Article 200 - Disclaimer of property

(1) Article 92 (power to disclaim onerous property) does not apply in relation to:
(A) a market contract; or
(B) a contract effected by the exchange or clearing house for the purpose of realising property provided as margin in relation to market contracts.
(2) Article 81 (avoidance of property dispositions effected after commencement of winding up) does not apply to:
(A) a market contract, or any disposition of property in pursuance of such a contract;
(B) the provision of margin in relation to market contracts;
(C) a contract effected by the exchange or clearing house for the purpose of realising property provided as margin in relation to a market contract, or any disposition of property in pursuance of such a contract; or
(D) any disposition of property in accordance with the rules of the exchange or clearing house as to the application of property provided as margin.
(3) However, where:
(A) a market contract is entered into by a person who has notice that an application has been presented for the winding up of the other party to the contract; or
(B) margin in relation to a market contract is accepted by a person who has notice that such an application has been presented in relation to the person by whom or on whose behalf the margin is provided
the value of any profit to him arising from the contract or, as the case may be, the amount or value of the margin is recoverable from him by the relevant officeholder unless the QFC Court directs otherwise.
(4) This Article 200 does not apply where the person entering into the contract is a designated exchange or designated clearing house acting in accordance with its rules, or where the contract is effected or cleared under the default rules of such an exchange or clearing house; but this Article 200 applies in relation to the provision of margin in relation to such a contract.