Section 24(1)

Subject to paragraph (2), where there is an insolvency event (except electronic money institution special administration)— the claims of electronic money holders are to be paid from the asset pool in priority to all other creditors; and until all the claims of electronic money holders have been paid, no right of set-off or security right may be exercised in respect of the asset pool except to the extent that the right of set-off relates to fees and expenses in relation to operating an account held in accordance with regulation 21(2)(a) or (b) or (4A), or 22(1)(b).

← 24 · All articles · 2 →

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