13 Enforceability of Netting Agreements — General Rule

(1) A netting agreement is enforceable in accordance with its terms, including against:
(a) an insolvent party; and
(b) any guarantor or other person providing security for a party (even if the guarantor or other person is insolvent).
(2) The operation of a provision of a netting agreement shall not be stayed, avoided or otherwise limited by:
(a) the appointment of, or an application for the appointment of, a liquidator;
(b) any action of a liquidator;
(c) any law relating to any insolvency proceeding to which law a party is subject, including any provision of such a law that would otherwise invalidate or render void:
(i) any provision of the agreement; or
(ii) any payment or delivery made under the agreement;

by reference only to the time before the commencement of any insolvency proceeding that such payment or delivery was made or fell to be made; or
(d) any other provision of law applicable to an insolvent party.
Derived (as from 19th October 2017).