277. Voidable transactions

An Office-holder of an insolvent party may not avoid or render ineffective —

(a) any payment, delivery, transfer, substitution or exchange of cash, collateral or any other interests or property under or in connection with a netting agreement from the insolvent party to the non-insolvent party;
(b) any obligation incurred by the insolvent party and owing to the non-insolvent party under or in connection with a netting agreement or to which a netting agreement applies to make any payment, transfer, delivery, substitution or exchange of cash, collateral or any other interests or property; or
(c) any transaction entered into by the insolvent party in accordance with the terms of such netting agreement in order to give effect to the netting provided for by such netting agreement;

on the grounds of it constituting a preference for the purposes of Section 258 (Preferences) or a transaction at an undervalue for the purposes of Section 257 (Transactions at an undervalue) by the insolvent party to or for the benefit of the non-insolvent party, unless there is clear and convincing evidence that the non-insolvent party made such transfer, payment, delivery, substitution or exchange or incurred such obligation or entered into such transaction with actual intent to hinder, delay, or defraud any person to which the insolvent party was indebted or became indebted, on or after the date such transfer, payment, delivery, substitution or exchange was made or such obligation was incurred or such transaction was entered into.