159. Net sum payable on completion of Default Proceedings

(1) The following provisions apply with respect to a net sum certified by a Recognised Body under its Default Rules to be payable by or to a Defaulter.
(2) Any net sum certified by a Recognised Body under its Default Rules shall be final and of declaratory effect, unless manifest error or fraud can be shown or any other subsection of this section provides otherwise.
(3) If, in the Abu Dhabi Global Market, a petition for Winding-Up has been made, an administration order has been granted, or a resolution for voluntary Winding-Up has been passed, the debt —
(a) is provable in the Winding-Up or Administration or, as the case may be, is payable to the Relevant Office-Holder; and
(b) shall be taken into account, where appropriate, paragraph 24 of Schedule 5 of the Insolvency Regulations 2015 (Administration: mutual dealings and set-off) or the corresponding provision applicable in the case of Winding-Up or Administration;
in the same way as a debt due before the commencement of the bankruptcy, the date on which the Body Corporate goes into liquidation (within the meaning of section 299(2) of the Insolvency Regulations 2015), or enters Administration or, in the case of a Limited Liability Partnership (as defined in the Insolvency Regulations 2015), the date of the Winding-Up order or the date on which the Limited Liability Partnership enters Administration.
(4) In subsection (3), a reference to the making of an administration order shall be taken to include a reference to the appointment of an Administrator under —
(a) section 21 of the Insolvency Regulations 2015 (Power to appoint); or
(b) section 29 of the Insolvency Regulations 2015 (Power to appoint).
(5) However, where (or to the extent that) a sum is taken into account by virtue of subsection (3)(b) which arises from a contract entered into at a time when the creditor had notice —
(a) that a meeting of creditors had been summoned under section 171 of the Insolvency Regulations 2015 or that a Winding-Up petition was pending; or
(b) that an application for an administration order was pending or that any person had given notice of intention to appoint an Administrator;
the value of any profit to him arising from the sum being so taken into account (or being so taken into account to that extent) is recoverable from him by the Relevant Office-Holder unless the Court directs otherwise.
(6) Subsection (5) does not apply in relation to a sum arising from a contract effected under the Default Rules of a Recognised Body.
(7) Any sum recoverable by virtue of subsection (5) ranks for priority, in the event of the insolvency of the person from whom it is due, immediately before preferential debts.