(1) Nothing in this Act affects proceedings brought before the commencement of this section.

(2) Subsection (1) is without prejudice to section 48 (which enables the Board, where rules under section 46 so provide, to make an assessment of a relevant claim, the subject of proceedings brought before the commencement of this section).

(3) Nothing in this Act prevents 2 or more persons from entering into a settlement in respect of a relevant claim.

(4) If -

(a) such a settlement is entered into after one or more steps under Part 2 have been taken in relation to the relevant claim, and

(b) the claimant and the respondent or, as the case may be, the claimant and each of the respondents are parties to the settlement,

the Board shall, on being informed in writing of the settlement, cause no further step under that Part to be taken in relation to the claim.