30Vesting of assets, rights and liabilities in transferee

30 Vesting of assets, rights and liabilities in transferee

(1) When any assets, rights or liabilities are vested by a transfer order, the following provisions have effect (subject to the transfer order)—

(a) the assets vest in the transferee by virtue of this section and without the need for any conveyance, transfer, assignment or assurance;

(b) the rights and liabilities become, by virtue of this section, the rights and liabilities of the transferee;

(c) all proceedings relating to the assets, rights or liabilities pending by or against the transferor are taken to be proceedings pending by or against the transferee;

(d) the transferee has all the entitlements and obligations of the transferor in relation to the assets, rights and liabilities that the transferor would have had but for the order;

(e) any act, matter or thing done or omitted to be done in relation to the assets, rights or liabilities by, to or in relation to the transferor is (to the extent that the act, matter or thing has any force or effect) taken to have been done or omitted by, to or in relation to the transferee;

(f) a reference in any Act, in any instrument made under any Act or in any document of any kind to the transferor or a predecessor of the transferor is (to the extent that it relates to those assets, rights or liabilities but subject to the regulations) to be read as, or as including, a reference to the transferee.

(2) No attornment to the transferee by a lessee from the transferor is required.