Rules of system to bind liquidators

(1) A liquidator or administrator shall, where a participant is wound up or placed in administration or otherwise declared insolvent by a court, be bound by any provision contained in a written netting arrangement to which the participant is a party or any netting rules and practices applicable to the system of the participant concerned in respect of any payment or settlement obligation– (a) which has been determined through netting prior to the issue of the winding-up or arrangement order, as the case may be; and (b) which is to be discharged on or after the date of the winding-up or arrangement order or discharge of which was overdue on the date of the winding-up or scheme of administration order, as the case may be. 45 (2) Sub-section (1) shall apply notwithstanding anything to the contrary in any other law for the time being in force in Belize.