Regulation 15 Net sum payable on completion of action taken under default arrangements

The following provisions apply with respect to any sum which is owed on completion of action taken under default arrangements F1of a designated system by or to a defaulter but do not apply to any sum which (or to the extent that it) arises from a transfer order which is also a market contract within the meaning of Part VII F2or Part V, in which case sections 162 and 163 of the Companies Act 1989^f1 or Articles 85 and 86 of the Companies (No. 2) (Northern Ireland) Order 1990 apply subject to the modification made by regulation 21.

If, in England and Wales F3or Northern Ireland, a bankruptcy F4, winding-up or administration order has been made or a creditors' voluntary winding-up resolution has been passed, the debt—

in the same way as a debt due before the commencement of bankruptcy, the date on which the body corporate goes into liquidation (within the meaning of section 247 of the Insolvency Act 1986 F9or Article 6 of the Insolvency (Northern Ireland) Order 1989) or F10enters into administration (within the meaning of paragraph 1 of Schedule B1 to the Insolvency Act 1986 or paragraph 2 of Schedule B1 to the Insolvency (Northern Ireland) Order 1989) or, in the case of a partnership, the date of the winding-up order.

If, in Scotland, an award of sequestration or a winding-up order has been made, or a creditors' voluntary winding-up resolution has been passed, or a trust deed has been granted and it has become a protected trust deed, the debt—

in the same way as a debt due before the date of sequestration (within the meaning of section 73(1) of the Bankruptcy (Scotland) Act 1985) or the commencement of the winding up (within the meaning of section 129 of the Insolvency Act 1986) or the grant of the trust deed.

A reference in this regulation to “administration order” shall include—

and “administration” shall be construed accordingly.