287OProceedings

287O Proceedings Unless an allocation statement otherwise provides, if, immediately before the relevant date, proceedings relating to former transferor property (including arbitration proceedings) to which a transferor was a party were pending or existing in any court or tribunal (including an arbitral tribunal), then, on and after that date, the transferee is substituted for the transferor as a party to the proceedings and has the same rights and liabilities in the proceedings as the transferor had. S. 287P inserted by No. 85/2006 s. 120.