13(1)This paragraph applies if a transfer scheme provides for the transfer of foreign property, rights or liabilities from a transferor to a transferee.U.K.
(2)The transferor and the transferee must take such steps as may be necessary to secure that the vesting of the property, rights or liabilities in the transferee is effective under the relevant foreign law; and the transferor must take the steps at such times as the transferee may specify in directions given to the transferor.
(3)Until the vesting of the property, rights or liabilities in the transferee is effective under the relevant foreign law, the transferor must—
(a)hold the property or rights for the transferee’s benefit, or
(b)discharge the liabilities on the transferee’s behalf.
(4)The transferor is to have all powers necessary for the performance of his duty under sub-paragraph (2), but the transferee must act on the transferor’s behalf (so far as possible) in the performance of that duty.
(5)Nothing in sub-paragraphs (2) to (4) affects the law of the United Kingdom (or of any part of the United Kingdom) as it applies to the vesting of the property, rights or liabilities in the transferee by virtue of the transfer scheme.
(6)References in this paragraph to foreign property, rights or liabilities are references to property, rights or liabilities as respects which any issue arising in any proceedings would be determined (in accordance with the rules of private international law) by reference to the law of a country or territory outside the United Kingdom.
(7)The transferee must meet any expenses incurred by the transferor in consequence of this paragraph.
(8)Duties imposed on the transferor or the transferee by this paragraph are enforceable in the same way as if they were imposed by a contract between them.
Commencement Information
I1Sch. 6 paras. 1-25 wholly in force at 1.2.2001, see s. 275(1) and S.I. 2001/57, art. 3(1), Sch. 2 Pt. I (subject to the transitional provision and saving in Sch. 2 Pt. II)