Section 32, The Payment Systems Act, 2009

(1) This section shall apply notwithstanding anything tothe contrary in any enactment relating to insolvency or bankruptcy. (2) If an institution participating in a Central Bank system or a designated system is wound up or placed in administration or otherwise declared insolvent by a court, 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 upon the liquidator or administrator, as the case may be, of the institution 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 administration order, as the case may be; and (b) which is to be discharged on or after the date of the winding-up or administration order or discharge of which was overdue on the date of the winding-up or administration order, as the case may be.