81.—(1) The general law of involvency has effect in relation to market contracts, and action taken under the rules of a recognised investment exchange or recognised clearing house with respect to such contracts, subject to the provisions of Articles 82 to 88.
(2) 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, not withstanding that rights or liabilities arising from market contracts fall to be dealt with in the proceedings.
(3) The reference in paragraph (2)(b) to the beginning of insolvency proceedings is to—
(a)the presentation of a bankruptcy petition, 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.
(4) The Department may make further provision by regulations modifying the law of insolvency in relation to the matters mentioned in paragraph (1).
(5) The regulations may add to, amend or repeal the provisions mentioned in paragraph (1), and any other provision of this Part as it applies for the purposes of those provisions, or provide that those provisions have effect subject to such additions, exceptions or adaptations as are specified in the regulations.