[3] See the Appendix for the outline of an argument that such an implementation might have been possible under the Bills of Exchange Act. The argument is of historical interest only..

[4] [1985] 1 All ER 385.

[5] The actual result is not relevant to Australia where the Cheques and Payment Orders Act 1986 (CTH) permits a cheque to be presented at a "designated exhibition place" or at a "designated place": s62 and see below. It is also interesting that the same result was reached in Royal Bank of Ireland Ltd v O'Rourke [1962] Ir R 159 at the first instance but was reversed by the Supreme Court of Ireland.

[6] See Coleman, AR, The Cheques and Payment Orders Act 1986, Longman Professional, 1987, pvii

[7] Section 61(2).

[8] s62(1)(c)(i).

[9] s64.

[10] [1985] 1 All ER 385.

[11] s65 defines the relevant terms.

[12] s62(3A).

[13] See Rekstin v Severo Sibirsko Gosudarstvennoe Akcionernoe Obschestvo Komseverputj [1933] 1 KB 47..

[14] See, for example, Royal Bank of Ireland Let v O'Rourke [1962] Ir R 159; Barclays Bank plc v Bank of England [1985] 1 All ER 385..

[15] Goode, RM, 19XXX] .

[16] (1872) LR 8 Ex 10.

[17] see Halesowen Presswork and Assemblies Ltd v National Westminster Bank Ltd [1971] 1 QB 25; [1972] AC 785..

[18] See Halesowen Presswork and Assemblies Ltd v National Westminster Bank Ltd [1971] 1 QB 25; [1972] AC 785..

[19] Derham, R "Set-off and Netting of Foreign Exchange Contracts in the Liquidation of a Counterparty - Part II: Netting" [1991] JBL 536.

[20] Also called "settlement netting"..

[21] Again, it is not necessary that the clearing organisation perform both the clearing and the payment role..

[22] The Companies and Securities Advisory Committee report of the Subcommittee on Netting in Financial Derivatives Transactions refers to this as a 'counterparty clearing organisation'..

[23] See s180 of the Corporations Law.

[24] The House of Lords held that netting provisions were effective as regards payments which had been cleared prior to the insolvency of British Eagle: British Eagle & International Airlines Ltd v Compagnie Nationale Air France [1975] 2 All ER 390..

[25] See Part 5.6 Division 7A of the Corporations Law..

[26] To argue otherwise is to argue in favour of the validity of the netting arrangement..

[27] See s553(1) and the definition of "relevant date" in s9..

[28] See, for example, Gye v McIntyre (1991) 171 CLR 609, 618..

[29] [1975] 2 All ER 390.

[30] See, for example, Peter Gibson J in Carreras Rockmans Ltd v Freeman Matthews Treasure Ltd [1985] 1 All ER 155..

[31] See Wood, PR, English and International Set-Off, Sweet and Maxwell, 1989; Goode, RM, Legal Problems of Credit and Security, 2nd ed, Sweet & Maxwell 1988; Goode, RM, Principles of Corporate Insolvency, Sweet & Maxwell, 1990; Derham, R 'Set-Off and Netting of Foreign Exchange Contracts in the Liquidation of a Counterparty - Part II: Netting' [1991] JBL 536..

[32] see Davis v Radcliffe [1990] 2 All ER 536; Monories Finance Ltd v Arthur Young [1989] 2 All ER 105..

[33] See ss513A-513D..

[34] Section 65..

[35] See HH Dimond (Rotorua 1966) v Australia and New Zealand Banking Group Ltd [1979] 2 NZLR 739.

[36] [1985] 1 All ER 385.

[37] [1931] VLR 382.