§
Amendments made: No. 186, in page 166, line 21, leave out from 'upon' to `to' and insert—
`proceedings under its default rules being duly completed in accordance with this Part,'.
§ No. 187, in page 166, line 34, leave out '129' and insert '247'.
§
No. 188, in page 166, line 47, leave out subsection (4)
and insert—
'(4) However, where (or to the extent that) a sum is taken into account by virtue of subsection (2)(b) or (3)(b) which arises from a contract entered into at a time when the creditor had notice—
- (a) that a bankruptcy petition or, in Scotland, a petition for sequestration was pending, or
- (b) that a meeting of creditors had been summoned under section 98 of the Insolvency Act 1986 or that a winding-up petition was pending, the value of any profit to him arising from the sum being so taken into account (or being so taken into account to that extent) is recoverable from him by the relevant office-holder unless the court directs otherwise.
§ (4A) Subsection (4) does not apply in relation to a sum arising from a contract effected under the default rules of a recognised investment exchange or recognised clearing house.'.—[Mr. Redwood.]