(1) Upon the making of an order for bankruptcy, sequestration, administration or winding up in respect of a participant in a designated system, the court shall forthwith notify both the system operator of that designated system and the designating authority that such an order has been made.

(2) Following receipt of -

(a) such notification from the court, or

(b) notification from a participant of the passing of a creditors’ voluntary winding-up resolution or of a trust deed becoming a protected trust deed, or the appointment of an administrator taking effect pursuant to paragraph 5(4) of the Schedule,

the designating authority shall forthwith inform the Treasury of the notification.

(3) [deleted]