164 Disclaimer of property, rescission of contracts, &c
Companies Act 1989 (1989 c 40) | Legislation

164  Disclaimer of property, rescission of contracts, &c

(1)     Sections 178, 186, 315 and 345 of the Insolvency Act 1986 (power to disclaim onerous property and court's power to order rescission of contracts, &c.) do not apply in relation to—

(a)     a market contract, . . .

[(aa)     a qualifying collateral arrangement,

(ab)     a transfer of a clearing member client contract, a client trade or a qualifying collateral arrangement, as mentioned in paragraphs (c) to (e) of section 158(1),

(ac)     a qualifying property transfer, or]

(b)     a contract effected by [the recognised body] for the purpose of realising property provided as margin in relation to market contracts [or as default fund contribution].

In the application of this subsection in Scotland, the reference to sections 178, 315 and 345 shall be construed as a reference to any rule of law having the like effect as those sections.

(2)     In Scotland, a [trustee

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