23FTransitional provisions for transfer of assets &c.

23F Transitional provisions for transfer of assets &c.

[Section 23F Inserted by No. 38 of 2022, s. 9, Applied:30 Nov 2022]

(1)  In this section –

transferring asset means any asset specified in a transfer notice;

transferring contract means a contract specified in a transfer notice;

transferring liability means a liability specified in a transfer notice.

(2)  On and after the transfer day, the following provisions apply unless the transfer notice or transfer agreement provides otherwise:

(a) a reference to the transferor in a document in relation to a transferring asset, transferring liability or transferring contract is taken where appropriate to be or to include a reference to the transfer recipient;

(b) a legal proceeding that could have been instituted by or against the transferor immediately before the transfer day and that relates to a transferring asset, transferring liability or transferring contract may be instituted by or against the transferor but not by or against the transfer recipient;

(c) a legal proceeding instituted by or against the transferor that relates to a transferring asset, transferring liability or transferring contract and is pending immediately before the transfer day may be continued by or against the transferor but not by or against the transfer recipient;

(d) a judgment or order of a court obtained by or against the transferor before the transfer day in relation to a transferring asset, transferring liability or transferring contract may be enforced by or against the transferor but not by or against the transfer recipient;

(e) any act done or omitted to be done in relation to a transferring asset, transferring liability or transferring contract by the transferor before the transfer day is taken, where appropriate, to have been done or omitted by the transferor.

(3)  On the transfer day, the obligations of the transferor in relation to a transferring liability are discharged.

(4)  A transfer notice or transfer agreement may limit the extent to which the provisions of subsections (2) and (3) apply.