255Proceedings

255 Proceedings Unless an allocation statement otherwise provides, if, immediately before the relevant date, proceedings relating to former relevant transferor property (including arbitration proceedings) to which the relevant transferor was a party were pending or existing in any court or tribunal, then, on and after that date, the relevant transferee is substituted for the relevant transferor as a party to the proceedings and has the same rights in the proceedings as the relevant transferor had. S. 256 inserted by No. 61/2011 s. 4 (as amended by No. 43/2012 s. 3(Sch. item 55)).