Regulation 24 Applicable law where insolvency proceedings are brought
United Kingdom
F1Where insolvency proceedings are brought in any jurisdiction against a person who participates, or has participated, in a system designated for the purposes of F2these Regulations or designated in Gibraltar, any question relating to the rights and obligations arising from, or in connection with, that participation and falling to be determined by a court in England and Wales F3, the High Court in Northern Ireland or in Scotland shall (subject to regulation 23) be determined in accordance with the law governing that system.
Annotations
Textual amendments
- F1
It is provided by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 8(4)(a) that in reg. 24 (31.12.2020) the word “participates” is substituted for “participants”
- F2
Words in reg. 24 substituted (31.12.2020) by The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/341), regs. 1(3), 8(4)(b) (with reg. 21); 2020 c. 1, Sch. 5 para. 1(1)
- F3
Words in reg. 24 inserted (2.2.2006) by The Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2006 (S.I. 2006/50), regs. 1, 2(12)