[159 Proceedings of recognised bodies take precedence over insolvency procedures]
Companies Act 1989 (1989 c 40) | Legislation

[159  Proceedings of recognised bodies take precedence over insolvency procedures]

(1)     None of the following shall be regarded as to any extent invalid at law on the ground of inconsistency with the law relating to the distribution of the assets of a person on bankruptcy, winding up or sequestration, or [in the administration of a company or other body or] in the administration of an insolvent estate—

(a)     a market contract,

(b)     the default rules of [a recognised body],

(c)     the rules of [a recognised body other than a recognised central counterparty] as to the settlement of market contracts not dealt with [under its default rules,]

[(d)     the rules of a recognised central counterparty on which the recognised central counterparty relies to give effect to the transfer of a clearing member client contract, or the settlement of a clearing member client contract or clearing member house contract, in accordance with its default rules,

(e)     a transfer of a clearing member client contract, or the settlement of a clearing member client contract or a clearing member house contract, in accordance with the default rules of a recognised central counterparty,

(f)     where a clearing member client contract transferred in accordance with the default

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