(1) This regulation applies where a member or former member is subject to an insolvency measure mentioned in paragraph (4) at the time that a Lloyd's market reorganisation order comes into force.

(2) Nothing in these Regulations or Part 4 of the principal Regulations affects the validity of any payment or disposition made, or any settlement agreed, by the relevant officer before the date when the Lloyd's market reorganisation order came into force.

(3) For the purposes of the application of Part 4 of the principal Regulations, the insolvent estate of the member or former member shall not include any assets which are subject to a relevant compromise or arrangement, a relevant individual voluntary arrangement, or a relevant trust deed for creditors.

(4) In paragraph (2) "relevant officer" means -

(a) where the insolvency measure is a voluntary arrangement, the nominee;