[(1) The Treasury may by regulations made by statutory instrument provide for the application to payment institutions, as participants in payment or securities settlement systems, of provision in subordinate legislation—
(a) modifying the law of insolvency or related law in relation to such systems, or
(b) relating to the securing of rights and obligations.
(2) “Payment institution” means—
(a) an authorised payment institution or small payment institution within the meaning of the Payment Services Regulations , or
(b) a person whose head office, registered office or place of residence, as the case may be, is outside the United Kingdom and whose
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When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
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