(1) This Part does not apply in relation to any transfer order given by a participant which is entered into a designated system after -

(a) a court has made an order of a type referred to in regulation 22 in respect of -

(i) that participant;

(ii) a participant in a system which is an interoperable system in relation to the designated system; or

(iii) a system operator which is not a participant in the designated system, or

(aa) the appointment of an administrator under paragraph 14 or paragraph 22 of Schedule B1 to the Insolvency Act 1986 [1986 c.45.] has taken effect;