32.— (1) No proceedings may be instituted and no petition to wind up may be brought by a subordinated creditor of a relevant institution in relation to which a subordinated liabilities order has been made in relation to the relevant institution based upon a failure by that institution to honour the terms of a subordinated liability if those terms have been modified by the subordinated liabilities order and that institution is in compliance with the terms as so modified.

(2) No subordinated creditor of a relevant institution in relation to which a subordinated liabilities order has been made may exercise or claim any right of set-off in respect of any amount (being an amount arising under or in connection with the relevant subordinated liabilities) owed to the subordinated creditor by the relevant institution.