46.— (1) Where a direction given under subsection (1) or (4) of section 45 in respect of a regulated financial service provider or related undertaking so provides—

(a) no relevant proceedings may be commenced or continued, and

(b) no assets of the regulated financial service provider or related undertaking may be attached, sequestered or otherwise distrained,

except with the prior approval of the High Court while the direction remains to be complied with.

(2) For the purposes of subsection (1) “relevant proceedings”, in relation to a regulated financial service provider or related undertaking, means—

(a) proceedings relating to the winding-up or dissolution of the regulated financial service provider or related undertaking,

(b) receivership or bankruptcy proceedings of which the regulated financial service provider or related undertaking is the subject, or

(c) any other proceedings under which an assignee or other person becomes responsible for the affairs of the regulated financial service provider or related undertaking pending the regulated financial service provider or related undertaking ceasing to carry on business.