law: Arbitration Act 1940
  Section 41
  Provisions in Case of Insolvency
  (1) Where it is provided by a term in a
  
  contract to which an insolvent is a party that any dispute arising  thereout  or in connection therewith shall be submitted to
  
  arbitration, the said term shall, if the receiver adopts the contract, be
  
  enforceable by or against him so far it as relates to any such dispute.
  (2) Where a person who has been adjudged an
  
  insolvent had, before the commencement of the insolvency proceedings, become a
  
  party to an arbitration agreement, and any matter to which the agreement
  
  applies is required to be determine in connection with, or for the purposes of,
  
  the insolvency proceedings, then if the case is one to which sub-section (1)
  
  does not apply, any other party or the receiver may apply to the judicial
  
  authority having jurisdiction in the insolvency proceedings for an order
  
  directing that the matter in question shall be submitted to arbitration in
  
  accordance with the arbitration agreement, and the judicial authority may, if
  
  it is of opinion that, having regard to all the circumstances of the case, the
  
  matter ought to be determined by arbitration, make an order accordingly.
  (3) In this section the expression
  
  "receiver" includes an Official Assignee.