163 Net sum payable on completion of default proceedings
Companies Act 1989 (1989 c 40) | Legislation

163  Net sum payable on completion of default proceedings

[(1)     The following provisions apply with respect to a net sum certified by [a recognised body] under its default rules to be payable by or to a defaulter.]

(2)     If, in England and Wales, a bankruptcy[, winding-up or administration order has been made], or a resolution for voluntary winding up has been passed, the debt—

(a)     is provable in the bankruptcy[, winding up or administration] or, as the case may be, is payable to the relevant office-holder, and

(b)     shall be taken into account, where appropriate, under section 323 of the Insolvency Act 1986 (mutual dealings and set-off) or the corresponding provision applicable in the case of winding up [or administration],

in the same way as a debt due before the commencement of the bankruptcy,

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