Amendment made: No. 181, in page 163, line 31, at end insert—
'(1A) So far as those provisions relate to insolvency proceedings in respect of a person other than a defaulter, they apply in relation to—
- (a) proceedings in respect of a member or designated non-member of a recognised investment exchange or a member of a recognised clearing house, and
- (b) proceedings in respect of a party to a market contract begun after a recognised investment exchange or recognised clearing house has taken action under its default rules in relation to a person party to the contract as principal, but not in relation to any other insolvency proceedings, notwithstanding that rights or liabilities arising from market contracts fall to be dealt with in the proceedings.
§ (1B) The reference in subsection (1A)(b) to the beginning of insolvency proceedings is to—
- (a) the presentation of a bankruptcy petition or a petition for sequestration of a person's estate, or
- (b) the presentation of a petition for an administration order or a winding-up petition or the passing of a resolution for voluntary winding up, or
- (c) the appointment of an administrative receiver.'.—[Mr. Redwood.]