Gas Industry Restructuring Act 1986

When any gas supply arrangement, gas or other asset, right or liability is transferred by a section 72 order, the following provisions have effect:

any such gas or other asset vests in the transferee company by virtue of this section and without the need for any conveyance, transfer, assignment or assurance,

any such right or liability, and any right or liability of the transferor company under or in connection with:

any such gas supply arrangement, or

any such gas, or

any such other asset,

all proceedings relating to:

any such gas supply arrangement, or

any such gas, or

any such other asset, right or liability,

any act, matter or thing that was done or omitted to be done in relation to:

any such gas supply arrangement, or

any such gas, or

any such other asset, right or liability,

The operation of this section is not to be regarded:

as a breach of contract or confidence or otherwise as a civil wrong, or

as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of:

any gas supply arrangement, or

any gas, or

any other asset, right or liability, or

as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of:

any gas supply arrangement, or

any gas, or

any other asset, right or liability.

The operation of this section is not to be regarded as an event of default under any contract or other instrument.

A transfer is subject to the terms and conditions of the section 72 order by which it is effected.

No compensation is payable to any person or body in connection with a transfer effected by a section 72 order except to the extent (if any) to which the order so provides.