TAB (Disposal) Act 2019

In this section —

A transfer order has effect at the transfer time as follows —

a specified asset is, by operation of this section and without the need for any conveyance, transfer, assignment or assurance or any prior notice or further act, transferred to the transferee and becomes an asset of the transferee;

a specified liability is, by operation of this section and without the need for any prior notice or further act, transferred to and becomes a liability of the transferee;

the transferee is, by operation of this section, substituted for the transferor as a party to any specified proceedings;

a specified agreement or instrument has effect, by operation of this section, as if (unless otherwise specified) a reference to the transferee were substituted for a reference to the transferor in the agreement or instrument;

any proceedings or remedy that might have been commenced by, or available against or to, the transferor in relation to an asset or liability transferred by paragraph (a) or (b) may be commenced by, or are available against or to, the transferee;

anything relating to an asset or liability transferred by paragraph (a) or (b) that was done or omitted to be done by, to or in respect of the transferor before the transfer and is of any effect is taken to have been done or omitted by, to or in respect of the transferee.