SGIC (Sale) Act 1995

If a security held by SGIC or an SGIC subsidiary is referable to a transferred asset or liability, then, so far as it is referable to the transferred asset or liability—

the security is available to the transferee company as security for the discharge of the liabilities to which it relates including, where the security relates to future liabilities, liabilities incurred after the transfer; and

the transferee company is entitled to the same rights and priorities and is subject to the same liabilities under the security as those to which SGIC or the SGIC subsidiary would have been entitled or subject if there had been no transfer.

If a transferred asset consists of a right to the possession or use of property under a lease or other instrument, SGIC or an SGIC subsidiary incurs no liability (nor does the right to possession become liable to forfeiture) because SGIC or the SGIC subsidiary has parted with possession of the property, or permitted the possession or use of the property by another person, contrary to the terms of the lease or instrument.

In legal proceedings about a transferred asset or liability, evidence that would have been admissible by or against SGIC or an SGIC subsidiary if there had been no transfer may be given in evidence by or against the transferee company.