Schedule 11, Part 5, paragraph 34(4)

The power under sub-paragraph (2) may not be exercised so as to affect the following liabilities— liabilities to employees or workers, including liabilities owed to a pension scheme in respect of those persons; liabilities to commercial or trade creditors arising from the provision to the CCP of goods or services that are critical to the continuity of the CCP’s critical clearing services; HMRC debts which are preferential debts within the meaning of section 386 of the Insolvency Act 1986; liabilities to designated systems, operators of designated systems, or participants in such systems to the extent that the liabilities arise from their participation in the system; liabilities to interoperable CCPs; liabilities to central banks; liabilities to clearing members so far as these relate to initial margin requirements; liabilities to small enterprises.

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Source: legislation.gov.uk · retrieved 2026-09-04