Where the collateral-provider or the collateral-taker under a financial collateral arrangement goes into liquidation or administration or, in the case of a partnership, sequestration and the arrangement provides for, or the mechanism provided under the arrangement permits, either -

(a) the debt owed by the party in liquidation or sequestration under the arrangement, to be assessed or paid in a currency other than sterling; or

(b) the debt to be converted into sterling at a rate other than the official exchange rate prevailing on the date when that party went into liquidation or sequestration;

then rule 7.25 of the Insolvency (Scotland)(Receivership and Winding up) Rules 2018 and rule 3.114 of the Insolvency (Scotland) Company Voluntary Arrangements and Administration Rules 2018 [S.I. 2018/1082.], as appropriate, shall not apply unless the arrangement provides for an unreasonable exchange rate or the collateral-taker uses the mechanism provided under the arrangement to impose an unreasonable exchange rate in which case the appropriate rule shall apply.