OpenLegislation

Paragraph 8 Transfer of ClaimsI1I2

United Kingdom

Claims, and each Associated Liability related to them, transfer from the Trustee to the Fund as follows—

(a)

in relation to any Claim before any court or other adjudicatory tribunal in the United Kingdom, other than any Claim that relates to an Asset to which paragraph 4 or 5(3) applies, the interest in the Claim and any Associated Liability related to it will pass from the Trustee to the Fund and the Fund is deemed to be substituted for the Trustee as a party to the Claim;

(b)

in relation to any Claim before any foreign court or adjudicatory tribunal, or any Claim that relates to an Asset to which paragraph 4 or 5(3) applies, the Trustee must as soon as practicable take such steps as are reasonably available and advisable under applicable law to transfer the interest in the Claim and any Associated Liability related to it, and enable the Fund to pursue or defend the Claim in substitution for the Trustee, and until such time, if any, that the Claim is transferred and the Fund is substituted, paragraph 7 shall apply as if the references to an Asset were to a Claim; and

(c)

the arrangements provided for by paragraphs (a) and (b) above shall take effect at the following time in respect of each Claim—

(i)

in the case of any Claim that relates to an Asset which the Trustee is able to transfer to the Fund under paragraph 2, at the time that the transfer takes effect in respect of the Asset;

(ii)

in the case of any Claim that relates to an Asset to which paragraph 5(2) applies, at the time that the transfer takes effect in respect of the Asset;

(iii)

in the case of any Claim that relates to an Asset to which paragraph 7 applies, at the time that paragraph takes effect in respect of that Asset;

(iv)

in the case of any Claim that relates to a contract to which paragraph 9 or 10 applies, at the time the arrangements provided for in the relevant paragraph come into effect in respect of that contract; and

(v)

in the case of any Claim that does not relate to any specific Asset, on the first business day after the Effective Date.

(2)

The Trustee must provide written confirmation to the Fund where a Claim falls within this paragraph, specifying whether the Claim comes within sub-paragraph (1)(a) or (b).

Annotations

Commencement

I1

Sch. 5 para. 8 not in force at made date, see art. 1(2)

I2

Sch. 5 para. 8 in force at 1.4.2012 by S.I. 2012/966, arts. 2, 3(b)