(1) No order shall be made in relation to a transaction to which this regulation applies under -

(a) section 238 or 339 of the Insolvency Act 1986 or Article 202 or 312 of the Insolvency (Northern Ireland) Order 1989 (transactions at an undervalue);

(b) section 239 or 340 of that Act or Article 203 or 313 of that Order (preferences); or

(c) section 423 of that Act or Article 367 of that Order (transactions defrauding creditors).

(2) As respects Scotland, no decree shall be granted in relation to any such transaction -

(a) under section 34 or 36 of the Bankruptcy (Scotland) Act 1985 or section 242 or 243 of the Insolvency Act 1986 (gratuitous alienations and unfair preferences); or

(b) at common law on grounds of gratuitous alienations or fraudulent preferences.

(3) This regulation applies to -

(a) a transfer order, or any disposition of property in pursuance of such an order;

(b) the provision of collateral security;

(c) a contract for the purpose of realising collateral security or any disposition of property in pursuance of such a contract; or