287MSubstitution of party to agreement

287M Substitution of party to agreement Where, under an allocation statement, the rights and liabilities of a transferor under an agreement are allocated to a transferee— (a) the transferee becomes, on the relevant date, a party to the agreement in place of the transferor; and (b) on and after the relevant date, the agreement has effect as if the transferee had always been a party to the agreement in place of the transferor. S. 287N inserted by No. 85/2006 s. 120.