Article 5 Continuation of proceedings etcI1

England and Wales

(1)

Nothing in article 3 or 4 affects the validity of anything done by or in relation to the transferor before the transfer date.

(2)

There may be continued by or in relation to the transferee anything (including legal proceedings) which—

(a)

relates to any of the functions that were exercisable by the transferor immediately before the transfer date or to any property, rights or liabilities transferred by article 4;

(b)

is in the process of being done by or in relation to the transferor immediately before the transfer date; and

(c)

could lawfully be undertaken by or in relation to the transferee.

(3)

Anything—

(a)

done by the transferor for the purposes of or in connection with any of the functions which were exercisable by it immediately before the transfer date or for the purposes of or in connection with any property, rights or liabilities transferred by article 4; and

(b)

in effect immediately before the transfer date,

has effect on and after the transfer date as if done by the transferee to the extent that the transferee could lawfully undertake that action.

(4)

The transferee is substituted for the transferor in any instruments or contracts which are either made or commenced before the transfer date and which relate to any of the functions that were exercisable by the transferor immediately before the transfer date.

Annotations

Commencement

I1: Art. 5 in force at 1.4.2011, see art. 1(2)