As soon as is reasonably practicable after a participant has been declared a defaulter, the Society may
(a) suspend the settlement of sums due to or from the defaulter which would otherwise be settled or brought into settlement on settlement dates after the date on which the participant has been declared a defaulter; and
(b) take such steps and make such arrangements as the Council thinks fit to facilitate the settlement of amounts due to the defaulter from other participants and other persons and amounts due from the defaulter to other participants and other persons, provided that the Society shall not be obliged to take any action in respect of the settlement of sums for which instructions have already been given to any relevant clearing institutions.