(1) Where an institution that participates in a system established or designated under subsection (1) of section 48 is
(a) wound up by a court,
(b) placed in administration by a court, or
(c) declared insolvent by a court or a regulatory body any provision contained in a written netting agreement to which that institution is a party or any netting rules and practices applicable to the system are binding on the liquidator or administrator of the institution in respect of any payment or settlement obligation
(d) which has been determined through netting before the issue of the order for winding-up or administration;
(e) which is to be discharged on or after the date of the order for Winding up or administration; or
(f) the discharge of which was overdue on the date of the winding-up or administration order.
(2) This section applies despite anything to the contrary in an enactment relating to insolvency.