43Allocation of property etc. subject to encumbrances

43 Allocation of property etc. subject to encumbrances

Unless an allocation statement under this Division otherwise provides, where, under this Division—

(a) property and rights vest in; or

(b) liabilities become liabilities of—

a transferee in accordance with a direction under section 40 or 41—

(c) the property and rights so vested are subject to the encumbrances (if any) to which they were subject immediately before so vesting; and

(d) the rights to which the transferor was entitled in respect of those liabilities immediately before they ceased to be liabilities of the transferor vest in the transferee.