Article 199 - Net sum payable on completion of default proceedings
(1) The following provisions apply with respect to the net sum certified by a designated exchange or designated clearing house, upon proceedings under its default rules being duly completed in accordance with this Part, to be payable by or to a defaulter.
(2) If a winding-up order has been made, or a
Resolution For Voluntary Winding Up has been passed, the debt:
(A) is provable in the winding up or, as the case may be, is payable to the
(B) shall be taken into account, where appropriate, under Article 107 (mutual dealings and set-off
in the same way as a debt due before the commencement of the
(3) However, where (or to the extent that) a sum is taken into account by virtue of Article 199(2)(B) which arises from a contract entered into at a time when the creditor had notice that a meeting of creditors had been summoned under Article 71 or that a winding up application was pending, or that an application for an
Administration Order was pending or that any person had given notice of an intention to appoint an Administrator, 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 officeholder unless the QFC Court directs otherwise.
(4) Article 199 does not apply in relation to a sum arising from a contract effected under the default rules of a designated exchange or designated clearing house.