- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (29/12/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 15/06/2009
Point in time view as at 29/12/2003. This version of this provision has been superseded.
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There are currently no known outstanding effects for the Companies Act 1989, Section 159.
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(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 an insolvent estate—
(a)a market contract,
(b)the default rules of a recognised investment exchange or recognised clearing house,
(c)the rules of a recognised investment exchange or recognised clearing house as to the settlement of market contracts not dealt with under its default rules.
(2)The powers of a relevant office-holder in his capacity as such, and the powers of the court under the M1Insolvency Act 1986 or the M2Bankruptcy (Scotland) Act 1985 shall not be exercised in such a way as to prevent or interfere with—
(a)the settlement in accordance with the rules of a recognised investment exchange or recognised clearing house of a market contract not dealt with under its default rules, or
(b)any action taken under the default rules of such an exchange or clearing house.
This does not prevent a relevant office-holder from afterwards seeking to recover any amount under section 163(4) or 164(4) or prevent the court from afterwards making any such order or decree as is mentioned in section 165(1) or (2) (but subject to subsections (3) and (4) of that section).
(3)Nothing in the following provisions of this Part shall be construed as affecting the generality of the above provisions.
(4)A debt or other liability arising out of a market contract which is the subject of default proceedings may not be proved in a winding up or bankruptcy, or in Scotland claimed in a winding up or sequestration, until the completion of the default proceedings.
A debt or other liability which by virtue of this subsection may not be proved or claimed shall not be taken into account for the purposes of any set-off until the completion of the default proceedings.
[F1(4A)However, prior to the completion of default proceedings—
(a)where it appears to the chairman of the meeting of creditors that a sum will be certified under section 162(1) to be payable, subsection (4) shall not prevent any proof or claim including or consisting of an estimate of that sum which has been lodged or, in Scotland, submitted, from being admitted or, in Scotland, accepted, for the purpose only of determining the entitlement of a creditor to vote at a meeting of creditors; and
(b)a creditor whose claim or proof has been lodged and admitted or, in Scotland, submitted and accepted, for the purpose of determining the entitlement of a creditor to vote at a meeting of creditors and which has not been subsequently wholly withdrawn, disallowed or rejected, is eligible as a creditor to be a member of a liquidation committee or, in bankruptcy proceedings in England and Wales, a creditors’ committee.]
(5)For the purposes of [F2subsections (4) and (4A)] the default proceedings shall be taken to be completed in relation to a person when a report is made under section 162 stating the sum (if any) certified to be due to or from him.
Textual Amendments
F1S. 159 (4A) inserted by S.I. 1991/880, reg. 4(2)
F2Words in s. 159(5) substituted by S.I. 1991/880, reg. 4(3)
Commencement Information
I1S. 159 wholly in force at 25.4.1991 see s. 215(2) and S.I. 1991/878, art. 2, Sch.
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