Notwithstanding rules of law relating to bankruptcy, insolvency or receivership and provisions of the Companies Acts or the Bankruptcy Act 1988, provisions in netting agreements and master netting agreements concerning netting, set-off of money provided as security, enforcement of guarantees, and enforcement and realisation of collateral and the set-off of proceeds are legally enforceable against a party to the agreement and, where applicable, against a guarantor or other person providing security.

That enforceability is subject to enactments or rules of law that would prevent it on grounds of fraud, misrepresentation or similar grounds, including sections 57-59 of the Bankruptcy Act 1988, section 286 of the Companies Act 1963 and section 139 of the Companies Act 1990, and does not permit enforceability where an agreement provision between the parties would render netting, set-off, enforcement or realisation void for those reasons. Section II of the Statute of Frauds 1695 shall not apply to financial contracts, and a financial contract shall not be and is deemed never to have been void or unenforceable by reason of the Gaming and Lotteries Acts 1956 to 1986.