 (winding up: mutual dealings and set-off), in paragraph (6), in the definition of “mutual dealings”, paragraph (c).